BUAD 332 COMPREHENSIVE QUESTIONS AND
ANSWERS SET A+
✔✔market basket analysis - ✔✔helps retailers understand which products are
purchased together
✔✔contribution analysis - ✔✔examining the profitability of specific products purchased
by customers or customer segments
✔✔ critical questions managers ask - ✔✔- what is important to our customers?
- how do I know if we are delivering value to our customers?
- how do I judge if we are offering superior value relative to competitors?
✔✔customer value - ✔✔customer's 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
✔✔importance = - ✔✔customer value
✔✔performance = - ✔✔customer satisfaction
✔✔5 key aspects of customer value - ✔✔1. TRADEOFF of benefits and sacrifices
2. INTERACTION of both customer and product
3. RELATIVE to competitors, individuals, and situations
4. GOAL-DRIVEN by customer's desired attributes, desired outcomes, and end goals
5. DYNAMIC in that it changes over time
✔✔tradeoff - ✔✔(Σ what I get) - (Σ what I give up) = X
✔✔what makes customer's perceptions of value change? - ✔✔- the environment
- consumers: life changes
- changes from other companies
, ✔✔what does a customer-value-oriented firm look like? - ✔✔- "customer value culture"
- commitment to innovation
- organize everything we do as a company around delivering customer value
- continuous learning about customers
✔✔customer learning methods - ✔✔- customer interaction
- customer research
- 3rd party customer research
- secondary reports
- analyzing market trends
- analyzing customer complaints
- mining customer databases
✔✔competitive advantage - ✔✔1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess and deliver the value
✔✔goals of marketing activity - ✔✔1. attract new customers by promising superior value
2. keep and grow current customers by delivering customer satisfaction
✔✔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
✔✔marketing process - ✔✔1. understand marketplace and what customer needs/wants
2. design customer-driven marketing strategy
3. construct marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. capture value from customers to create profits and customer equity
✔✔need - ✔✔state of felt deprivation (physical, social, individual)
✔✔want - ✔✔form that a human need takes, as shaped by culture, individual
personality, and marketing activity
✔✔demand - ✔✔wants + buying power
✔✔marketing offer - ✔✔some combination of products, services, information, or
experiences offered to a market to satisfy a need or a want
✔✔marketing managers questions - ✔✔1. what customers will we serve?
2. how can we best serve these customers?
ANSWERS SET A+
✔✔market basket analysis - ✔✔helps retailers understand which products are
purchased together
✔✔contribution analysis - ✔✔examining the profitability of specific products purchased
by customers or customer segments
✔✔ critical questions managers ask - ✔✔- what is important to our customers?
- how do I know if we are delivering value to our customers?
- how do I judge if we are offering superior value relative to competitors?
✔✔customer value - ✔✔customer's 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
✔✔importance = - ✔✔customer value
✔✔performance = - ✔✔customer satisfaction
✔✔5 key aspects of customer value - ✔✔1. TRADEOFF of benefits and sacrifices
2. INTERACTION of both customer and product
3. RELATIVE to competitors, individuals, and situations
4. GOAL-DRIVEN by customer's desired attributes, desired outcomes, and end goals
5. DYNAMIC in that it changes over time
✔✔tradeoff - ✔✔(Σ what I get) - (Σ what I give up) = X
✔✔what makes customer's perceptions of value change? - ✔✔- the environment
- consumers: life changes
- changes from other companies
, ✔✔what does a customer-value-oriented firm look like? - ✔✔- "customer value culture"
- commitment to innovation
- organize everything we do as a company around delivering customer value
- continuous learning about customers
✔✔customer learning methods - ✔✔- customer interaction
- customer research
- 3rd party customer research
- secondary reports
- analyzing market trends
- analyzing customer complaints
- mining customer databases
✔✔competitive advantage - ✔✔1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess and deliver the value
✔✔goals of marketing activity - ✔✔1. attract new customers by promising superior value
2. keep and grow current customers by delivering customer satisfaction
✔✔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
✔✔marketing process - ✔✔1. understand marketplace and what customer needs/wants
2. design customer-driven marketing strategy
3. construct marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. capture value from customers to create profits and customer equity
✔✔need - ✔✔state of felt deprivation (physical, social, individual)
✔✔want - ✔✔form that a human need takes, as shaped by culture, individual
personality, and marketing activity
✔✔demand - ✔✔wants + buying power
✔✔marketing offer - ✔✔some combination of products, services, information, or
experiences offered to a market to satisfy a need or a want
✔✔marketing managers questions - ✔✔1. what customers will we serve?
2. how can we best serve these customers?
