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BSM 100 Final exam Questions and Answers 100% Solved
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Exam of 6 pages for the course BSM at BSM (BSM 100 Final exam)
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BSM 100 Final examdirect competitors - answer same product, geography, and customers
indirect competitors - answer different demographics, present in some markets not
all small
invisible competitors - answer outside the industry, where it poses a credible threat
Blue Ocean Strategy - answer the simultaneous pursuit of differentiation and low
cost (or at least lower costs, quantum leap from current. create new market space.
Red Ocean Strategy - answer companies try to outperform rivals to grab bigger
slices of existing demand
Key Success Factors (Start of Blue Ocean Strategy) - answer Eliminate
Reduce
Raise
Create
-important because it creates competitive edge, invisible competitors face biggest
threats, objectives create targets on achievable goals
marketing - answer the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
-long term profitability by providing unmatched value
utility - answer customer satisfaction from meeting different needs of people
types of utility - answer - form utility
- time utility
- place utility
- ownership utility
types of marketing - answer - people marketing
- place marketing
- event marketing
- idea marketing
customer relationship management (CRM) - answer acquire, retain and grow
customer relationships by providing
, marketing plan - answer organizations may have a formal or informal plan that
directs their efforts
Perception of value (CRM) - answer - benefits>price
- customer perceives that your product can uniquely satisfy needs better than
competitors
customer satisfaction - answer - happy that you delivered promise of Value...dont
under or overpromise
customer loyalty - answer - repeat purchase
Marketing Strategy - answer Where are you going and how will you get there?
segmentation - answer who are the people who will buy the products? divide into
groups and segments to aim for
differentiation - answer - unique value delivered to customer
- price must not be important
- heavily brand-oriented
- can be used on the product or customer experience
intellectual property helps or some other way of communicating difference
consumer markets - answer - products for personal consumption
business markets (b2b) - answer - products used directly or indirectly to produce
other products
consumer segmentation variables - answer - geographic
- demographic
- lifestyle/ psychographic
- usage
- benefits desired
(GooDPUB)
a well-chosen target market considers... - answer - size
- affordability/ profitability
- accessibility
- limited competition
Product (target market) - answer - functionality
- brand
- packaging
- services
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