BUAD 332 EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS LATEST UPDATE
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Course
BUAD 332
Institution
BUAD 332
BUAD 332 EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS LATEST UPDATE
value proposition - Answer-the set of benefits or values that a company promises to deliver to consumers to satisfy their needs
EX: what does BMW offer its customers?
what else do marketing managers do? - Answer-once they de...
value proposition - Answer-the set of benefits or values that a company promises to
deliver to consumers to satisfy their needs
EX: what does BMW offer its customers?
what else do marketing managers do? - Answer-once they decide who the target
market is, and what the value proposition should be, they have to figure out how to
execute their marketing strategy
how do marketing managers execute this marketing strategy? - Answer-through set of
tools known as the Marketing Mix
who is at the center of the universe if you are a marketer? - Answer-the customer
strategic planning - Answer-the process of developing and maintaining a strategic fit
between the organization's goals and its market opportunities
steps in strategic planning - Answer-corporate level (3) and business unit, product, and
market levels (1)
corporate level: 3 - Answer-1. defining the company mission
2. setting company objectives and goals
3. designing the business portfolio
business unit, product, and market levels: 1 - Answer-planning marketing and other
functional strategies
the mission statement answers these questions (4) - Answer-1. what is our business
2. who is our customer?
3. what do our customers value?
4. what should our business be?
business portfolio - Answer-the collection of businesses and products that make up a
company
designing business portfolio
-the company must: (3) - Answer-1. analyze its current business portfolio ot Strategic
Business Units (SBU's)
, 2. Decide which SBU's should receive more, less, or no investment,
3. Develop strategies for growth or downsizing
strategic business unit - Answer-1. A unit of a company that has a separate mission and
objectives and that can be planned independently from other company businesses.
2. Can be a company division, a product line within a division, or sometimes a single
product or brand.
EX: how would you think Apple would define their Strategic Business Units?
portfolio analysis - Answer-1. An evaluation of the products and businesses making up
the company.
2. Resources are directed to business units that help the company as a whole to be
more successful.
3. Business units that don't contribute to the portfolio might be phased down or dropped.
market penetration - Answer--make more sales to current customers without changing
products.
How? Add new stores in current market areas; improve advertising, prices, service.
market development - Answer--identify and develop new markets for current products.
How? Pursue different demographic customer group (e.g. ethnicities, etc.); expand to
different geographic regions (global expansion)
product development - Answer--offer modified or new products to current markets.
How? Add food offerings, sell coffee in supermarkets.
diversification - Answer--start up or buy businesses outside current products and
markets
How? Making and selling music CD's, testing restaurant concepts.
the marketing mix - Answer-The set of controllable, tactical tools that marketers blend to
produce the response it wants from the target market.
marketing mix consists of the four P's of marketing - Answer-1. product
2. price
3. place
4. promotion
companies need information about their... (3) - Answer-1. customer needs
2. marketing environment
3. competition
marketing managers do not need _____ information, they need _____ information -
Answer-more / better
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