UT Knoxville BUAD 332 - Final Exam Study Guide (27 pages)

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Final Exam Study Guide



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Final Exam Study Guide

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Pages:
27
Type:
Study Guide
School:
University of Tennessee
Course:
Buad 332 - CBM I: Demand Management
CBM I: Demand Management Documents

Unformatted text preview:

BUAD 332 Demand Management Final Exam Chapter 1 Marketing Creating and Capturing Customer Value What is marketing Marketing is managing profitable customer relationships orA social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Goals o Attract new customers by promising superior value o Keep and grow current customers by delivering customer satisfaction It is cheaper and more effective to keep customers instead of get new ones KEEP CUSTOMERS SATISFIED Steps of the marketing process 1 Understand the marketplace and customer needs and wants 2 Design a customer driven marketing strategy 3 Construct a marketing program that delivers superior value 4 Build profitable relationships and create customer delight 5 Capture value from customers to create profits and customer equity a Customer Equity loyal and trust whatever company offers What do we mean by Consumer Needs Wants and Demands A NEED is a state a felt deprivation o Physical o Social o Individual A WANT is a form that a human need takes as shaped by culture individual personality and marketing activity Wants Buying Power DEMAND o Not all wants represent real demand What does this have to do with Marketing Needs and wants are fulfilled through a Marketing Offer Some combination of product services ideas or experiences offered to a market to satisfy a need or want What is a Market The set of actual or potential buyers of a product or service These people share a need or want that can be satisfied through an exchange What 2 fundamental questions must marketing managers answer 1 What customers will we serve 2 How can we best serve these customers These questions are answered through Market segmentation Divide market into segments of customers Targeting Select the segment to cultivate Value Proposition The set of benefits that are offered to consumers to satisfy their needs What else do marketing managers do Once they



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