100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MBA 706-M. Kim-Summer AP1 Questions and Answers 100% Correct $16.99   Add to cart

Exam (elaborations)

MBA 706-M. Kim-Summer AP1 Questions and Answers 100% Correct

 7 views  0 purchase
  • Course
  • MBA 706
  • Institution
  • MBA 706

MBA 706-M. Kim-Summer AP1 Questions and Answers 100% CorrectMBA 706-M. Kim-Summer AP1 Questions and Answers 100% CorrectMBA 706-M. Kim-Summer AP1 Questions and Answers 100% CorrectMBA 706-M. Kim-Summer AP1 Questions and Answers 100% Correct Segmentation & Target Marketing - ANSWER-~consider market...

[Show more]

Preview 4 out of 60  pages

  • October 10, 2024
  • 60
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MBA 706
  • MBA 706
avatar-seller
NursingTutor1
MBA 706-M. Kim-Summer AP1

Questions and Answers 100%

Correct


Segmentation & Target Marketing - ANSWER-~consider markets as

individuals, institutions, or group of ppl. have similar needs that can be met

by specific offering

~aim to identify specific customer needs & design marketing programs to

satisfy needs

~firms must comprehensively understand current & potential customers,

motivations, behaviors, needs, wants

~segmentation allows marketers to more precisely define and understand

customer needs, & gives them ability to tailor products to suit those needs.

marketers are unable to fully understand all customers needs/wants




Buyer Behavior in Consumer Markets - ANSWER--irrational & unpredictable

-5 stages

,Diff b/w want & need from consumer buying process' perspective - ANSWER--

Need: when customer's existing level of satisfaction & desired level of

satisfaction are not same (based on internal & external stimuli)

-Want: consumer's desire for specific product that will satisfy need

-Demand: when consumers ability & willingness to purchase product backs

up the want for product




Relationship b/w Need & Want - ANSWER-people argue they NEED a car

when "real need" is transportation. need for car is a "want"




Difference b/w Want & Demand - ANSWER-customers "want" luxury care, but

only few are able & willing to buy one(EX: demand)




Consumer Buying Process: Evaluation of Alternatives - ANSWER--consumers

eval products as bundles of attributes: each has diff level of importance.

priority of choice criteria can change during the process

-important considerations: products must be in the evoked set. consumers

choice criteria must be understood

-marketing programs must be designed to change priority of choice criteria,

and change consumers opinions about product/brand image.

-at this stage, consumer translates need into want

,Consumer Buying Process: Purchase Decision - ANSWER--after consumer

evaluates each alternative in the evoked set, they form an intention to

purchase a product/brand

-purchase intention & actual act of buying are distinct concepts

-unforeseen circumstances can interfere w/consumer's decision to buy

product




Marketers overcome unforeseen circumstances by: - ANSWER--reducing risk

of purchase: warranties, guarantees

-making purchase easy

-finding creative solutions to unexpected problems




firms can manage responses (dissatisfaction or cognitive dissonance) by: -

ANSWER--offering liberal return policies

-providing extensive post-sale support

-reinforcing the wisdom of consumer's purchase decision

, Issues in the buying process - ANSWER-1. consumers dont always follow

stages in the sequence & can be swayed by brand loyalty (also impulse

purchases)

2. making parallel decisions: what to buy and where to buy?

3. bias towards a merchant limits purchasing powers




The Buying Process - ANSWER--describes possible range of activities that

may occur in consumers making purchase decisions




Issues in purchase decision stage - ANSWER--product availability: related to

distribution component of marketing program, CONVENIENCE.

Goal: to put product within consumer's reach where they are

-possession utility: easy for customers to find product; ease of taking

possession of the product.

EX: layaway or financing, delivery, installation, proper packaging, prompt

shipment (newspapers, pizza)




4 Outcomes that Consumers Experience in Post-Purchase stage (how are

they diff?) - ANSWER-1. delight

2. satisfaction

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 NursingTutor1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $16.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 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
$16.99
  • (0)
  Add to cart