Buad 332 moon - 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 ...

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...

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...

Consumer buying behavior - Answer the buying behavior of people who buy goods and services for personal use. these people create the consumer market How do consumers respond to various marketing efforts the company might use? - Answer central question for marketers Simple Model of Consumer Buying Behavior (3 categories) - Answer 1. Marketing and other stimuli 2. Buyer's black box 3. Buyer's response Simple Model of Consumer Buying Behavior (marketing & other stimuli) - Answer Market-p...

Goal of Customer- Driven marketing strategy - Answer to create VALUE for targeted customers Market Segmentation - Answer Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - Answer - "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make ...