Exam (elaborations)
BUAD 307 Midterm Questions And Answers 2024/2025 Updates
- Course
- Institution
BUAD 307 Midterm Questions And Answers 2024/2025 Updates
[Show more]
Content preview
BUAD 307 Midterm Questions And AnswersMarketing ANS o An organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in ways
that benefit the organization and its stakeholders
• Marketing mix (four P's) ANS o Product, price, place, and promotion
o The controllable set of activities that a firm uses to respond to the wants of its target markets
• Marketing channel ANS o The set of institutions that transfer the ownership of and move goods
from the point of production to the point of consumption
• Marketing strategy ANS o Identifies a firm's target market, a related marketing mix (four P's),
and a method of obtaining a sustainable competitive advantage
Sustainable competitive advantage & four strategies ANS o Something the firm can persistently
do better than its competitors
o Makes it hard for outside competitors to reach customers of this firm
1. customer excellence
2. operational excellence
3. product excellence
4. location excellence
• Marketing plan ANS o A written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms
of the four P's, action programs, and projected or pro forma income (and other financial) statements
• Mission statement ANS o Broad description of a firm's objectives and the scope of activities it
plans to undertake
, • Situation analysis ANS o Uses as SWOT analysis that assesse both the internal environment
with regard to its Strengths and Weaknesses and the external environment in terms of its
Opportunities and Threats
o Market segmentation ANS ♣ Process of dividing the market into groups of customers with
different needs, wants, or characteristics - who therefore might appreciate products or services geared
especially for them
• Targeting ANS o The process of evaluating the attractiveness of various segments and then
deciding which to pursue as a market
• Positioning ANS o Process of defining the marketing mix variables so that target customers
have a clear, distinctive, desirable understanding of what the product does or represents in
comparison with competing products
• Portfolio analysis ANS o Management evaluates the firm's various products and businesses (its
portfolio) and allocates resources according to which products are expected to be the most profitable
for the firm in the future
o Strategic business unit ANS ♣ A division of the firm itself that can be managed and operated
somewhat independently from other divisions and may have a different mission or objectives
o Product line ANS ♣ Groups of associated items, such as those that consumers use together or
think of as part of a group of similar products
o Market share ANS ♣ Percentage of a market accounted for by a specific entity
o Relative market share ANS ♣ A measure of the product's strength in a particular market,
defined as the sales of the focal product divided by the sales achieved by the largest firm in the
industry
o Marketing penetration strategy ANS ♣ A growth strategy that employs the existing marketing
mix and focuses the firm's efforts on existing customers
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 Labtech. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85443 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now