Buad 332 exam 1 - Study guides, Class notes & Summaries

What is the simple definition of marketing? - Answer- managing profitable customer relationships goals of marketing activity - Answer- 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Define Marketing - 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 others. Simple Model of the Marketing Process - Answe...

Customer value - 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 - Answer = performance =importance 5 key aspects of customer value - 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 att...

Questions Managers Ask - Answer What is important to cust? How do we know if we are delivering value? How do i judge whether we are offering superior value relative to our customers? Satisfied customer relationships are more likely to be ____ and ______ - Answer loyal and give larger share of business Customer Value - Answer customer's 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 o...

What is the simple definition of marketing? - Answer managing profitable customer relationships goals of marketing activity - Answer 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Define Marketing - 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 others. Simple Model of the Marketing Process - Answer Cre...