BUSN311 Final Exam Questions Answered Correctly Latest update (Already Passed)

BUSN311 Final Exam Questions Answered Correctly Latest update (Already Passed) Differentiated - Answers Companies that identify several different market segments by designing separate offers for each segment are using _______ marketing approach Customer relationship management - Answers building, keeping, and growing profitable relationships by delivering customer value and satisfaction Target market - Answers if college students share common needs in music and performers and a basic company decides to serve this group, the group is called a _____ Benchmarking - Answers the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance Strength - Answers In SWOT analysis, internal resources would be considered a ________ Demographic - Answers Information about a customer's age, income, and family make-up is in what customer database Competitive advantage - Answers a company or store gains ____ by differentiating its products and delivering more value (not positioning advantage) Wants - Answers human needs shaped by individual personality and culture Licensing - Answers Hello Kitty is a cartoon character that appears on many types of children's products. Some companies obtain the rights from Sanrio col, Ltd, who owns the Hello Kitty character, to use the name of Hello Kitty (or its image) for a free. This process is known as _____. Modern marketing - Answers creation of value for customers, satisfying customer needs, managing profitable relationships, and building value-laden exchange relationships with customers are all accurate descriptions of _____ Goals of direct marketing - Answers obtain an immediate response and build a lasting customer relationship Sales promotion - Answers the use of short-term incentives to encourage the purchase or sale of a product or service Advertising objectives - Answers the task that advertising must accomplish with specific target audience during a specific time buzz marketing (word-of-mouth) - Answers companies who use brand ambassadors Increasing profits - Answers _______ will most likely occur in the growth stage of the product life cycle (PLC) Idea generation - Answers new product development starts with ____ Sustainable marketing - Answers Socially and environmentally responsible marketing that meets the needs of consumer and businesses while while also preserving or enhancing the ability of future generations to meet their needs Niche - Answers Rather than competing head-to-head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ____. Focus groups - Answers consist of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service or organization Market segmentation - Answers The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs Integrated marketing communication (IMC) - Answers Carefully integrates and coordinates the company's many communication channels to deliver a clear, consistent and compelling message about the organization its brands True friends - Answers the customer type associated with high profitability and long-term loyalty Price - Answers the only marketing mix element that generates revenue for a company Market penetration - Answers Refers to company growth by increasing sales of current products to current market segments without changing the product Market management - Answers the art and science of choosing target markets and building profitable relationships with them Reach - Answers a measure of the percent of people in the target market who are exposed to the ad campaign during a given period of time Advertising - Answers any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor Reminder advertising - Answers Products in the maturity stage will most likely require _______. Advertising decisions - Answers The decisions about reach, frequency, and impact of an advertisement fall into the category of _____. Value delivery network - Answers Made up of the company, suppliers, distributors and customers who partner with each other to improve the performance of the entire system Downstream channel partners - Answers Wholesalers and retailers are examples of _____ that form a vital link between a firm and customer Upstream channel partners - Answers Suppliers or manufacturers Positioning - Answers 7-Eleven has recently begun to redesign and restock its store to offer a more upscale environment and products, such as house wines and fresh food