Buad 332 Exam 1 Complete Questions
And Answers | Latest Update 2025
Customer value CORRECT ANSWERS the customers 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.
customer satisfaction
customer value CORRECT ANSWERS = performance
=importance
5 key aspects of customer value CORRECT ANSWERS 1. tradeoff of benefits and
sacrifices
2. interaction of both customer and product
3. Relative to competitors, individuals, and situations
4. goal driven by customers desired attributes, desired outcomes, and need goals
5. Dynamic- in that it changes overtime
Value judgement CORRECT ANSWERS the way that customers make judgment about
value.
Customer gains (value hierarchy) CORRECT ANSWERS - positive (benefits) and
negative (sacrifices) effects ON the customer... aka customers world
vs.
- ANYTHING firm controls (product attributes-physical product/service)...aka marketers
world
What makes customer's perception of value change? CORRECT ANSWERS - the
environment (economy, trends)
- consumers: life changes
changes from other companies
What does a customer value oriented firm look like? CORRECT ANSWERS - puts the
customers first
-committed to innovation
-organize everything in the company around delivering
-customer value
continuous learning about customers
What are some sources of customer value learning? CORRECT ANSWERS - value
hierarchies
- value maps
- other analytical tools
, what are some customer learning methods? CORRECT ANSWERS - customer
interaction, customer research, 3rd part customer research, secondary reports,
analyzing market trends
customer value strategy process CORRECT ANSWERS 1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess the delivered value
What is marketing? CORRECT ANSWERS managing profitable customer relationships.
Its about the CUSTOMERS
What are the goals of marketing activity? CORRECT ANSWERS - attract new customer
by promising superior value
- keep and grow current customer by delivering customer satisfaction
Marketing defined CORRECT ANSWERS a social and managerial process by which
individuals and groups obtain what they need and want through creating and
exchanging products and value with other
What is a need? CORRECT ANSWERS - a state of felt deprivation
- example: physical (food), social (affection), individual (knowledge)
What is a want? CORRECT ANSWERS - a form that a human need takes, as shaped
by culture, individual personality, and (very importantly) marketing activity.
- marketers are crating a want
What is a demand? CORRECT ANSWERS Wants + Buying Power= DEMAND
What is a market? CORRECT ANSWERS -the set of actual or potential buyers of a
product or service
- these people share a need or want that can be satisfied through an exchange
what do marketing managers do? CORRECT ANSWERS address two very
fundamental question:
1. What customers will we serve (whats our target market)?
2. How can we best serve these customers (what is our value proposition)?
What is a value proposition? CORRECT ANSWERS - the set of benefits or values that
a company promises to deliver tp consumers to satisfy their needs
What is the marketing mix? CORRECT ANSWERS - how market managers execute the
marketing strategy
- the 4 P's... Product, Price, Promotion (communication), & Place
(distribution)...customer at center of universe
And Answers | Latest Update 2025
Customer value CORRECT ANSWERS the customers 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.
customer satisfaction
customer value CORRECT ANSWERS = performance
=importance
5 key aspects of customer value CORRECT ANSWERS 1. tradeoff of benefits and
sacrifices
2. interaction of both customer and product
3. Relative to competitors, individuals, and situations
4. goal driven by customers desired attributes, desired outcomes, and need goals
5. Dynamic- in that it changes overtime
Value judgement CORRECT ANSWERS the way that customers make judgment about
value.
Customer gains (value hierarchy) CORRECT ANSWERS - positive (benefits) and
negative (sacrifices) effects ON the customer... aka customers world
vs.
- ANYTHING firm controls (product attributes-physical product/service)...aka marketers
world
What makes customer's perception of value change? CORRECT ANSWERS - the
environment (economy, trends)
- consumers: life changes
changes from other companies
What does a customer value oriented firm look like? CORRECT ANSWERS - puts the
customers first
-committed to innovation
-organize everything in the company around delivering
-customer value
continuous learning about customers
What are some sources of customer value learning? CORRECT ANSWERS - value
hierarchies
- value maps
- other analytical tools
, what are some customer learning methods? CORRECT ANSWERS - customer
interaction, customer research, 3rd part customer research, secondary reports,
analyzing market trends
customer value strategy process CORRECT ANSWERS 1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess the delivered value
What is marketing? CORRECT ANSWERS managing profitable customer relationships.
Its about the CUSTOMERS
What are the goals of marketing activity? CORRECT ANSWERS - attract new customer
by promising superior value
- keep and grow current customer by delivering customer satisfaction
Marketing defined CORRECT ANSWERS a social and managerial process by which
individuals and groups obtain what they need and want through creating and
exchanging products and value with other
What is a need? CORRECT ANSWERS - a state of felt deprivation
- example: physical (food), social (affection), individual (knowledge)
What is a want? CORRECT ANSWERS - a form that a human need takes, as shaped
by culture, individual personality, and (very importantly) marketing activity.
- marketers are crating a want
What is a demand? CORRECT ANSWERS Wants + Buying Power= DEMAND
What is a market? CORRECT ANSWERS -the set of actual or potential buyers of a
product or service
- these people share a need or want that can be satisfied through an exchange
what do marketing managers do? CORRECT ANSWERS address two very
fundamental question:
1. What customers will we serve (whats our target market)?
2. How can we best serve these customers (what is our value proposition)?
What is a value proposition? CORRECT ANSWERS - the set of benefits or values that
a company promises to deliver tp consumers to satisfy their needs
What is the marketing mix? CORRECT ANSWERS - how market managers execute the
marketing strategy
- the 4 P's... Product, Price, Promotion (communication), & Place
(distribution)...customer at center of universe
