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EXTRA EXAM #1 Material (Ch.1-9)
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Terms in this set (104)
(CH.1) Marketing
Managing profitable customer relationships
-Process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return
(CH.1) Steps in the Marketing Process
5 STEPS
1) Understand Market & Customer Wants
2) Design a Marketing Strategy
3) Marketing Mix
4) Build Profitable Relationships
5) Capture Value
(CH.1) Customer Needs
States of felt deprivation
(CH.1) Customer Wants
The form human needs take as they are shaped by culture & individuals personality
(CH.1) Customer Demands
Human wants that are backed by buying power
(CH.1)Market Offerings
Some combination of:
-products
-services
-information, or
-experiences
offered to a market to satisfy a need or want
(CH.1) Market Myopia
The mistake of paying more attention to the specific products a company offers that to the benefits & experiences produced by these products.
(CH.1) Market Segmentation
Dividing the markets into segments of customers
-each segment contains homogeneous customers
-ex: man & women
(CH.1) Target Marketing
Refers to which market segments to go after
-Choosing a segment
(CH.1) Value Proposition
Set of benefits or values it promises to deliver to customers to satisfy their needs
(CH.1) Marketing Management
Art & science of choose target markets & building profitable relationships with them.
Production Concept => Product Concept => Selling Concept => Marketing Concept =>Social Marketing Concept
(CH.1) Production Concept
Consumers will buy if available & affordable
-helps production efficiency
-production & distribution focus
(CH.1) Product Concept
Consumers will buy highest quality & best features
(Marketing Myopia)
(CH.1) Selling Concept
Consumers will not buy unless company spends a lot of money on marketing strategy (advertising)
-Consumer doesn't need until seeing the concept
(CH.1) Marketing Concept
Identifying needs & wants of customers
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Suppose a new process was developed that could be used to make oil out of seawater. The equipment required is quite expensive; but it would in time lead to low prices for gasoline, electricity, and other types of energy. What effect would this have on interest rates?
QUESTION
Indicate using a (+), (–), or (0) whether each of the following events would probably cause accounts receivable (A/R), sales, and profits to increase, decrease, or be affected in an indeterminate manner: $$ \begin{matrix} \text{ } & \text{A/R} & \text{Sales} & \text{Profits}\\ \text{The firm restricts its credit standards.}\\ \text{The terms of trade are changed from 2/10, net 30, to 3/10, net 30.}\\ \text{The terms are changed from 1/20, net 30, to 3/10, net 40.}\\ \text{The credit manager gets tough with past-due accounts.}\\ \end{matrix} $$
QUESTION
Would you agree that computerized corporate planning models were a fad during the 1990s but that because of a need for flexibility in corporate planning, they are no longer used by most firms? Explain.
QUESTION
Complete the balance sheet and sales information using the following financial data: Total assets turnover: $1.5 \times$. Days sales outstanding: 36.5 days" . Inventory turnover ratio: $5 \times$. Fixes assets turnover: $3.0 \times$. Current ratio: $2.0 \times$. Gross profit margin on sales: Sales Cost of goods sold Sales=25%. $$ \begin{matrix} \text{Balance Sheet}\\ \text{Cash} & \text{ } & \text{Current liabilities} & \text{ }\\ \text{Accounts receivable} & \text{ } & \text{Long-term debt} & \text{60.000}\\ \text{Inventories} & \text{ } & \text{Common stock} & \text{ }\\ \text{Fixed assets} & \text{ } & \text{ Retained earnings} & \text{97.500}\\ \text{Total assets} & \text{\$ 300.000} & \text{Total liabilities and equity} & \text{ }\\ \text{Sales} & \text{ } & \text{Cost of goods sold} & \text{ }\\ \end{matrix} $$
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