MGT 103 Questions And Answers
Customer Value Proposition cluster of benefits that an organization promises customers to
satisfy their needs
3 value strategies best price, best product, or best service
Marketing Concept 1. they should strive to satisfy the consumer's needs
2. they should achie...
3. developing favorable long-term perceptions of the organization and its offerings -->
so that buyers will choose them in the marketplace
, MGT 103 Questions And Answers
societal marketing concept the view that organizations should satisfy the needs of
consumers in a way that provides for societys well-being
product good, service, or idea consisting of a bundle of tangible and intangible attributes
that satisfies consumer
The Business Cycle Prosperity, Recession, Recovery, Depression, Inflation
Consumer Behavior Reflects the totality of consumers'
decisions with respect to the ACQUISITION,
CONSUMPTION and DISPOSITION of goods, services, activities and ideas by (human)
decision-making units over time
-Combinations of people may be involved in a purchase
-Different People may play different roles (Buyer/End User/Influencer )
Consumer Decision Making Process 1. Problem Recognition
2. Information Search (Internal and External Search)
3. Evaluation of Alternatives
, MGT 103 Questions And Answers
4. Purchase
5. Post-Purchase Evaluation
Brand the emotional
connection people have with
your business or product,
and their perception is reality
Positioning The act of designing the company's offer and image so that it occupies a
distinct and valued place in the target customer's minds § Good positioning guides your
marketing efforts by clarifying what a brand is all about, how it is unique, how it is similar, and
why consumers should be interested in purchasing and using it
1. Determine frame of reference
2. Establish points of parity or points of difference
3. Identify potential competitive disadvantages
4 I's of Service Intangibility
Inconsistency
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