USC BUAD 307 Midterm- Lars Perner Questions And Answers
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Course
USC BUAD 307
Institution
USC BUAD 307
USC BUAD 307 Midterm- Lars Perner Questions And Answers
Marketing ANS Activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging value for customers, clients, partners, and society at large
The 4 P's ANS 4 P's: Product, Price, Place, Promot...
USC BUAD 307 Midterm- Lars Perner Questions And
Answers
Marketing ANS Activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging value for customers, clients, partners, and society at
large
The 4 P's ANS 4 P's: Product, Price, Place, Promotion
Types of Organizations that use marketing ANS Businesses, Government Units, Non-Profit
Organizations, Cause Related Organizations
Scope of Marketing ANS
The "Scarf of the Tiger" ANS -Market research showed that customers responded more favorably
when Tony the Tiger wore a scarf
- red scarf: more human
- could be numbers game, try several tools for Tony and the scarf numerically showed high
favoritism
Customer Benefits and Delivering Value ANS Customer benefit- Is the customer benefit greater
than the sacrifice (Cost)?
Yes- Potential Good Value
No- Poor Value
Imitating successful competitors is usually ANS NOT an effective strategy
Which is more expensive-
Selling online or selling through conventional retailers? ANS selling things online
,Products with ____ and ___ tend to be better suited for online sale ANS High value to bulk ratio
and High absolute (dollar) margins
Aside from a great product you need ____ and ____ to be successful ANS -Awareness by
customers
-Access to Distribution
Value Engineering
(4 components) ANS Creating a product that has value in the customers point of view.
(Form, place, time and possession Utility)
Form Utility -> Giving the product in the form that the customer would want it
Place Utility -> Giving the product in the place that the customer would want it
Time Utility -> Giving the product in the time the customer would want want it
Possession Utility -> Having the right assortment
Value ANS -When what you get is more than what you give
-Value reflects the relationship of benefits to costs.
Value Co-Creation: ANS Customers act as collaborators with a manufacturer or retailer to create
a product or service.
Relationship orientation: ANS A method of building a relationship with customers on the
philosophy that buyers and sellers should develop a long term relationship.
, Customer relationship management (CRM) Strategy: ANS A process used to build loyalty with
the firm's most valued customers using strategies, programs, and systems
Guerrilla marketing ANS advertisement strategy designed for businesses to promote their
products/ services in unconventional way with little budget to spend. involves high energy and
imagination focusing on grasping the attention of the public in more personal and memorable level.
Value = ANS Benefits (convenience, reliability, durability, etc.) received / sacrifices (money,
time, risk) made
Strategy- purpose ANS To achieve desired objectives (profit, market share) based on available
resources and are subject to choices made
Strategy objectives ANS Obtain a sustainable competitive advantage over fellow competitors
Four overarching strategies to develop sustainable competitive advantages ANS - Consumer
excellence (loyal customers and excellent customer service)
- Operational excellence (efficient operations and excellent supply chain and human resource
management)
- Product excellence (Products with high perceived value in effective branding and positioning)
- location excellence
Core competencies ANS Things a company does extremely well, which sometimes give it an
advantage over its competition
SWOT analysis ANS Strengths and weaknesses (internal to firm)
Opportunities and threats (external to firm)
- decide if where to consecrate resources, taking advantage of strengths and opportunities, addressing
weaknesses and threats, using strengths and opportunities to compensate for weaknesses and threats
Market Balance ANS Different firms should attempt to offer different forms of value, appealing
to different customer segments - otherwise, competition is likely to degenerate into price competition
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