Exam (elaborations)
MBA - 706 DARRAT (EXAM 1) QUESTIONS AND ANSWERS 2024
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MBA - 706 DARRAT (EXAM 1) QUESTIONS AND ANSWERS 2024
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MBA - 706 DARRAT (EXAM 1)Data Mining - ANSWERS-marketing statisticians can extract, from the mass of
data, useful information about individuals, trends, and segments.
Demand Measurement - ANSWERS-market demand: total volume that could be
bought by a defined customer group in a defined geographic area in a defined
time period in a defined marketing environment under a defined marketing
program.
company demand: company's estimated share of market demand at alternative
levels of company marketing effort in a given time period.
market forecast: market demand corresponding to the actual level of industry
marketing expenditure
company sales forecast: expected level of company sales based on a chosen
marketing plan and an assumed marketing environment.
market potential: maximum sales available to all firms in an industry during a
given period, under a given level of industry marketing effort, and under extant
environmental conditions.
company sales potential: sales limit approached by company demand as company
marketing effort increases relative to that of competitors
,Marketing Dashboards - ANSWERS-all the up-to-the-minute information
necessary to run the business operations for a company—such as sales versus
forecast, distribution channel effectiveness, brand- equity evolution, and human
capital development.
structured way to disseminate the insights gleaned from these two approaches:
marketing metrics: assess marketing effects
marketing-mix modeling: estimate causal relationships and measure how
marketing activity affects outcomes.
Marketing Research - ANSWERS-all about generating insights.
Marketing insights provide diagnostic information about how and why we
observe certain effects in the marketplace and what that means too marketers
Good marketing research is characterized by the scientific method, creativity,
multiple research methods, accurate model building, cost-benefit analysis,
healthy skepti- cism, and an ethical focus
Developing a Value Proposition - ANSWERS-Depending on the needs of
customers, an offering can create value across three domains:
, functional: reflects the benefits and costs that are directly related to an offering's
performance.
psychological: encompasses the psychological benefits and costs associated with
the offering.
monetary: includes the financial benefits and costs associated with the offering
Total Customer Benefit - ANSWERS-perceived value of the bundle of functional,
psychological, and monetary benefits customers expect from a given market
offering because of the product, service, and image
Total Customer Cost - ANSWERS-perceived bundle of functional, psychological,
and monetary costs customers will incur in evaluating, obtaining, using, and
disposing of the given market offering
Customer Value Proposition - ANSWERS-based on the difference between
benefits the customer gets and the costs he or she assumes for different choices
Customer Value Analysis - ANSWERS-reveal the company's strengths and
weaknesses relative to those of various competitors.
The steps in this analysis are as follows:
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