Some examples from this set of practice questions
1.
Economic Value
Answer: A type of value that refers to something that is “cheap” or costs less than competitors: is about price
2.
Functional Value
Answer: A type of value that refers to the number of things you can use an object for (a smartphone)
3.
Experimental Value:
Answer: A type of value that refers to the experience customers receive from a product or service (Apple & Delta)
4.
Social Value
Answer: A type of value that refers to interacting/sharing with others (Instagram, Snapchat, Tiktok)
5.
Target Market
Answer: A group of people with similar qualities that match well to the project you’re selling
6.
Marketing Mix
Answer: Controllable factors in marketing; product, price, place, promotion
7.
Customer Value Proposition
Answer: : Benefits promised to customers to satisfy their needs; why they should buy from YOU specifically
8.
Marketing Concept
Answer: The idea that organizations seek to satisfy their customers needs, increase sales, and earn profit
9.
Market Orientation
Answer: Focusing efforts to collect and use information to create customer value
10.
TIME
Answer: Experienced when something that could be efficient and quick takes much longer than it has to; Uber reduced this in New York, because taxis were so tedious to use.
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