BUSML 3250 Study guides, Class notes & Summaries

BUSML 3250 Exam 1 with 100% Correct Answers What is marketing? - answerThe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Marketing Process - answer1st 4 steps create value for customers, last step captures value from customers Understand marketplace and customer needs and wants Design a customer-driven marketing strategy Construct an integrated marketing program that delivers superior value...

pure tangible good any product that can be offered to the market for acquistion or consumption that does not include a service pure service only a service no product to sell service nontangible product, where a benefit, activity, or safisfaction is offered business buyer behavior buying behavior of organizations business buying process decision process which business buyers determine what product/service to buy derived demand business demand that ultimate...

Promotion informing potential customers of the availability of the product, its price and its place What is the promotion mix (marketing communications mix)? 1. advertising 2. public relations 3. sales promotion 4. personal selling 5. direct and online marketing What are factors that affect the promotional mix? 1. nature of the product 2. product life cycle 3. target market characteristics 4. type of buying decision 5. funds available 6. push or pull strategy Wha...

BUSML 3250 Exam 1 _ Questions And Answers

What is a price? - The amount of money charged for a product or service. What is value-based pricing? - Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? - 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value at target price What is cost-based pricing? - Setting p...

Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? - Full- Service Retailer Today, ________ are flourishing due to the increased use of market segmentation and market targeting. - Specialty Stores ________ retailers in the United States are growing faster than product retailers - Service A retailer that carries narrow product lines with deep assortments within those lines...