Mktg 3310 - Study guides, Class notes & Summaries

What type of misconception is the idea that "the lower price is always better?" correct answers "misconception that Marketing is common sense" -ex.: Walmart is cheaper but customer service is awful What is the reality of the matter that "lowest price is NOT always better" correct answers sometimes higher prices are better -ex.: wine (shows quality) What type of misconception is the idea that "better service leads to higher profits?" correct answers "misconception that Mar...

Marketing Information System (MIS) correct answers people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights MIS begins and ends with information users correct answers marketing managers, internal and external partners, and others who need marketing information Customer insights correct answers fresh understandings of customers and the...

marketing information system correct answers people and procedures dedicated to: 1. assessing information needs 2. developing the needed information 3. helping decision makers to use the information to generate and validate actionable customer and market insights ** Begins and Ends with information users - marketing managers, internal/external partners, etc. ** customer insights correct answers fresh understandings of customers and the marketplace derived from marketing data that becom...

Who determines the value of a product? correct answers The Customers If companies don't determine value, what do they do? correct answers They offer product propositions- A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. Value propositions answer the customer's question: "Why should I buy your brand rather than a competitor's?" The customers evaluation of the difference between all the benefits and all the costs o...

Consumer Market correct answers is the sum total of individuals and households that buy goods and services for personal consumption. Consumer Buyer Behavior correct answers : is the buying behavior of individuals and households who buy goods and services for personal consumption. How do we (marketers) know how Consumers will respond to various marketing efforts (ie. marketing mix) we apply to them? correct answers Starts with the "Stimulus-Response" Model of Consumer Buying Behavi...

4 Steps in Designing a Customer Value-Driven Marketing Strategy correct answers 1. Segmentation 2. Targeting 3. Differentiation 4. Positioning Customers to Serve correct answers Segmentation, Targeting Deciding on a Value Proposition correct answers Differentiation, Positioning Segmentation correct answers divide the total market into smaller segments Targeting correct answers select the segment or segments to enter Differentiation correct answers differentiate the market offer...

MKTG 3310 Exam 1 Questions and Answers Rated A marketing creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its shareholders and society 2 objectives to serve buyers/sellers 1) discover needs and wants of prospective customers 2) satisfy them exchange trade of valuable things between buyer and seller so that each is better off after trade 4 factors needed for marketing to occur 1) 2+ parties with unsatisfied needs 2) their desire and ab...

consumer market correct answers the sum total of individuals and households that buy goods and services for personal consumption consumer buyer behavior correct answers is the buying behavior of individuals and households who buy goods and services for personal consumption stimulus response correct answers environment --> buyer's black box --> buyer responses ex. gas prices culture correct answers most basic cause of a person's wants and behavior learned and it reflects basic...

decision support system correct answers a systematic approach to collecting information to help managers make decisions effective support systems characteristics correct answers 1. information collected must be collected systematically 2. information collected must be relevant to specific managerial decisions, so the information must have purpose and be useful for a specific decision 3. the system should be flexible, capable of being sorted, manipulated, totaled, averaged, and combined diff...

Brand correct answers a name, term, sign, symbol, ordering,or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors Marketer's of the 21st century brands must excel at the ___. correct answers strategic brand management process Strategic Brand Management correct answers the process that combines the design and implementation of marketing activities and programs to build, measure, and manage b...