LSUS MBA 706 Module 1 Correct 100%
Marketing - ANSWER an exchange between a firm and its customers
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
CCDVTP - ANSWER Create, Communicate, and Deliver Value to a Target market at a
Profit.
•Create Value = Product Management
•Communicate Value = Brand Management
•Deliver Value = Customer Management
4Ps - ANSWER •Product (Create)
•Price (Exchange)
•Place (Deliver)
•Promotion (Communicate)
Consumers - ANSWER Consumers consider the benefits and the costs of shopping
when they make decisions regarding when and where they will shop.
In other words, consumers attempt to maximize their shopping utilities, subject to their
individual constraints on budget, energy, and time.
Benefits to Consumers - ANSWER *Utilities derived from purchasing goods and
services.
*Physical benefits: exercising
*Psychic benefits: e.g., retail therapy, satisfaction, social interaction.
*Information gathering: brands, products, etc.
Costs to Consumers - ANSWER *Monetary costs: dollars
*Physical energy: e.g., driving, walking around, etc.
*Psychic energy: e.g., interacting with others.
*Time: time to get to the store + time spent in the store.
Firms - ANSWER Firms attempt to maximize their profits, subject to their internal &
external environments.
Retailers profits - ANSWER sales revenue - costs
Costs to firms - ANSWER costs associated with selling the goods
5Cs - ANSWER customer,
, company,
competition,
collaborators,
and context
STP - ANSWER segmenting the market,
choosing a segment to target,
and positioning our market offerings to that segment
post-purchase phase - ANSWER buyers assess their purchase and the purchase
process
customer satisfaction
likelihood to repeat
generate word of mouth
B2C - ANSWER business-to-consumer
components of attitude - ANSWER beliefs and importance weights
heuristic - ANSWER a short-cut in decision making
anchor and adjust - ANSWER we anchor to the information of the higher price, but then
we adjust to the lower price and are happy to see that we'd spend less
reference dependence - ANSWER we interpret the lower price by comparing it to the
reference point of the higher price and think its a good deal
Geert Hofstede's Cultural Dimensions - ANSWER 1. Power Distance
2. Individualism
3. Masculinity/Femininity
4. Uncertainty-avoidance
5. Long-term orientation
Power distance - ANSWER clear delineation between those who have power and those
who do not
individualism - ANSWER people mostly look out for themselves
collectivism: people's identities and esteem are rooted in the groups to which they
belong
masculinity/femininity - ANSWER masculinity: focused on achievement, success, and
assertiveness
femininity: focused on modesty, caring for others, and enhancing the quality of life
Marketing - ANSWER an exchange between a firm and its customers
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
CCDVTP - ANSWER Create, Communicate, and Deliver Value to a Target market at a
Profit.
•Create Value = Product Management
•Communicate Value = Brand Management
•Deliver Value = Customer Management
4Ps - ANSWER •Product (Create)
•Price (Exchange)
•Place (Deliver)
•Promotion (Communicate)
Consumers - ANSWER Consumers consider the benefits and the costs of shopping
when they make decisions regarding when and where they will shop.
In other words, consumers attempt to maximize their shopping utilities, subject to their
individual constraints on budget, energy, and time.
Benefits to Consumers - ANSWER *Utilities derived from purchasing goods and
services.
*Physical benefits: exercising
*Psychic benefits: e.g., retail therapy, satisfaction, social interaction.
*Information gathering: brands, products, etc.
Costs to Consumers - ANSWER *Monetary costs: dollars
*Physical energy: e.g., driving, walking around, etc.
*Psychic energy: e.g., interacting with others.
*Time: time to get to the store + time spent in the store.
Firms - ANSWER Firms attempt to maximize their profits, subject to their internal &
external environments.
Retailers profits - ANSWER sales revenue - costs
Costs to firms - ANSWER costs associated with selling the goods
5Cs - ANSWER customer,
, company,
competition,
collaborators,
and context
STP - ANSWER segmenting the market,
choosing a segment to target,
and positioning our market offerings to that segment
post-purchase phase - ANSWER buyers assess their purchase and the purchase
process
customer satisfaction
likelihood to repeat
generate word of mouth
B2C - ANSWER business-to-consumer
components of attitude - ANSWER beliefs and importance weights
heuristic - ANSWER a short-cut in decision making
anchor and adjust - ANSWER we anchor to the information of the higher price, but then
we adjust to the lower price and are happy to see that we'd spend less
reference dependence - ANSWER we interpret the lower price by comparing it to the
reference point of the higher price and think its a good deal
Geert Hofstede's Cultural Dimensions - ANSWER 1. Power Distance
2. Individualism
3. Masculinity/Femininity
4. Uncertainty-avoidance
5. Long-term orientation
Power distance - ANSWER clear delineation between those who have power and those
who do not
individualism - ANSWER people mostly look out for themselves
collectivism: people's identities and esteem are rooted in the groups to which they
belong
masculinity/femininity - ANSWER masculinity: focused on achievement, success, and
assertiveness
femininity: focused on modesty, caring for others, and enhancing the quality of life
