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BUSML 3250 Vocab Definitions Exam Questions with Correct Answers
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BUSML 3250 Vocab Definitions Exam Questions with Correct Answers
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BUSML 3250 Vocab Definitions ExamQuestions with Correct Answers
Marketing* - Answer-The process by which companies engage customers, build strong
customer relationships, and create customer value in order to capture value from
customers in return.
The Marketing Process: Creating and Capturing Customer Value* - Answer-
Goal of marketing research* - Answer-Understanding the marketplace and customer
needs
Needs* - Answer-states of felt deprivation
Wants* - Answer-the form human needs take as they are shaped by culture and
individual personality
Demands* - Answer-Human wants that are backed by buying power
Marketing management* - Answer-the art and science of choosing target markets and
building profitable relationships with them
The 4 Ps - Answer-Product, Price, Place, Promotion
Market Offerings - Answer-Some combination of products, services, information, or
experiences offered to a market to satisfy a need or want; include other offerings such
as personas, places, organizations, information and ideas
Marketing myopia - Answer-The mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products. Customers don't want a quarter-inch drill, they wants a quarter-inch hole.
Exchange - Answer-The act of obtaining a desired object from someone by offering
something in return
Market - Answer-the set of actual and potential buyers of a product or service. These
buyers share a particular need or want that can be satisfied through exchange
relationships
Marketing Management - Answer-the art and science of choosing target markets and
building profitable relationships with them. The marketing manager's aim is to engage,
keep, and grow target customers by creating, delivering, and communicating superior
customer value
,Production concept - Answer-The idea that consumers will favor products that are
available and highly affordable; therefore, the organization should focus on improving
production and distribution efficiency.
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
Selling concept - Answer-The idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort.
Marketing concept - Answer-A philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do.
Societal marketing concept - Answer-The idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-run
interests, and society's long-run interests.
Customer relationship management - Answer-The overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction. It deals with all aspects of acquiring, engaging, and growing customers.
Customer-perceived value - Answer-the customer's evaluation of the difference
between all the benefits and all the costs of a marketing offer relative to those of
competing offers
Customer satisfaction - Answer-the extent to which a product's perceived performance
matches a buyer's expectations
Customer-engagement marketing - Answer-Making the brand a meaningful part of
consumers' conversations and lives by fostering direct and continuous customer
involvement in shaping brand conversations, experiences, and community.
Consumer-generated marketing - Answer-Brand exchanges created by consumers
themselves—both invited and uninvited—by which consumers are playing an increasing
role in shaping their own brand experiences and those of other consumers.
Partner relationship management - Answer-working closely with partners in other
company departments and outside the company to jointly bring greater value to
customers
Customer lifetime value - Answer-the value of the entire stream of purchases a
customer makes over a lifetime of patronage
, share of customer - Answer-the portion of the customer's purchasing that a company
gets in its product categories
customer equity - Answer-the total combined customer lifetime values of all of the
company's customers
digital and social media marketing - Answer-Using digital marketing tools such as Web
sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage
consumers anywhere, at any time, via their digital devices.
strategic planning - Answer-the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
mission statement - Answer-a statement of the organization's purpose - what it wants to
accomplish in the larger environment
business portfolio - Answer-the collection of businesses and products that make up the
company
portfolio analysis - Answer-the process by which management evaluates the products
and businesses that make up the company
Growth-share matrix - Answer-a portfolio-planning method that evaluates a company's
SBUs in terms of market growth rate and relative market share
Product/market expansion grid - Answer-a portfolio-planning tool for identifying
company growth opportunities through market penetration, market development,
product development, or diversification
market penetration - Answer-company growth by increasing sales of current products to
current market segments without changing the product
market development - Answer-company growth by identifying and developing new
market segments for current company products
product development - Answer-company growth by offering modified or new products to
current market segments
Diversification - Answer-company growth through starting up or acquiring businesses
outside the company's current products and markets
value chain - Answer-the series of internal departments that carry out value-creating
activities to design, produce, market, deliver, and support a firm's products
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