Exam (elaborations)
Buad 332 Exam 1 questions with correct answers graded A+ passed
- Course
- Institution
Buad 332 Exam 1 questions with correct answers graded A+ passed
[Show more]
Content preview
Buad 332 Exam 1Customer value - 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.
customer satisfaction
customer value - correct answer ✔✔= performance
=importance
5 key aspects of customer value - correct 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 attributes, desired outcomes, and need goals
5. Dynamic- in that it changes overtime
Value judgement - correct answer ✔✔the way that customers make judgment about value.
Customer gains (value hierarchy) - correct answer ✔✔- positive (benefits) and negative (sacrifices)
effects ON the customer... aka customers world
vs.
- ANYTHING firm controls (product attributes-physical product/service)...aka marketers world
What makes customer's perception of value change? - correct answer ✔✔- the environment (economy,
trends)
- consumers: life changes
changes from other companies
What does a customer value oriented firm look like? - correct answer ✔✔- puts the customers first
, -committed to innovation
-organize everything in the company around delivering
-customer value
continuous learning about customers
What are some sources of customer value learning? - correct answer ✔✔- value hierarchies
- value maps
- other analytical tools
what are some customer learning methods? - correct answer ✔✔- customer interaction, customer
research, 3rd part customer research, secondary reports, analyzing market trends
customer value strategy process - correct answer ✔✔1. identify the value
2. choose the value
3. provide the value
4. communicate the value
5. assess the delivered value
What is marketing? - correct answer ✔✔managing profitable customer relationships. Its about the
CUSTOMERS
What are the goals of marketing activity? - correct answer ✔✔- attract new customer by promising
superior value
- keep and grow current customer by delivering customer satisfaction
Marketing defined - correct answer ✔✔a social and managerial process by which individuals and groups
obtain what they need and want through creating and exchanging products and value with other
What is a need? - correct answer ✔✔- a state of felt deprivation
- example: physical (food), social (affection), individual (knowledge)
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 BravelRadon. 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)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now