BUSML 3250 Study guides, Class notes & Summaries

BUSML 3250 EXAM 1 TERM DEFINITION AND PRACTICE QUESTIONS REVIEW WITH ACCURATE AND PRECISE ANSWERS GRADED A+

CROPing - "CRedible OPinions" Activately seeking out information and postponing a purchase decision until all options have been evaluated. Consumer Behavior - the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions Purchase decision process - the stages a buyer passes through in making choices about which products or services to buy

what is marketing? - The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Marketing Process - 1st 4 steps create value for customers, last step captures value from customers Understand marketplace and customer needs and wants Design a customer-driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationships and create customer delig...

advertising - any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor advertising objective - specific communication task to be accomplished with a specific target audience during a specific period of time advertising budget - the dollars and other resources allocated to a product or a company advertising program

What makes a good segmentation? - ISASDA Identifiable Substantial Accessible Stable Differentiable Actionable

Marketing Channel - consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users Agent or Broker - any intermediary with legal authority to act on behalf of the manufacturer Wholesaler - an intermediary who sells to other intermediaries, usually to retailers; term usually applies to consumer markets Transactional Functions - Buying: Purchasing products for resale or as an agent for supply of a pro...

Which type of retailer usually carries more specialty goods at high prices and is more likely to provide customers with assistance in every phase of the shopping process? - Full- Service Retailer Today, ________ are flourishing due to the increased use of market segmentation and market targeting. - Specialty Stores

product - a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value good - has tangible attributes that a consumer's five senses can perceive nondurable good - an item consumed in one or a few uses, such as food products and fuel durable good - a good that usually lasts over many uses, such as appliances, cars, and smartphones Services - intangible activities or b...

What is a price? - The amount of money charged for a product or service. What is value-based pricing? - Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? - 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value at target price

What is a price? : The amount of money charged for a product or service. What is value-based pricing? : Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? : 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value at target price What is cost-based pricing? : Setti...