Buad 332 - Study guides, Class notes & Summaries

Narrowly, what is a price? - Answer-Narrowly, price is the amount of money charged for a product or service Broadly, what is a price? - Answer-Broadly, price is the sum of all values that consumers exchange for the benefits of having or using the product or service Price is not just money, think of price as - Answer-sacrifice Example of price - Answer-$88 boots from amazon versus exact same pair at Dillards for $88 as well. The price here is wait-time, trying them on, or convenience. The ...

price definition: narrowly - the amount of money charged for a product or service price definition: broadly - the sum of all the values that consumers exchange for the benefits of having or using the product or service internal factors affecting price decisions - marketing objectives marketing mix strategies costs organizational considerations external factors affecting price decisions - nature of the market and demand competition other environmental factors (economy, gov, resellers, so...

What is the simple definition of marketing? - Answer-managing profitable customer relationships goals of marketing activity - Answer-1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Define Marketing - Answer-A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Simple Model of the Marketing Process - Answer-C...

SNHU BUAD 332 Exam 3 Complete A+ Graded Solutions Rated A Southern New Hampshire University.

direct marketing - connecting directly with carefully targeted individual consumers WHY?: to obtain an immediate response and cultivate lasting customer relationships direct mail marketing - LARGEST DIRECT MARKETING MEDIUM involves an offer, announcement, reminder, or other item to a person at a particular address -personalized -newer digital forms -effective -often perceived as "junk mail' catalog marketing - direct marketing through print, video, or digital catalogs that are mailed t...

BUAD 332 FINAL (CHAPTERS 14-16 INCLUDING FORCASTING AND S&OP 1-2)

Chapter 5: Understanding Consumer and Business Buyer Behavior - Chapter 5 consumer buying behavior - The buying behavior of people who buy goods and services for personal use (these people make up the consumer market) How are consumers stimulated? - Marketing: Price, product, place, promotion Environment: economic, technological, social, cultural How do consumers respond? - With attitudes, preferences, relationships and behaving (buying stuff) Culture - Most basic cause of a persons wants...

consumer buying behavior - the buying behavior of people who buy goods and services for personal use. these people create the consumer market How do consumers respond to various marketing efforts the company might use? - central question for marketers Simple Model of Consumer Buying Behavior (3 categories) - 1. Marketing and other stimuli 2. Buyer's black box 3. Buyer's response Simple Model of Consumer Buying Behavior (marketing & other stimuli) - Market-product, place, price, promoti...

BUAD 332 EXAM TEST BANK QUESTIONS WITH A GRADED SOLUTIONS ____________ is the set of benefits a company promises to deliver its consumers to satisfy their needs. A) Money-back guarantee B) Good customer service C) Value proposition D) Low prices E) Both A and C are correct - Answer-C) Value proposition __________ consists of information that already exists somewhere, having been collected for another purpose. - Answer-Secondary data All of the following are limitations on obse...

Goal of Customer- Driven marketing strategy - to create VALUE for targeted customers Market Segmentation - Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - - "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make any other decisions as...