Mktg 3701 - Study guides, Class notes & Summaries

consumer behavior correct answers The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. Business-to-consumer (B2C) correct answers Selling goods and services to end-user customers. Business-to-business (B2B) correct answers marketing to organizations that acquire goods and services in the production ...

Personal Selling correct answers Consists of the two-way flow of communication between a buyer and a seller that is paid for by the seller to influence the buyer's purchase decision. - Helps create and maintain strong consumer relationships - Effective in more complex purchase situations - Has emerged as one of the most important decision factors in large, complex sales that are common in B2B settings Lifetime Value correct answers Focuses on the net present value of a customer's busines...

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market research correct answers the process of planning, collecting, and analyzing data relevant to a marketing decision Marketing research process correct answers 1. define problem 2. plan design/primary data 3. specify sampling procedure 4. collect data 5. analyze data 6. prepare/present report 7. Follow up problem definition correct answers occurs when a business clearly identifies a problem and what is needed to solve it. -Series of questions addressing issue and examples ...

aspirational reference group correct answers a group that someone would like to join benefit segmentation correct answers Process of grouping customers into market segments according to the benefits they seek from the product cash cow correct answers in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share. cognitive dissonance correct answers inner tension that a consumer experiences after recognizing an inconsistency between behavior...

Mimi Couturier is a design company that specializes in formalwear for women. The company is known for challenging fashion mores. The fashion designers use computer assisted design software to create what it thinks women should wear. The company regularly hires industry experts to examine its factories to find waste and inefficiencies that can be eliminated. The company has expanded the number of products it offers for sale many times. However, for the last two years Mimi Couturier has lost money...

strategic planning correct answers the process of thoughtfully defining a firms objectives and developing a method to achieve those objectives strategic plan correct answers includes an organizations plans for key functional areas, marketing, human resource, finance, and risk management elements of a strategic plan correct answers -marketing plan -financial plan -human resources plan -risk management plan mission statement correct answers a concise affirmation of the firm's long-ter...

According to your text, what is the most basic concept in marketing?A. satisfying the needs of stakeholders B. streamlining production costs to generate maximum profits C. determining the difference between consumer needs and wants D. determining the best advertising outlet for a product E. getting all members of an organization to agree on a marketing plan - correct answer determining the difference between consumer needs and wants All of...

During what stage in the evolution of marketing did firms believe that quality products would sell themselves? correct answers production orientation How often should firms undertake the task of strategic planning? correct answers on a continual basis as conditions change What is the premise behind the marketing concept? correct answers a focus on satisfying the needs of the customer What two elements are combined on the BCG matrix to produce its four unique product categories? correct ...

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