Marketing BCOR 350 WVU Exam 1 questions and answrs 2024
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EPIC OR
Marketing
Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Amazon and customers
The first propriety for them is always the customer. Says we see our customers as invited guests to a party and we...
Marketing BCOR 350
WVU Exam 1 questions
and answers 2024
Marketing - answer Process by which companies create value for
customers and build strong customer relationships in order to capture
value from customers in return
Amazon and customers - answer The first propriety for them is always the
customer. Says we see our customers as invited guests to a party and we
are the hosts
Marketing Process - answer Step by step process to successful marketing.
Step #1 is most important: Understand the Marketplace and customer
needs/wants
Needs - answer Basic physical needs for food, clothing, warmth and safety.
States of deprivation
Wants - answer Form that needs take.
Demand - answer When backed by buying power
-I may want a ferrari, but it is only a demand if i can afford it. Therefore, a
ferrari would not be a demand for a broke college student like myself
Marketing Myopia + Examples - answer Mistake of paying more attention
to the specific products they offer than to the benefits and experiences
produced by these products. Ex: Amtrak, Blackberry
, Video example of managing customer expectations - answer Aldi
comparing same item different prices
5 Core Marketplace concepts - answer 1)Customer Needs wants and
demands
2)Market offerings- products services and experiences
3)Customer value and satisfaction
4)Exchanges and Relationships
5)Markets
Market Segmentation - answer Dividing the markets into segments of
customers
Target Marketing - answer Refers to which segment they go after
Value Proposition - answer Set of benefits or values a brand promises to
deliver to customers to satisfy their needs
Production Concept - answer The idea that consumers will favor products
that are available and highly affordable
Product Concept - answer The idea that consumers will favor products that
offer the most quality, performance, and features; therefore, the
organization should devote its energy to making continuous product
improvements.
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