BUAD 332- Moon- EXAM 1 Questions with Complete Solutions 100% Verified What is the simple definition of marketing? - Correct Answers managing profitable customer relationships goals of marketing activity - Correct Answers 1. Attract new customers by promising superior value
- Keep and grow current customers by delivering customer satisfaction
Define Marketing - Correct Answers 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 - Correct Answers Create value for customers and build customer relationship.1) Understand the marketplace and customer needs and wants 2) design a customer-driven marketing strategy 3) construct a marketing program that delivers superior value 4) build profitable relationships and create customer delight 5) Capture value from customers in return 6) Capture value from customers to create profits and customer equity What is an example customer equity? - Correct Answers Professor Terry Esper left UT to go Oho state. Terry loves apples products and bought the ipad the day it was introduced. He says "I don't know what it does but I'm getting one." And that is Customer Equity What is a need? - Correct Answers state of felt deprivation Needs can be - Correct Answers physical, social, individual What is a want? - Correct Answers A want is a form that a human need takes, as shaped by culture, individual personality, and (very importantly) MARKETING ACTIVITY Not all WANTS represent real Demand - Correct Answers wants + buying power = demand 1 / 2
What is a marketing offer? - Correct Answers some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing managers have to address two very fundamental questions before they do anything else: - Correct Answers 1) What customers will we serve? (AKA "who is in our target market?") 2) How can we best serve these customers?(AKA "what is our value proposition?") What is a market? - Correct Answers the set of actual or potential buyers of a product or service.They share a need or want that can be satisfied through an exchange.How does a marketer find their target market? - Correct Answers Segmentation and Marketing What is market segmentation? - Correct Answers Divide the market into segments of customers.(gender, age, income, etc.) what is market targeting? - Correct Answers Select the segments to cultivate What is a value proposition? - Correct Answers the set of benefits or values it promises to deliver to consumers to satisfy their needs Customers never buy products. True or False? - Correct Answers True. They buy ways to get what they want, solve problems, or achieve goals.Once markets decide the target market and what the value proposition should be, they have to figure out how to execute their _______ - Correct Answers Marketing strategy Marketing managers execute their marketing strategy through a set of tools known as _____ - Correct Answers Marketing Mix Marketing Mix (4 P's) - Correct Answers Product, Price, Place (distribution), Promotion. At the center of this is the Customer.
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