BUS2 130, Exam 1, SJSU Questions and Correct Verified Answers Latest Version

Marketing's role within a firm Marketing should be a profitable investment that forces business to confront uncertainty in the environment, like changes in consumer tastes or changes in regulations. What is the overall plan for marketing strategy? segmentations, targeting, positioning Marketing Mix (4 P's) product, pricing, place (distribution), promotion (communication). Needs states of felt deprivations. Master01 | September, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ Biogenic Needs needs present at birth. Psychogenic Needs needs learned in the process of enculturation (belonging, self expression, knowledge acquisition, etc) Wants options used to fill needs Demands wants backed by consumer buying power. Customer Equity The sum of the lifetime values of all a company's current and potential customers. companies must manage it carefully, and view customers as assets that need to be maximized. It is dependent upon customer loyalty from a firm's profitable customers. It is a reflection of a company's future. Master01 | September, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ In order to acquire new customers, companies must consider: the values of customers and the acquisition of costs the current value of a customer is a complex formula that includes: Gross profit (revenue-costs of goods sold); Cost of maintaining customer; Discount rate (considered for each year of expected revenue from that customer); Cost of acquiring new customers Strategic Planning The process of developing and maintaining a strategic fit between the organization's goals and capabilities and changing marketing opportunities Mission Statement