Exam (elaborations)
BUSML 3250 - Exam 1 Questions with Correct Answers
- Course
- Institution
BUSML 3250 - Exam 1 Questions with Correct Answers
[Show more]
Content preview
BUSML 3250 - Exam 1 Questions withCorrect Answers
marketing definition - Answer-identifying, understanding, & satisfying buyer demands
through exchanges
what are the 3 important factors of marketing? - Answer-identifying, understanding, &
satisfying
how many times more likely are satisfied customers to buy from a competitor that a ver
satisfied customer - Answer-3 times
what are the 3 types of customers? - Answer-1. make you money
2. could make you money
3. one's that cost you. money
80-20 principle - Answer-20% of all customers generate 80% of the demand
_______ customers are crucial - Answer-repeat
repeat customers are a source of powerful _____________ - Answer-word of mouth
what two components are common of all marketing definitions? - Answer-1. satisfying
buyers
2. exchange process
what is the tip of the marketing iceberg- only a small part of the whole - Answer-
advertising
how much money is spent on advertising in companies (%) - Answer-6-8 %
if there is a ______________, marketing is taking place - Answer-voluntary exchange
what are the core questions a business needs to ask about their marketing? - Answer-1.
is marketing done well
2. does marketing matter
__________ is about how effectively you are relating to your customer & the importance
depends on competition - Answer-marketing
much of marketing is done by who - Answer-middlemen
only ___% of consumer expenditures were made online - Answer-10
,who are the middlemen in marketing - Answer-wholesalers & retailers
what do manufacturers do - Answer-create form utility
marketing activitiés affect form utility (indirectly/directly) - Answer-indirectly
what are the three times of value - Answer-1. time utility
2. place utility
3. possession utility
what are the 4 organizational orientations important for marketing? - Answer-1.
production orientation
2. product orientation
3. selling orientation
4. marketing orientation
(production, product, selling, or marketing orientation?)
- stress on making products - Answer-production
(production, product, selling, or marketing orientation?)
- maximize output, minimize cost - Answer-production
(production, product, selling, or marketing orientation?)
- producer priorities - Answer-production
(production, product, selling, or marketing orientation?)
- offer highest quality as expert producer sees it - Answer-product
(production, product, selling, or marketing orientation?)
- telling customers to trust them b/c they "know best" - Answer-product
(production, product, selling, or marketing orientation?)
- marketing myopia - Answer-product
marketing myopia - Answer-the mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products
(production, product, selling, or marketing orientation?)
- associated with excess demand (2) - Answer-production & product
what is a beginners mistake in marketing? - Answer-only focusing on one p
(production, product, selling, or marketing orientation?)
promoting the product is crucial, push prospects to buy with strong ads - Answer-selling
, (production, product, selling, or marketing orientation?)
- focuses to much on advertising - Answer-selling
(production, product, selling, or marketing orientation?)
- customer satisfaction focus - Answer-marketing
(production, product, selling, or marketing orientation?)
- opposite of selling orientation - Answer-marketing
(production, product, selling, or marketing orientation?)
- nee deep understanding of customers - Answer-marketing
(production, product, selling, or marketing orientation?)
- must do better than competition - Answer-marketing
(production, product, selling, or marketing orientation?)
- we must sell what we make - Answer-selling
(production, product, selling, or marketing orientation?)
- we must make what we can sell - Answer-marketing
who is responsible for marketing? - Answer-EVERYONE
(top management, marketing management, or lower level management?)
- sets direction an tone - Answer-top management
(top management, marketing management, or lower level management?)
- makes the big decisions - Answer-top management
(top management, marketing management, or lower level management?)
- plans the 4 ps - Answer-marketing management
(top management, marketing management, or lower level management?)
- thinks about how to better satisfy the customer better than the competition - Answer-
marketing mangament
(top management, marketing management, or lower level management?)
- delivers daily customer satisfaction - Answer-lower level
(top management, marketing management, or lower level management?)
- most important for customer satisfaction - Answer-lower level
(top management, marketing management, or lower level management?)
- internal marketing - Answer-lower level
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now