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Buad 332 Exam 1 questions with correct answers graded A+ passed
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Buad 332 Exam 1 questions with correct answers graded A+ passed
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Buad 332 Exam 1Customer value - correct answer ✔✔the customers perception of what they want to have happen in a
specific use situation, with the help of a product or service, in order to accomplish a desired purpose or
goal.
customer satisfaction
customer value - correct answer ✔✔= performance
=importance
5 key aspects of customer value - correct answer ✔✔1. tradeoff of benefits and sacrifices
2. interaction of both customer and product
3. Relative to competitors, individuals, and situations
4. goal driven by customers desired attributes, desired outcomes, and need goals
5. Dynamic- in that it changes overtime
Value judgement - correct answer ✔✔the way that customers make judgment about value.
Customer gains (value hierarchy) - correct answer ✔✔- positive (benefits) and negative (sacrifices)
effects ON the customer... aka customers world
vs.
- ANYTHING firm controls (product attributes-physical product/service)...aka marketers world
What makes customer's perception of value change? - correct answer ✔✔- the environment (economy,
trends)
- consumers: life changes
changes from other companies
What does a customer value oriented firm look like? - correct answer ✔✔- puts the customers first
, -committed to innovation
-organize everything in the company around delivering
-customer value
continuous learning about customers
What are some sources of customer value learning? - correct answer ✔✔- value hierarchies
- value maps
- other analytical tools
what are some customer learning methods? - correct answer ✔✔- customer interaction, customer
research, 3rd part customer research, secondary reports, analyzing market trends
customer value strategy process - correct answer ✔✔1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess the delivered value
What is marketing? - correct answer ✔✔managing profitable customer relationships. Its about the
CUSTOMERS
What are the goals of marketing activity? - correct answer ✔✔- attract new customer by promising
superior value
- keep and grow current customer by delivering customer satisfaction
Marketing defined - correct answer ✔✔a social and managerial process by which individuals and groups
obtain what they need and want through creating and exchanging products and value with other
What is a need? - correct answer ✔✔- a state of felt deprivation
- example: physical (food), social (affection), individual (knowledge)
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