Usml e Study guides, Class notes & Summaries

BUSML 3250 Final Exam with Certified Solutions advertising any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor advertising objective specific communication task to be accomplished with a specific target audience during a specific period of time advertising budget the dollars and other resources allocated to a product or a company advertising program advertising strategy strategy by which the company accomplishes its adve...

BUSML 3250 Final Exam Review with Complete Solutions What is a price? The amount of money charged for a product or service. What is value-based pricing? Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value...

BUSML 3250 Final Exam Questions and Answers Already Passed Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? Full- Service Retailer Today, ________ are flourishing due to the increased use of market segmentation and market targeting. Specialty Stores ________ retailers in the United States are growing faster than product retailers Service A retailer that carr...

What is a price? : The amount of money charged for a product or service. What is value-based pricing? : Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? : 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value at target price What is cost-based pricing? : Setti...

What makes a good segmentation? - ISASDA Identifiable Substantial Accessible Stable Differentiable Actionable What are the different tpyes of segmentation? - Geographic - country, city, neighborhood Demographic - age, gender, income, race Psychological - interests, activities, values, goals Behavioral - purchasing habits, customer loyalty

"Predictably Irrational" - ANSWERS Dan Arely on price relativity, adding decoy option to choice set, consumers typically choose the middle option Does context effect decision making? - ANSWERS Yes, economists used to think not but current studies show that it actually does Compromise Effect - ANSWERS Tendency to choose the "middle" option in a choice set; extreme aversion; we avoid extremeness Anchor Pricing - ANSWERS when we encounter a new product (and new business) we accept the ...

advertising - any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor advertising objective - specific communication task to be accomplished with a specific target audience during a specific period of time advertising budget - the dollars and other resources allocated to a product or a company advertising program

Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? : Full- Service Retailer Today, ________ are flourishing due to the increased use of market segmentation and market targeting. : Specialty Stores ________ retailers in the United States are growing faster than product retailers : Service A retailer that carries narrow product lines with deep assortments within those l...

BUSML 3250 Final Exam Review Questions Solved 100% Correct What is a price? - The amount of money charged for a product or service. What is value-based pricing? - Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? - 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver v...

BUSML 3250 Final Exam Study Guide