marketing 3340 exam 1 questions and answers graded A+ 2023/2024

marketing 3340 exam 1 relationship marketing - correct answer links organization to customer, employee, supplier, other partners for mutual long term benefit before and after sale customer value - correct answer best price, product, service product - correct answer good, service, idea bundle intangible and tangible satisfy customers and is received in exchange for something of value utlity - correct answer the benefits or customer value received by users of product type of utility - correct answer form, place, time, pocession core values - correct answer fundamental passionate enduring principles that guide its conduct over time (must be communicated) Diversification - correct answer strategy of developing a new product and sell it in a new market (high risk) Market share - correct answer ratio of sales rev of the firm to the total sales rev of all firms in the industry including the firm itself market penetration - correct answer strategy to increase sales of current product in current market Boston Counsulting Group Portfolio Analysis - correct answer technique managers use to quantify performance measures and growth target to analyze their firms SBUs like a collection of separate investments SWOT - correct answer strength, weakness, opportunity, threats what SWOT does - correct answer research org's present and prospective customer, assess org itself, id trends in org industry, analyze org competitors plan after SWOT - correct answer build strength, correct weakness, exploit an opportunity, avoid disaster laden threat market segmentation - correct answer aggregate prospective buyers into groups that have common needs, will respond to similar market action (use point of diff) changing roles - correct answer daughter grew up with working moms, increase in participation in organized sports, internet makes invisible race gender Gen X - correct answer 65-76, self relient better education, support diversity, cautious, less than generation before, spends most in food, house, apparel, entertainment, on internet most of all generations Gen Y - correct answer 77-94 echo boom, life balance, purpose work, control disposable income - correct answer money consumer has after taxes to spend on necessities recession - correct answer people buy less FTC Act of 1914 - correct answer cease and desist order corrective ad, spend money on ad to correct previous mislead ad