Marketing BCOR 350 WVU Exam 1 questions and answrs 2024
5 views 0 purchase
Course
EPIC OR
Institution
EPIC OR
Marketing
Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Amazon and customers
The first propriety for them is always the customer. Says we see our customers as invited guests to a party and we...
Marketing BCOR 350
WVU Exam 1 questions
and answers 2024
Marketing - answer Process by which companies create value for
customers and build strong customer relationships in order to capture
value from customers in return
Amazon and customers - answer The first propriety for them is always the
customer. Says we see our customers as invited guests to a party and we
are the hosts
Marketing Process - answer Step by step process to successful marketing.
Step #1 is most important: Understand the Marketplace and customer
needs/wants
Needs - answer Basic physical needs for food, clothing, warmth and safety.
States of deprivation
Wants - answer Form that needs take.
Demand - answer When backed by buying power
-I may want a ferrari, but it is only a demand if i can afford it. Therefore, a
ferrari would not be a demand for a broke college student like myself
Marketing Myopia + Examples - answer Mistake of paying more attention
to the specific products they offer than to the benefits and experiences
produced by these products. Ex: Amtrak, Blackberry
, Video example of managing customer expectations - answer Aldi
comparing same item different prices
5 Core Marketplace concepts - answer 1)Customer Needs wants and
demands
2)Market offerings- products services and experiences
3)Customer value and satisfaction
4)Exchanges and Relationships
5)Markets
Market Segmentation - answer Dividing the markets into segments of
customers
Target Marketing - answer Refers to which segment they go after
Value Proposition - answer Set of benefits or values a brand promises to
deliver to customers to satisfy their needs
Production Concept - answer The idea that consumers will favor products
that are available and highly affordable
Product Concept - answer The idea that consumers will favor products that
offer the most quality, performance, and features; therefore, the
organization should devote its energy to making continuous product
improvements.
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 GUARANTEEDSUCCESS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
