- StudyBlue
- Tennessee
- University of Tennessee - Knoxville
- Business Administration
- Business Administration 332
- Moon/zondag
- BA 332 Exam 1 Review (including Customer Value)
BA 332 Exam 1 Review (including Customer Value)
Business Administration 332 with Moon/zondag at University of Tennessee - Knoxville
About this deck
By: Go Vols
Created: 2009-12-07
Size: 88 flashcards
Views: 1863
Created: 2009-12-07
Size: 88 flashcards
Views: 1863
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis
Sign up (free) to study this.
______________ is managing profitable customer relationships.
Marketing
What are the two goals of marketing?
1. Attract new customers by promising superior value.
2. Keep and grow current customers by delivering satisfaction.
______________ is 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.
Marketing
What is the new view of marketing? (3 words)
satisfying customer needs
True or False: It is cheaper to keep a customer then to get a new one.
True
A ___________ is a state of felt deprivation.
Need
What are the three types of needs?
1. Physical
2. Social
3. Individual
Belonging is a type of _____________ need.
social
Food, clothing, shelter, and safety are types of ____________ needs.
physical
___________ are shaped by culture and individual personality.
Wants
______________ + _______________ ______________ = Demand
Wants, Buying Power
Needs and wants can be fulfilled through a _____________ ____________.
Marketing Offer
A _____________ ______________ is some combination of products, services, information, or experiences offered to a market to satisfy a need or a want.
Marketing Offer
________________ are anything that can be offered to a market to satisfy a need or a want.
Products
_______________ are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.
Services
A _____________ is a set of actual and potential buyers of a product.
market
A _____________ _______________ is the set of benefits a business promises to deliver to consumers to satisfy their needs.
Value Proposition
Dividing a market into groups of customers is known as what?
Market Segmentation
Selecting a group of customers to "cultivate" is known as _____________.
Targeting
What are the 4 Ps of Marketing?
Product, Price, Place, Promotion
Sales and Advertising are part of the ___________ aspect of the Marketing Mix.
promotion
True or False: All that is required for Marketing is Sales and Advertising.
False
Sales and Advertising are part of Marketing. But they are only part of promotion, which is just one part of the marketing mix.
What are the four components of the "New Marketing Landscape"?
1. Rapid Globalization
2. Ethics and Social Responsibility
3. The Digital Age
4. Not-for-Profit Marketing
_____________ ______________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Strategic Planning
Mission statements should be ___________ oriented, not ___________ oriented.
market, product
A Company Objective should be _____________ and ______________.
measureable, specific
The ______________ ______________ is the collection of businesses and products that make up the company.
Business Portfolio
A company must analyze its __________ business portfolio.
current
A ______________ _______________ ______________ is a unit of a company that has a seperate mission and objectives and can be planned independently from other company businesses.
Strategic Business Unit (SBU)
An evaluation of the products and business making up a company is known as a ______________ _____________.
Portfolio Analysis
The ______________ ______________ ______________ created the Growth-Share Matrix.
Boston Consulting Group
According to the Growth-Share Matrix, a low growth/high share SBU(Strategic Business Unit) is known as a what?
Cash Cow
According to the Growth-Share Matrix, a high growth/high share SBU is known as a what?
Star
According to the Growth-Share Matrix, a high growth/low share SBU is known as a what?
Question Mark
According to the Growth-Share Matrix, a low growth/low share SBU is known as a what?
Dog
In regards to the Growth-Share Matrix, a TI Graphing Calculator is an example of a what?
Cash Cow
In regards to the Growth-Share Matrix, a PDA (Palm Pilot) is an example of a what?
Dog
In regards to the Growth-Share Matrix, a smartphone is an example of a what?
Question Mark
In regards to the Growth-Share Matrix, a Lasor Jet Printer is an example of a what?
Star
Making more sales to current customers without changing products is known as ______________ ______________.
Market Penetration
Identifying and developing new markets for current products is known as ______________ _______________.
Market Development
Offering modified or new products to current markets is known as ______________ ________________.
Product Development
Starting up or buying businesses outside current products and markets is known as _________________.
Diversification
The _____________ _____________ is the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.
Marketing Mix
The ___________________ consists of actors close to the company that affect its ability to serve its customers. The organization is considered to have this somewhat under control.
microenvironment
The ____________________ consists of large societal forces and is considered to be beyond the control of the organization.
macroenvironment
What are the 6 parts that make up the microenvironment?
1. The company
2. Suppliers
3. Marketing Intermediaries
4. Customers
5. Competitors
6. Publics
_______________ ________________ help a company to promote, sell, and distribute its goods to final buyers.
Marketing Intermediaries
_________________are those who serve a target market with products and services that are viewed by consumers as being reasonable substitutes.
Competitors
_________________ are groups that have an interest in or impact on an organization's ability to achieve its objectives.
Publics
True or False: Are economic forces part of the microenvironment?
False
Economic forces are part of the macroenvironment
_________________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Demographic
A great deal of domestic demographic data stems from the _______________ ______________ _______________.
United States Census
Which U.S. Generation is the largest?
Baby Boomers
Which U.S. Generation consists of 9 to 26 year olds?
Generation Y
Which U.S. Generation consists of 0 to 8 year olds?
Millennials
True or False: There are a greater number of married couples without children then with children.
True
True or False: Traditional households are in decline while nontraditional households are growing.
True
A more educated buyer is more _______________ and is more likely to _______________ a product.
discriminatory, research
With increasing diversity, the United States can be said to be a ____________ ____________, a mix of various groups, each retaining its ethnic and cultural differences.
Salad Bowl
True or False: There has been increased marketing to Gay and Lesbian consumers.
True
The ________________ _______________ consists of factors that affect consumer purchasing power and spending patterns.
economic environment
________________ ________________
drives the economy.
Consumer spending
The ____________ _____________ involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities.
Natural Environment
SC Johnson's "Go Green" advertisements are examples of ________________ _______________ ________________.
Environmentally Sustainable Strategies
The _________________ __________________ is the most dramatic force now shaping our destiny.
Technological Environment
The _________________ _________________ includes laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
Political Environment
The _________________ _________________ consists of the institutions and other forces that affect a society's basic values, perceptions, preference, and behaviors.
Cultural Environment
_______________ _______________ is the customer's perception of what they want to have happen in a specific use situation, with the help of a product or service, in order to accomplish a desired purpose or goal.
Customer Value
________________ ________________ is the measure of performance relative to expectation.
Customer Satisfaction
True or False: Customer Value is the same thing as Customer Satisfaction.
False
True or False: Customer Value is the same thing as Quality.
False
Customer Value is a tradeoff between ______________ and ______________.
benefits, sacrifices
What are the three components of the Value Hierarchy?
1. Attributes
2. Desired Consequences
3. End States (Goals)
In regards to the 5 Key Aspects of Customer Value, Value is a _____________ between benefits and sacrifices.
tradeoff
In regards to the 5 Key Aspects of Customer Value, Value is _______________ of both customer and product.
interaction
In regards to the 5 Key Aspects of Customer Value, Value is ______________ to competitors, individuals, and situations.
relative
In regards to the 5 Key Aspects of Customer Value, Value is ________________ by customer's desired attributes, desired outcomes, and end goals.
goal-driven
In regards to the 5 Key Aspects of Customer Value, Value is _______________ in that it changes over time.
dynamic
Customer Value is communicated through ________________.
advertising
Ultimately, a successful Customer Value Strategy leads to _______________ ________________.
Competitive Advantage
What is a one-word definition of satisfaction?
performance
________________ ________________ is a Customer Learning Method that includes interviews, panels, surveys, and observation.
Customer Research
True or False: Customers are more demanding than ever.
True
True or False: Competing on Value is no longer an option.
True
A _______________ _______________ consists of Attributes, Desired Consequences, and End States (Goals)
Value Hierarchy
A ______________-_____________-_____________ firm has a "Customer Value Culture", is continuously learning about customers, is commited to innovation, and organizes everything it does around deliver Customer Value.
Customer-Value-Oriented
Because Customer Value is always changing (dynamic), it is crucial that a Customer-Value-Oriented firm be commited to ________________.
innovation
About this deck
By: Go Vols
Created: 2009-12-07
Size: 88 flashcards
Views: 1863
Created: 2009-12-07
Size: 88 flashcards
Views: 1863
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis