BUAD 332- Moon- EXAM 1Questions And Answers Rated A+ New Update Assured Satisfaction

What is the simple definition of marketing? - managing profitable customer relationships goals of marketing activity - 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Define 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. Simple Model of the Marketing Process - 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? - 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? - state of felt deprivation Needs can be - physical, social, individual What is a want? - A want is a form that a human need takes, as shaped by culture, individual personality, and (very importantly) MARKETING ACTIVITYNot all WANTS represent real Demand - wants + buying power = demand What is a marketing offer? - 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: - 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? - 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? - Segmentation and Marketing What is market segmentation? - Divide the market into segments of customers. (gender, age, income, etc.) what is market targeting? - Select the segments to cultivate What is a value proposition? - the set of benefits or values it promises to deliver to consumers to satisfy their needs Customers never buy products. True or False? - 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 _______ - Marketing strategyMarketing managers execute their marketing strategy through a set of tools known as _____ - Marketing Mix Marketing Mix (4 P's) - Product, Price, Place (distribution), Promotion. At the center of this is the Customer. Rapid Globalization - What is strategic planning? - the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities