Buad 332 exam 1 Study guides, Class notes & Summaries

A "state of deprivation" is the definition of a: A. Want B. Value C. Need D. Demand E. Exchange - Answer- C. Need George has come into some money. He now has the financial resources to purchase a new set of skis he's been dreaming about. For George, those skis have suddenly gone from being a _______ to being ___________. A. Need; want B. Want; demand C. Demand; want D. None of the above - Answer- B. Want; demand Once marketing managers choose their marketing strategy, they ...

In BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth and fend off competition. When their growth slows down, they often turn into ___________ . A) Dogs; cash cows B) Question marks; dogs C) Stars; Cash cows D) Cash cows; stars E) none of the above - Answer- C) Stars; Cash cows It is ____________ to keep a customer, than it is to get a new one. A) Cheaper B) More expensive C) Faster D) Both B and C ar...

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 attr...

What is included in a broad definition of marketing? - Answer- Creating customer value, building customer relationships, and engaging customers The first step of the marketing process is to - Answer- understand the marketplace, which includes customer needs and wants. Marketing is the process by which companies ________ and build strong customer relationships in order to ________ - Answer- create value for customers; capture value from customers in return The marketing process involves ...

Marketing - Answer-managing profitable customer relationships Goals of Marketing - Answer-1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Need - Answer-state of felt deprivation (physical, social, individual) Want - Answer-a form that a human need takes as shaped by culture, individual personality, and marketers Demand - Answer-wants + buying power Market - Answer-the set of all actual and potential buyers of a pr...

Marketing - ️️managing profitable customer relationships Goals of Marketing - ️️1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Need - ️️state of felt deprivation (physical, social, individual) Want - ️️a form that a human need takes as shaped by culture, individual personality, and marketers Demand - ️️wants + buying power Market - ️️the set of all actual and potential buyers of a...

Questions Managers Ask - 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 ______ - loyal and give larger share of business Customer Value - 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 or goal. customer value...

Buad 332 Exam 1

Marketing correct answers managing profitable customer relationships Goals of Marketing correct answers 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Need correct answers state of felt deprivation (physical, social, individual) Want correct answers a form that a human need takes as shaped by culture, individual personality, and marketers Demand correct answers wants + buying power Market correct answers...