BUAD 332 Exam 1 MOON with
Complete Solutions
Marketing - ANS-managing profitable customer relationships
Goals of Marketing - ANS-1. Attract new customers by promising superior value
2. Keep and grow current customers by delivering customer satisfaction
Need - ANS-state of felt deprivation (physical, social, individual)
Want - ANS-a form that a human need takes as shaped by culture, individual
personality, and marketers
Demand - ANS-wants + buying power
Market - ANS-the set of all actual and potential buyers of a product or service
2 Questions of Marketing Managers - ANS-1. what customers will we serve?
2. how can we best serve these customers?
Segmentation - ANS-divide the market into segments of customers
Targeting - ANS-select the segments to cultivate
Value Proposition - ANS-the set of benefits or values it promises to deliver to
consumers to satisfy their needs
What do customers never buy? - ANS-PRODUCTS
What do customers buy? - ANS-ways to get what they want, solve problems, and
achieve goals
4 P's of Marketing - ANS-Product, Price, Place, Promotion
Marketing Mix - ANS-what marketing managers use to execute their marketing strategy
Customer Value - ANS-the 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)
, Business Portfolio - ANS-the collection of businesses and products that make up the
company
SBU - ANS-Strategic Business Unit
-a unit of the company that has a separate mission and objectives and that can be
planned independently from other company businesses
Portfolio Analysis - ANS-an evaluation of the products and businesses making up the
company
BCG Matrix - ANS-a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
Stars - ANS--high growth and share
-growth will slow
-need heavy investment
Question Mark - ANS--relatively low market share
-require cash to compete
-build into star or phase out
Cash Cows - ANS--low growth
-high share
-produce cash
-established, successful SBUs
Dogs - ANS--low growth, low market share
-generate cash to sustain self
-do not promise to be cash source
Market Penetration - ANS-make more sales to current customers without changing the
original products
Market Development - ANS-identifying and developing new markets for its current
products
Product Development - ANS-offer modified or new products for current markets
Diversification - ANS-starting up or acquiring businesses outside the company's current
products and markets
Marketing in "corporate strategy" - ANS--provides guiding philosophy
-provides input to strategic planners
-design strategy to achieve corporate objectives
Complete Solutions
Marketing - ANS-managing profitable customer relationships
Goals of Marketing - ANS-1. Attract new customers by promising superior value
2. Keep and grow current customers by delivering customer satisfaction
Need - ANS-state of felt deprivation (physical, social, individual)
Want - ANS-a form that a human need takes as shaped by culture, individual
personality, and marketers
Demand - ANS-wants + buying power
Market - ANS-the set of all actual and potential buyers of a product or service
2 Questions of Marketing Managers - ANS-1. what customers will we serve?
2. how can we best serve these customers?
Segmentation - ANS-divide the market into segments of customers
Targeting - ANS-select the segments to cultivate
Value Proposition - ANS-the set of benefits or values it promises to deliver to
consumers to satisfy their needs
What do customers never buy? - ANS-PRODUCTS
What do customers buy? - ANS-ways to get what they want, solve problems, and
achieve goals
4 P's of Marketing - ANS-Product, Price, Place, Promotion
Marketing Mix - ANS-what marketing managers use to execute their marketing strategy
Customer Value - ANS-the 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)
, Business Portfolio - ANS-the collection of businesses and products that make up the
company
SBU - ANS-Strategic Business Unit
-a unit of the company that has a separate mission and objectives and that can be
planned independently from other company businesses
Portfolio Analysis - ANS-an evaluation of the products and businesses making up the
company
BCG Matrix - ANS-a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
Stars - ANS--high growth and share
-growth will slow
-need heavy investment
Question Mark - ANS--relatively low market share
-require cash to compete
-build into star or phase out
Cash Cows - ANS--low growth
-high share
-produce cash
-established, successful SBUs
Dogs - ANS--low growth, low market share
-generate cash to sustain self
-do not promise to be cash source
Market Penetration - ANS-make more sales to current customers without changing the
original products
Market Development - ANS-identifying and developing new markets for its current
products
Product Development - ANS-offer modified or new products for current markets
Diversification - ANS-starting up or acquiring businesses outside the company's current
products and markets
Marketing in "corporate strategy" - ANS--provides guiding philosophy
-provides input to strategic planners
-design strategy to achieve corporate objectives
