BUAD 332 Exam 1 MOON|71 Questions with 100% Correct Answers | Updated & Verified

Marketing - ️️managing profitable customer relationships Goals of Marketing - ️️1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Need - ️️state of felt deprivation (physical, social, individual) Want - ️️a form that a human need takes as shaped by culture, individual personality, and marketers Demand - ️️wants + buying power Market - ️️the set of all actual and potential buyers of a product or service 2 Questions of Marketing Managers - ️️1. what customers will we serve? 2. how can we best serve these customers? Segmentation - ️️divide the market into segments of customers Targeting - ️️select the segments to cultivate Value Proposition - ️️the set of benefits or values it promises to deliver to consumers to satisfy their needs