IBM 3012 EXAM 1 STUDY QUESTIONS & ANSWERS 2024/2025
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Course
IBM 3012
Institution
IBM 3012
IBM 3012 EXAM 1 STUDY QUESTIONS & ANSWERS 2024/2025
customer value - ANSWERSthe perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared with the cost of obtaining it
how is value important to marketing? - ANSWERSin marketing, we must create value...
IBM 3012 EXAM 1 STUDY QUESTIONS &
ANSWERS 2024/2025
customer value - ANSWERSthe perceived benefits, both monetary and nonmonetary, that a customer
receives from a product compared with the cost of obtaining it
how is value important to marketing? - ANSWERSin marketing, we must create value, communicate
value, deliver value
needs - ANSWERSstates of felt deprivation, cosumers feel that deprivation when they lack something
useful or desirable like food, clothing, shelter, transportation or safety
wants - ANSWERSthe form that human needs take as they are shaped by personality, culture and buying
situation
marketing mix - ANSWERSrepresents everything that a firm can do to influence demand for its good,
service or idea
what are the four P's of marketing? - ANSWERSproduct, price, promotion, place
product - ANSWERSthe specific combination of goods, services, or ideas that a firm offers to consumers
product decisions - ANSWERSwhat is my product?
what features does it have?
how long has my product existed?
price - ANSWERSthe amount of something- money, time, or effort -- that a buyer exchanges with a seller
to obtain a product
, price decisions - ANSWERSat what price should i sell my product?
should i offer customers a discount?
should i price my product differently in another country?
promotion - ANSWERSall the activities that communicate the value of a product and persuade customers
to buy it
promotion decisions - ANSWERSwhere should i advertise?
should i use sales promotion tools like coupons?
do i need to hire salespeople?
how do i want the public to view my product?
place - ANSWERSas one of the "four Ps", includes the activities the firm undertakes to make its product
available to potential customers. also known as distribution
place decisions - ANSWERSwhat suppliers should i use?
how should i deliver my products to customers?
how much inventory should i hold?
corporate social responsibility - ANSWERSA company's commitment to meeting the needs of its
stakeholders
Production Orientation - ANSWERSa marketing strategy in which the firm focused on efficient processes
and production to create quality products and reduce unit costs
prior to 1920s
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