Master of Business Administration Study guides, Class notes & Summaries

During the _____ step of the selling process, the salesperson tells the "product story" to the buyer, highlighting customer benefits. A. Prospecting B. Presentation C. Qualifying D. Follow-up - Answer B. Presentation You see mcdonalds, subway, jiffy lube, and holiday inn everywhere. these stores are examples of contractual associations, aka: A. factory outlet stores B. wholesale clubs C. corporate chains D. franchises - Answer D. franchises A & are best described as __ that sell p...

Customer value - 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. customer satisfaction customer value - Answer = performance =importance 5 key aspects of customer value - Answer 1. tradeoff of benefits and sacrifices 2. interaction of both customer and product 3. Relative to competitors, individuals, and situations 4. goal driven by customers desired att...

Marketing - Answer managing profitable customer relationships Goals of Marketing - Answer 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Need - Answer state of felt deprivation (physical, social, individual) Want - Answer a form that a human need takes as shaped by culture, individual personality, and marketers Demand - Answer wants + buying power Market - Answer the set of all actual and potential buyers of a pr...

Chapter 5: Understanding Consumer and Business Buyer Behavior - Answer Chapter 5 consumer buying behavior - Answer The buying behavior of people who buy goods and services for personal use (these people make up the consumer market) How are consumers stimulated? - Answer Marketing: Price, product, place, promotion Environment: economic, technological, social, cultural How do consumers respond? - Answer With attitudes, preferences, relationships and behaving (buying stuff) Culture - Answer ...

Kola, a leading soft drink manufacturer, has recently forayed into the Middle East markets. Based on its research that Middle East consumers prefer sweeter drinks, it is manufacturing soft drinks with extra sugar to meet local requirements. Kola is using the___ strategy to market its product A. communication adaptation B. product pioneering C. product adaptation D. product invention E. straight product extension - Answer c. product adaptation which of the following is most likely true a...

Direct marketing - Answer connecting directly with carefully targeted individual consumers WHY?: to obtain an immediate response and cultivate lasting customer relationships direct mail marketing - Answer LARGEST DIRECT MARKETING MEDIUM involves an offer, announcement, reminder, or other item to a person at a particular address -personalized -newer digital forms -effective -often perceived as "junk mail' catalog marketing - Answer direct marketing through print, video, or digital cata...

Consumer buying behavior - Answer the buying behavior of people who buy goods and services for personal use. these people create the consumer market How do consumers respond to various marketing efforts the company might use? - Answer central question for marketers Simple Model of Consumer Buying Behavior (3 categories) - Answer 1. Marketing and other stimuli 2. Buyer's black box 3. Buyer's response Simple Model of Consumer Buying Behavior (marketing & other stimuli) - Answer Market-p...

Goal of Customer- Driven marketing strategy - Answer to create VALUE for targeted customers Market Segmentation - Answer Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - Answer - "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make ...

Forecast - Answer an educated guess or prediction of what might happen in the future you can count on it being wrong! S&OP - Answer Sales and Operations Planning - goal is to balance supply and demand Capacity Forecast - Answer What are we capable of producing? A GUESS - RISK! Demand Forecast - Answer A projection into the future of expected demand, given a stated set of assumptions RISK! Demand - Answer what customers would buy if they could - UNCONSTRAINED DEMAND AKA Not constrained b...