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Byu Marketing 201 Exam 1 Updated Actual Questions And Correct Answers

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BYU MARKETING 201 EXAM 1 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

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BYU MARKETING 201 EXAM 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
Cash Cow - High market share, low market Growth
Stars - High market share, high market growth
?'s - High market growth, Low market share
Dog - Low market growth, low market share
Answer:
BCG Growth-Share Matrix

Question:
strategy by which managers in specific areas decide how best to achieve
corporate goals through productivity
Answer:
Functional Strategy

Question:
The most powerful marketing strategies begin by seeing
the product through the eyes of _________
Answer:
Brand Champions/Love Group

Question:
Product Market Expansion Matrix
Answer:
market penetration -Existing product entering an existing market
product development - New product entering into an existing market market
development - Existing product entering into a new market
diversification - New product in a new market

Question:
Customer Lifetime Value (CLV)
Answer:
approximate worth of a customer to a company in economic terms; overall
profitability of an individual consumer

Question:
Target Market
Answer:
a set of buyers sharing common needs or characteristics that the company
decides to serve

Question:
What is Customer Retention?
Answer:

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