BUAD 332 Exam 1 MOON Questions And Answers Rated A+ New Update Assured Satisfaction

Marketing - Answer-managing profitable customer relationships Goals of Marketing - Answer-1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Need - Answer-state of felt deprivation (physical, social, individual) Want - Answer-a form that a human need takes as shaped by culture, individual personality, and marketers Demand - Answer-wants + buying power Market - Answer-the set of all actual and potential buyers of a product or service 2 Questions of Marketing Managers - Answer-1. what customers will we serve? 2. how can we best serve these customers? Segmentation - Answer-divide the market into segments of customers Targeting - Answer-select the segments to cultivate Value Proposition - Answer-the set of benefits or values it promises to deliver to consumers to satisfy their needs What do customers never buy? - Answer-PRODUCTS What do customers buy? - Answer-ways to get what they want, solve problems, and achieve goals4 P's of Marketing - Answer-Product, Price, Place, Promotion Marketing Mix - Answer-what marketing managers use to execute their marketing strategy Customer Value - Answer-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) Customer Satisfaction - Answer-the extent to which a product's perceived performance matches a buyer's expectations (performance) Nature of Customer Value - Answer-1. tradeoff of benefits and sacrifices 2. interaction of both customers and product 3. relative to competitors, individuals, and situations 4. goal-driven by customers desired attributes 5. dynamic in that it changes over time Customer Value Oriented Firm - Answer-"Customer Value Culture" - Commitment to Innovation - Organize everything we do as a company around delivering Customer Value - Continuous Learning about customers Customer Value Strategy Process - Answer-1. identify the value 2. choose the value 3. provide the value 4. communicate the value 5. assess the delivered valueStrategic Planning - Answer-the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities The Mission Statement - Answer--what is our business? -who is our customer? -what do our customers value? Business Portfolio - Answer-the collection of businesses and products that make up the company SBU - Answer-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 - Answer-an evaluation of the products and businesses making up the company BCG Matrix - Answer-a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market Stars - Answer--high growth and share -growth will slow -need heavy investment Question Mark - Answer--relatively low market share -require cash to compete -build into star or phase out Cash Cows - Answer--low growth -high share -produce cash-established, successful SBUs Dogs - Answer--low growth, low market share -generate cash to sustain self -do not promise to be cash source Market Penetration - Answer-make more sales to current customers without changing the original products Market Development - Answer-identifying and developing new markets for its current products Product Development - Answer-offer modified or new products for current markets Diversification - Answer-starting up or acquiring businesses outside the company's current products and markets Marketing in "corporate strategy" - Answer--provides guiding philosophy -provides input to strategic planners -design strategy to achieve corporate objectives Corporate Marketing Mix - Answer-the set of controllable, tactical tools that marketers blend to produce the response it wants from the target markets Microenvironment - Answer-the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics (some control) Macroenvironment - Answer-the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces (out of control)Internal Environment - Answer-areas inside the company, defines the companies strengths and weaknesses (capabilities and limitations) Suppliers - Answer-provides resources needed to produce goods and services, important link in the "value delivery system", enlightened marketers consider key suppliers to be partners Marketing Intermediaries - Answer-help the company promote, sell, and distribute its products to final buyers -resellers (amazon) -physical distribution firms (fedex) -marketing services agencies (Tombras) -financial intermediaries (TVA credit union) Customers - Answer-five types of markets that purchase a company's good sand services 1. consumer markets 2. business markets 3. reseller markets 4. government markets 5. international markets (includes other 4)