100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
U of Iowa Marketing Midterm 1 Question and answers 100% correct 2024 $12.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Lowa
  4.  
  5. Lowa

Exam (elaborations)

U of Iowa Marketing Midterm 1 Question and answers 100% correct 2024

 8 views  0 purchase
  • Course
  • Lowa
  • Institution
  • Lowa

U of Iowa Marketing Midterm 1 Question and answers 100% correct 2024 U of Iowa Marketing Midterm 1 Marketing - correct answer the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, a...

[Show more]

Preview 2 out of 12  pages

Document information

  • August 30, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • u of iowa marketing midterm 1
  • u of iowa marketing midterm 1 question and answers

Written for

  • Lowa
  • Lowa

Seller

avatar-seller
Academia199

Reviews received

Content preview

U of Iowa Marketing Midterm 1
Marketing - correct answer ✔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


exchange - correct answer ✔The provision or transfer of goods, services, or
ideas in return for something of value


Value Creation - correct answer ✔the possible benefits of a consumer: can
be many things. Businesses need to harness this to create a commodity.
Ex: bottle shape for perfume, sound for a sports car, delivery for media
rental/streaming


Godin Video - Purple Cow - correct answer ✔Consumers have little time and
too many choices, this is why consumers ignore stuff. SO, how do we get
market things to be noticed? Be Remarkable!


Mousetrap Principle - correct answer ✔Not everyone can be successful
because you need to think of consumer behavior, usage, and disposition. Like
it because you don't touch it, it gets the job done, and it can be thrown out in
its entirety. This means they buy another one because their previous one was
thrown out. Its either touch it or throw it out and buy another.


Marketing Mix - correct answer ✔Product, Price, Place, Promotion


Product - correct answer ✔creating value, having some benefit to offer to
potential customers


Price - correct answer ✔capturing value, what the perceived benefit is worth

, Place - correct answer ✔delivering value, how will the customer receive their
perceived benefit


Promotion - correct answer ✔communicating value, how will potential
customers learn about your perceived benefit? Ads? special offers?


Customer Relationship Management - correct answer ✔managing detailed
information about individual customers and carefully managing customer
touch points to maximize customer loyalty - digital communication made
relationships easier and with better information


Marketing Goals and Objectives - correct answer ✔defines what the
business hopes to accomplish - need to be time specific, measurable
(compared to a benchmark), realistic, and show where the resources are to
meet the goal (the how - ex: training)


Mission statement - correct answer ✔a statement of the organization's
purpose - what it wants to accomplish in the larger environment - should say
values, core competencies, and the business you are in


Ansoff's Growth Model - correct answer ✔Market Penetration, Product
Development, Market Development, Diversification


Market Penetration - correct answer ✔a marketing strategy that tries to
increase market share among existing customers/the existing market with the
same products - ex: getting the current market to use more frequently by
starting loyalty rewards


Product Development - correct answer ✔company growth by offering
modified or new products to current market segments - ex: Starbucks creating

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

66579 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart