BSBA Marketing Management Midterms Review

Understanding what customers need and want is critical for businesses to succeed. It involves researching and analyzing consumer preferences, desires, and problems.

Customer awareness refers to how well a company is recognized and understood by its target audience. It's about building a strong brand image and making sure customers know about your products or services.

Effective marketing drives sales and revenue growth by attracting new customers, retaining existing ones, and increasing the average purchase amount.

Marketing requires employees with knowledge and skills to effectively promote products and services. This includes understanding target audiences, developing marketing strategies, and communicating effectively.

Marketing drives demand for products and services, ensuring that businesses can sell their offerings and generate revenue. It creates a strong connection between what's offered and what customers desire.

Marketing helps businesses differentiate themselves from competitors. This involves creating unique brand identities, positioning products strategically, and highlighting value propositions.

Marketing provides data and insights that inform business decisions. This includes identifying target audiences, understanding market trends, and assessing the effectiveness of marketing campaigns.

Marketing adapts to changing consumer preferences and market conditions. It includes identifying emerging trends, adapting products and services, and repositioning brands to stay relevant.

A company's high-level plan that outlines its overall direction, guiding principles, and long-term goals.

The specific industries, customer groups, and geographic regions where a company chooses to focus its efforts.

Offering something unique and valuable to customers, setting a company apart from its competitors.

A strategy that focuses on creating products or services that satisfy a narrow but specific segment of customers.

Charging extra for specific services like baggage or seat selection on flights.

When a significant number of customers dislike or avoid a product or service.

Customers may have had unpleasant experiences, leading them to reject a product.

Customers may lack understanding or have misleading views about a product.

A product might be too expensive or involve perceived dangers, deterring customers.

Customers might fear negative consequences from using a product.

Demand fluctuates, with periods of high and low sales.

When the demand for a product perfectly matches the available supply.

Transforming a hesitant market into eager buyers.

Physical products that are manufactured and marketed. Examples include refrigerators, televisions, food products, and machinery.

Activities that involve promoting events like conferences, concerts, festivals, trade shows, and sporting competitions to attract attendees, sponsors, or participants.

Intangible rights of ownership related to real estate (land and buildings) or financial assets like stocks and bonds.

The process of creating, promoting, and delivering goods and services to consumers and businesses.

Activities performed by businesses after a customer purchases a product to maintain a good relationship, including providing maintenance, repair, addressing queries, and resolving problems.

Places like cities, states, regions, and nations that actively promote themselves to attract tourists, businesses, and new residents.

People, groups, or organizations that are known for their achievements and are often used in marketing to endorse products or services.

Organizations, often non-profit or educational institutions, that use marketing to build their brand and attract stakeholders like customers, donors, employees, and the community.

The total revenue a company expects to earn from a single customer over their entire relationship with the business.

It helps businesses prioritize relationships with high-value customers and allocate resources effectively to maximize returns.

Encouraging customers to buy more or upgrade their purchases. Think of premium subscriptions on streaming platforms.

Keeping customers happy so they stay longer. This could involve loyalty discounts or personalized experiences.

Providing personalized services to make customers feel special, like recommending outfits based on past purchases.

The consistent preference for a specific brand, product, or service by a customer over competitors.

Offering rewards, discounts, or points for frequent purchases to incentivize customers.

A customer database is an organized collection of information about customers, helping companies understand their preferences and tailor their marketing efforts.

Data that has already been collected and is readily available from other sources. It's cheaper and faster to get than primary data and can be used when primary data isn't available.

A computer system that helps marketing managers make informed decisions by providing data, analysis, and tools. It combines internal data (like sales and customer information) with external data (like market trends and competitors) to aid decision-making.

The broader external factors that influence a company's decisions and performance but are beyond its control. These factors include things like social trends, technological advances, environmental changes, and legal forces.

Includes innovations in manufacturing, communication, information technology, and research and development. These advancements can change how companies operate, create new products, and reach customers.

Related to the physical environment and the impact of environmental changes, including climate change, resource scarcity, and sustainability concerns.

Laws and regulations that ensure businesses comply with standards that protect consumers, employees, and the environment. This includes regulations governing labor, health and safety, intellectual property, and antitrust.

Refers to the growing awareness of sustainability and its impact on business practices. Companies are increasingly expected to operate in an environmentally responsible way.

Primary data sources include salesmen, dealers, and consumers. This 'insider' information is essential for understanding customer needs and market trends.