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BUAD 332 Exam 1 2025 | All Questions and Correct
Answers | Graded A+ | University of Tennessee
Knoxville
Marketing is the process by which companies _________ and build strong customer relationships in order to ______ ---------CORRECT ANSWER----------------- create value for customers; capture value from customers in return What is included in a broad definition of marketing ---------CORRECT ANSWER------- ----------creating customer value, building customer relationships, and engaging customers The first step of the marketing process is to _____ ---------CORRECT ANSWER-------- ---------understand the marketplace, which includes customer needs and wants The marketing process involves five steps. the first four steps focus on ____ --------
- CORRECT ANSWER-----------------creating value for customers The marketing process consist of five key steps. What is the first step? --------- CORRECT ANSWER-----------------understand the marketplace and customer needs and wants.
The marketing process consists of five key steps. in the final step of the five step process, the company reaps the rewards of strong customer relationships by ________ ---------CORRECT ANSWER-----------------capturing value from customers Which of the following correctly identifies the five core customer and marketplace concepts ---------CORRECT ANSWER-----------------needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets Which of the following represent market offerings ---------CORRECT ANSWER------- ----------market offerings combine products, services, information, or experiences and satisfy a need or want Outstanding market companies go to great lengths to learn about and understand their customers' ________ ---------CORRECT ANSWER-----------------needs, wants, and demands Understanding wants, needs, and demands helps companies to design want- satisfying market offerings and build value-laden customer relationships by which they can capture ____________________________. ---------CORRECT ANSWER----- ------------capture customer lifetime value and greater share of customer.
Marketing offer is a combination of ---------CORRECT ANSWER----------------- products, services, information, or experiences offered to a market to satisfy a need or a want A market is ___ ---------CORRECT ANSWER-----------------a set of actual or potential buyers of a product or service Value proposition is ---------CORRECT ANSWER-----------------the set of benefits or values that aa company promises to deliver to customer to satisfy their needs Marketing mix (4 p's of marketing) ---------CORRECT ANSWER-----------------product, price, promotion, place Customer value is ---------CORRECT ANSWER-----------------the customers 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. What perspective are we defining customer value from? ---------CORRECT ANSWER-----------------a customer perspective NOT a product perspective. Customer value = ---------CORRECT ANSWER-----------------importance
Customer satisfaction = ---------CORRECT ANSWER-----------------performance Five key aspects of customer value ---------CORRECT ANSWER----------------- tradeoff, interaction, relative, goal driven, dynamic Tradeoff ---------CORRECT ANSWER-----------------(what I get) - (what I give up)= x. benefits and sacrifices. customers objective is to maximize x for themselves among perceived alternatives. Customer learning methods ---------CORRECT ANSWER-----------------customer interaction, customer research, 3rd party customer research, secondary reports, analyzing market trends, analyzing customer complaints, mining customer databases to look for buying patterns, market segments, and changes in buying patterns Customer value strategy process ---------CORRECT ANSWER-----------------1. identify the value
- choose the value
- provide the value
- communicate the value
- assess the delivered value
Strategic Business Unit (SBU) ---------CORRECT ANSWER-----------------a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses. stars ---------CORRECT ANSWER-----------------high-growth, high-share businesses or products question marks ---------CORRECT ANSWER-----------------SBUs with low market shares in fast-growth markets cash cows ---------CORRECT ANSWER-----------------SBUs with a dominant market share in a low-growth-potential market dogs ---------CORRECT ANSWER-----------------low growth, low market share Product/market expansion grid ---------CORRECT ANSWER-----------------a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification market penetration ---------CORRECT ANSWER-----------------a marketing strategy that tries to increase market share among existing customers
product development ---------CORRECT ANSWER-----------------company growth by offering modified or new products to current market segments market development ---------CORRECT ANSWER-----------------company growth by identifying and developing new market segments for current company products Diversification ---------CORRECT ANSWER-----------------start up or buy businesses outside current products and markets. ex: Starbucks selling cds, coffee makers, testing restaurant concepts etc. Microenvironment ---------CORRECT 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 Macroenvironment ---------CORRECT ANSWER-----------------the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
marketing concept ---------CORRECT ANSWER-----------------holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do societal marketing concept ---------CORRECT ANSWER-----------------holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's and society's well-being marketing intermediaries ---------CORRECT ANSWER-----------------help the company promote, sell, and distribute its products to final buyers resellers ---------CORRECT ANSWER-----------------amazon physical distrubution ---------CORRECT ANSWER-----------------fed ex marketing services agencies ---------CORRECT ANSWER-----------------Tombras financial intermediaries ---------CORRECT ANSWER-----------------knoxville TVA employees credit union
five types of markets that purchase company's goods and services --------- CORRECT ANSWER-----------------1. consumer markets
- business markets
- reseller markets
- government markets
- international markets publics ---------CORRECT ANSWER-----------------group that has interest in or impact on an organizations ability to achieve its objectives ex. reputation types of publics ---------CORRECT ANSWER-----------------financial publics media publics government publics citizen-action publics local publics general publics internal publics demographic forces ---------CORRECT ANSWER-----------------the study of human populations in terms of size, density, location, age, gender, race, occupation, and
companies need info about ---------CORRECT ANSWER-----------------customer needs, marketing environment, competition a good MIS balances ---------CORRECT ANSWER-----------------information users would like against what they really need and what is feasible to offer secondary data ---------CORRECT ANSWER-----------------data that already already exists somewhere internal databases ---------CORRECT ANSWER-----------------electronic collections of information obtained from data sources within the company marketing intelligence ---------CORRECT ANSWER-----------------systematic collection and analysis of publicity available information about competitors and developments in the marketing environment primary data ---------CORRECT ANSWER-----------------information created specifically for the purpose at hand
marketing research ---------CORRECT ANSWER-----------------the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Exploratory Research ---------CORRECT ANSWER-----------------gather preliminary information that will help define the problem and suggest hypotheses descriptive research ---------CORRECT ANSWER-----------------describes things (e.g. market potential for a product, demographics, and attitudes) casual research ---------CORRECT ANSWER-----------------test hypotheses about cause-and-effect relationships secondary data ---------CORRECT ANSWER-----------------information that already exists somewhere, having been collected for another purpose types of secondary data ---------CORRECT ANSWER-----------------internal databases, commercial data services, government sources
cons of observation ---------CORRECT ANSWER------------------Attitudes and motivations cannot be determined
- Some behavior cannot be observed because it is unethical or illegal most popular way to obtain primary data ---------CORRECT ANSWER----------------- survey research, most specifically satisfaction surveys quantitive research methods ---------CORRECT ANSWER-----------------telephone, mail, face-to-face, electronic. relies heavily on scaled/categorized responses Pros of quantitative methods ---------CORRECT ANSWER-----------------versatile quick data gathering and analysis accuracy of data Cons of quantitative methods ---------CORRECT ANSWER-----------------survey construction and quality high variable requires expertise implementation must be scientific may yield a great deal of data, but little knowledge
sampling issues for quantitative research ---------CORRECT ANSWER----------------- probability sampling and non probability sampling probability sampling ---------CORRECT ANSWER-----------------simple random sample stratified random sample non probability sampling ---------CORRECT ANSWER-----------------convince sample judgement sample simple random sample ---------CORRECT ANSWER-----------------every member of the population has a known and equal chance of selection stratified random sample ---------CORRECT ANSWER-----------------the population is divided into mutually exclusive groups and random samples are drawn from each group Convince sample ---------CORRECT ANSWER-----------------researcher selects population based upon ease and availability
strategic objectives of data mining ---------CORRECT ANSWER----------------- customer profiling lost customer analysis market basket analysis contribution analysis customer profiling ---------CORRECT ANSWER-----------------Identifying the characteristics of a "good" customer with the goal of retaining those who are and predicting those who will/could become one. lost customer analysis ---------CORRECT ANSWER-----------------Determining the characteristics of customers who have left for a competitor so that the company can act to retain customers who are at risk of leaving. market basket analysis ---------CORRECT ANSWER-----------------Helps retailers understand which products are purchased to together. Contribution Analysis ---------CORRECT ANSWER-----------------Examining the profitability of specific products purchased by customers or customer segments.
