Bus 343

Question 1

Marketing

Answer 1

The process by which businesses showcase their products/services to build strong customer relationships.

Question 2

Customer Needs

Answer 2

Basic requirements (e.g., water).

Question 3

Customer Wants

Answer 3

Desires shaped by culture and personality (e.g., Hydro Flask water bottles).

Question 4

Consumer Positioning

Answer 4

How a brand is perceived relative to competitors.

Question 5

Target Segmentation

Answer 5

The specific group a business aims to sell to.

Question 6

Marketing Exchange

Answer 6

Involves two or more parties exchanging something of value.

Question 7

Marketing Mix (4 Ps)

Answer 7

Product, Price, Place, Promotion - the core elements of marketing strategy.

Question 8

Product

Answer 8

A good, service, or idea that creates value.

Question 9

Price

Answer 9

Capturing value through monetary or non-monetary exchange.

Question 10

Place

Answer 10

Delivering value through distribution channels.

Question 11

Promotion

Answer 11

Communicating value to inform, persuade, or remind buyers.

Question 12

Value-Driven Marketing

Answer 12

Approach focusing on creating and communicating value.

Question 13

CRM

Answer 13

Customer Relationship Management: Focus on long-term customer loyalty.

Question 14

Social Media Marketing

Answer 14

Using social platforms to drive brand awareness and engagement.

Question 15

Marketing Strategy

Answer 15

Plan including target market, marketing mix, and competitive advantage.

Question 16

Sustainable Competitive Advantage

Answer 16

Long-term edge over competitors.

Question 17

Customer Excellence

Answer 17

Competitive advantage through loyalty and service.

Question 18

Operational Excellence

Answer 18

Competitive advantage through efficient operations.

Question 19

Product Excellence

Answer 19

Competitive advantage through superior products.

Question 20

Locational Excellence

Answer 20

Competitive advantage through prime locations.

Question 21

Mission Statement

Answer 21

Broad description of firm’s goals and activities.

Question 22

SWOT Analysis

Answer 22

Evaluation of Strengths, Weaknesses, Opportunities, Threats.

Question 23

STP Process

Answer 23

Segmentation, Targeting, Positioning framework.

Question 24

BCG Matrix

Answer 24

Portfolio analysis tool categorizing products as Stars, Cash Cows, Question Marks, or Dogs.

Question 25

Microenvironment

Answer 25

Internal factors: company, competitors, corporate partners.

Question 26

Macroenvironment

Answer 26

External factors: culture, demographics, technology, economy.

Question 27

Direct Competitors

Answer 27

Firms offering same product for same need.

Question 28

Indirect Competitors

Answer 28

Firms offering different products for same need.

Question 29

Corporate Partners

Answer 29

Suppliers, distributors in the value chain.

Question 30

Culture

Answer 30

Shared meanings, beliefs, values of a group.

Question 31

Demographics

Answer 31

Statistical characteristics of populations.

Question 32

Technological Advances

Answer 32

Innovations changing product creation and marketing.

Question 33

Economic Indicators

Answer 33

Factors like inflation, exchange rates affecting purchasing power.

Question 34

Consumer Decision Process

Answer 34

Stages: Need Recognition → Information Search → Evaluation → Purchase → Post-Purchase.

Question 35

Need Recognition

Answer 35

Consumer identifies unsatisfied need.

Question 36

Information Search

Answer 36

Internal (memory) or external (research) information gathering.

Question 37

Evaluation of Alternatives

Answer 37

Comparing options using decision criteria.

Question 38

Purchase Decision

Answer 38

Final selection influenced by various factors.

Question 39

Post-Purchase Behavior

Answer 39

Customer satisfaction, loyalty, or cognitive dissonance.

Question 40

Cognitive Dissonance

Answer 40

Post-purchase anxiety or regret.

Question 41

Maslow's Hierarchy

Answer 41

Needs pyramid: physiological → safety → social → esteem → self-actualization.

Question 42

Reference Groups

Answer 42

People influencing consumer decisions.

Question 43

High-Involvement Purchase

Answer 43

Decisions requiring significant effort/research.

Question 44

Low-Involvement Purchase

Answer 44

Decisions requiring minimal effort.

Question 45

Segmentation Bases

Answer 45

Criteria to divide markets: geographic, demographic, psychographic, behavioral.

Question 46

Geographic Segmentation

Answer 46

Dividing markets by location.

Question 47

Demographic Segmentation

Answer 47

Dividing markets by age, gender, income etc.

Question 48

Psychographic Segmentation

Answer 48

Dividing markets by lifestyle, values, personality.

Question 49

Behavioral Segmentation

Answer 49

Dividing markets by usage, loyalty, benefits sought.

Question 50

80/20 Rule

Answer 50

Pareto Principle: 80% of revenue from 20% of customers.

Question 51

Undifferentiated Marketing

Answer 51

One marketing mix for entire market.

Question 52

Concentrated Marketing

Answer 52

Focus on single niche segment.

Question 53

Differentiated Marketing

Answer 53

Unique strategies for multiple segments.

Question 54

Perceptual Mapping

Answer 54

Visual tool for brand positioning analysis.

Question 55

Repositioning

Answer 55

Changing brand's market focus or image.

Question 56

Value Proposition

Answer 56

Unique value a product/service offers to customers.

Question 57

Supply Chain Management

Answer 57

Coordinating production, distribution, and delivery.

Question 58

JIT Delivery

Answer 58

Just-in-Time inventory strategy to reduce waste.

Question 59

AI in Marketing

Answer 59

Using artificial intelligence for customer segmentation and engagement.

Question 60

Touchpoints

Answer 60

All customer interaction points with a brand.

Question 61

Conversion Rate

Answer 61

Percentage of users who complete desired action.

Question 62

Brand Equity

Answer 62

Financial and perceptual value of a brand.

Question 63

Key Performance Indicators

Answer 63

Metrics to evaluate marketing success.

Question 64

Extended Problem Solving

Answer 64

High-involvement purchase decision process.

Question 65

Limited Problem Solving

Answer 65

Moderate-involvement purchase decision process.

Question 66

Determinant Attributes

Answer 66

Features most influential in purchase decisions.

Question 67

Heuristics

Answer 67

Mental shortcuts in decision-making.

Question 68

Performance Risk

Answer 68

Fear product won't work as expected.

Question 69

Social Risk

Answer 69

Fear of social judgment for purchase.

Question 70

Locus of Control

Answer 70

Belief about control over outcomes (internal vs. external).

Question 71

Time-Poor Society

Answer 71

Consumer trend prioritizing convenience.

Question 72

Sustainability

Answer 72

Consumer preference for environmentally friendly products.

Question 73

Omnichannel Marketing

Answer 73

Seamless customer experience across channels.