BUAD 332 Study guides, Class notes & Summaries

Direct Marketing - ️️Connecting directly with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships New Direct-Marketing Model - ️️-Direct marketing has undergone a dramatic transformation -Most firms use direct marketing as a supplemental channel or medium -For many companies, direct marketing constitutes a new and complete model for doing business -Some firms employ the direct model as their only approach Grow...

direct marketing - ️️connecting directly with carefully targeted individual consumers WHY?: to obtain an immediate response and cultivate lasting customer relationships direct mail marketing - ️️LARGEST DIRECT MARKETING MEDIUM involves an offer, announcement, reminder, or other item to a person at a particular address -personalized -newer digital forms -effective -often perceived as "junk mail' catalog marketing - ️️direct marketing through print, video, or digi...

price definition: narrowly - ️️the amount of money charged for a product or service price definition: broadly - ️️the sum of all the values that consumers exchange for the benefits of having or using the product or service internal factors affecting price decisions - ️️marketing objectives marketing mix strategies costs organizational considerations external factors affecting price decisions - ️️nature of the market and demand competition other environmental factors...

What is the simple definition of marketing? - Answer-managing profitable customer relationships goals of marketing activity - Answer-1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Define Marketing - Answer-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. Simple Model of the Marketing Process - Answer-C...

The world is shrinking rapidly with the advent of faster (BLANK), (BLANK), and (BLANK). - ️️communications transportation financial flows International trade is (BLANK) and makes up (BLANK) of the U.S. GDP. - ️️booming 25% Global competition is (BLANK). - ️️intensifying Higher (BLANK) come with globalization. - ️️risks Major International Marketing Decisions - ️️1) looking at the global marketing environment 2) deciding whether to go international 3) deciding...

Goal of Customer- Driven marketing strategy - ️️to create VALUE for targeted customers Market Segmentation - ️️Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - ️️- "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make...

Narrowly, what is a price? - ️️Narrowly, price is the amount of money charged for a product or service Broadly, what is a price? - ️️Broadly, price is the sum of all values that consumers exchange for the benefits of having or using the product or service Price is not just money, think of price as - ️️sacrifice Example of price - ️️$88 boots from amazon versus exact same pair at Dillards for $88 as well. The price here is wait-time, trying them on, or convenience. The...

What is the simple definition of marketing? - ️️managing profitable customer relationships goals of marketing activity - ️️1. Attract new customers by promising superior value 2. Keep and grow current customers by delivering customer satisfaction Define Marketing - ️️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. Simple Model of the Marketing Process - ️️Creat...