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BUAD 307 Midterm Questions And Answers 2024/2025 Updates
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BUAD 307 Midterm Questions And Answers 2024/2025 Updates
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BUAD 307 Midterm Questions And AnswersMarketing ANS o An organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in ways
that benefit the organization and its stakeholders
• Marketing mix (four P's) ANS o Product, price, place, and promotion
o The controllable set of activities that a firm uses to respond to the wants of its target markets
• Marketing channel ANS o The set of institutions that transfer the ownership of and move goods
from the point of production to the point of consumption
• Marketing strategy ANS o Identifies a firm's target market, a related marketing mix (four P's),
and a method of obtaining a sustainable competitive advantage
Sustainable competitive advantage & four strategies ANS o Something the firm can persistently
do better than its competitors
o Makes it hard for outside competitors to reach customers of this firm
1. customer excellence
2. operational excellence
3. product excellence
4. location excellence
• Marketing plan ANS o A written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms
of the four P's, action programs, and projected or pro forma income (and other financial) statements
• Mission statement ANS o Broad description of a firm's objectives and the scope of activities it
plans to undertake
, • Situation analysis ANS o Uses as SWOT analysis that assesse both the internal environment
with regard to its Strengths and Weaknesses and the external environment in terms of its
Opportunities and Threats
o Market segmentation ANS ♣ Process of dividing the market into groups of customers with
different needs, wants, or characteristics - who therefore might appreciate products or services geared
especially for them
• Targeting ANS o The process of evaluating the attractiveness of various segments and then
deciding which to pursue as a market
• Positioning ANS o Process of defining the marketing mix variables so that target customers
have a clear, distinctive, desirable understanding of what the product does or represents in
comparison with competing products
• Portfolio analysis ANS o Management evaluates the firm's various products and businesses (its
portfolio) and allocates resources according to which products are expected to be the most profitable
for the firm in the future
o Strategic business unit ANS ♣ A division of the firm itself that can be managed and operated
somewhat independently from other divisions and may have a different mission or objectives
o Product line ANS ♣ Groups of associated items, such as those that consumers use together or
think of as part of a group of similar products
o Market share ANS ♣ Percentage of a market accounted for by a specific entity
o Relative market share ANS ♣ A measure of the product's strength in a particular market,
defined as the sales of the focal product divided by the sales achieved by the largest firm in the
industry
o Marketing penetration strategy ANS ♣ A growth strategy that employs the existing marketing
mix and focuses the firm's efforts on existing customers
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