Exam (elaborations)
BUSML 3250 Exam 1 Ch 1-3 Questions and Answers
- Course
- Institution
BUSML 3250 Exam 1 Ch 1-3 Questions and Answers
[Show more]
Content preview
BUSML 3250 Exam 1 Ch 1-3 Questionsand Answers
Marketing - Answer-the process which companies create value for customers and build strong
customer relationships to capture value in return
needs - Answer-states of felt deprivation
wants - Answer-the form human needs take as they are shaped by culture and individual
personality
demands - Answer-human wants that are backed up by buying power
Market Offerings - Answer-some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
Marketing Myopia - Answer-the mistake of paying more attention to specific products a
company offers than the benefits and experiences produced by the products; focus on existing
wants & lose focus on consumers' underlying needs
The Marketing Process: step 1 - Answer-Understand the marketplace needs and wants
The Marketing Process: step 2 - Answer-Design a customer value-driven market strategy
The Marketing Process: step 3 - Answer-Construct an integrated marketing program that
delivers superior value
The Marketing Process: step 4 - Answer-Build profitable relationships and create customer
delight
The Marketing Process: step 5 - Answer-Capture value from customers to create profit and
customer equity
, Exchange - Answer-the act of obtaining a desired object from someone by offering something in
return
Market - Answer-the set of actual and potential buyers of a product or service
Marketing Management - Answer-the art/science of choosing target markets and building
profitable relationships with them; "customer and demand management"
Value Proposition - Answer-differentiating and positioning a brand through a set of
benefits/values it promises to deliver to satisfy customer needs
Production Concept - Answer-idea that consumers will favor products that are available and
highly affordable; focus should be on improving production and distribution efficiency
Product Concept - Answer-idea that consumers favor products that offer most quality,
performance, and features; focus should be on continuous product improvements
Selling Concept - Answer-idea that consumers will not buy enough of firm's product unless firm
undertakes large-scale selling and promotion effort; inside-out view
Marketing Concept - Answer-idea that achieving organizational goals depends on knowing the
needs and wants of target markets and delivering desired satisfactions better than competitors;
outside-in view
Societal Marketing concept - Answer-sustainable marketing; idea that a company's marketing
decisions should consider consumers wants, company requirements, and consumer and
society's long-run interests
Marketing Mix - Answer-set of marketing tools the firm uses to implement its marketing strategy
Marketing Mix 4 P's - Answer-Product, Price, Place, Promotion
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 $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now