BUAD 332 EXAM 1, BUSINESS LOGISTICS
EXAM, SUPPLY CHAIN M ANAGEMENT,
BUAD TEST QUESTIONS, OPERATIONAL
STRATEGY, BUAD 332 ANSWERS,
LOGISTICS EXAM
Question : Customer value
CORRECT 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.
Question : customer satisfaction
CORRECT ANSWER: customer value
= performance =importance
Question : 5 key aspects of customer value
CORRECT ANSWER: 1. tradeoff of benefits and sacrifices
- interaction of both customer and product
- Relative to competitors, individuals, and situations
- goal driven by customers desired attributes, desired
- Dynamic- in that it changes overtime
outcomes, and need goals
Question : Value judgement
CORRECT ANSWER: the way that customers make
judgment about value.
Question : Customer gains (value hierarchy)
CORRECT ANSWER: - positive (benefits) and negative
(sacrifices) effects ON the customer... aka customers world vs.
ANYTHING firm controls (product attributes-physical product/service)...aka marketers world
Question : What makes customer's perception of value
change?
CORRECT ANSWER: - the environment (economy,
trends)
consumers: life changes
changes from other companies
Question : What does a customer value oriented firm look
like?
CORRECT ANSWER: - puts the customers first
-committed to innovation -organize everything in the company around delivering -customer value
continuous learning about customers
Question : What are some sources of customer value
learning?
CORRECT ANSWER: - value hierarchies
value maps
other analytical tools
Question : what are some customer learning methods?
CORRECT ANSWER: - customer interaction, customer
research, 3rd part customer research, secondary reports, analyzing market trends
Question : customer value strategy process
CORRECT ANSWER: 1. identify the value
- choose the value
- provide the value
- communicate the value
- assess the delivered value
Question : What is marketing?
CORRECT ANSWER: managing profitable customer
relationships. Its about the CUSTOMERS
Question : What are the goals of marketing activity?
CORRECT ANSWER: - attract new customer by promising
superior value
keep and grow current customer by delivering customer satisfaction
Question : Marketing defined
CORRECT 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 other
Question : What is a need?
CORRECT ANSWER: - a state of felt deprivation
example: physical (food), social (affection), individual
(knowledge)
Question : What is a want?
CORRECT ANSWER: - a form that a human need takes, as
shaped by culture, individual personality, and (very importantly) marketing activity.
marketers are crating a want