Buad 332 - Study guides, Class notes & Summaries

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...

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...

Goal of Customer- Driven marketing strategy - ️️to create VALUE for targeted customers Market Segmentation - ️️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 - ️️- "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make...

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

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 ...

definition: Connecting directly with carefully targeted individual customers to both obtain immediate response and cultivate lasting customer relationships - Answer- Direct Marketing What is the fastest growing form of marketing? - Answer- Direct marketing -10% of U.S. economy is generated by direct marketing sales What are the forms of direct marketing? - Answer- -Direct-mail -Catalog -Telemarketing -mobile phone marketing Definition : Direct marketing through print, video, or d...

consumer buying behavior - ️️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? - ️️central question for marketers Simple Model of Consumer Buying Behavior (3 categories) - ️️1. Marketing and other stimuli 2. Buyer's black box 3. Buyer's response Simple Model of Consumer Buying Behavior (marketing & other stimuli) - ️️Market-pro...

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