Louisiana State University In Shreveport

Advertising - Answer Primary means to communicate with customers Conveys information about products, brands, and positions Integrated Marketing Communications - Answer Companies advertise their brands through everything they do Messages should be consistent and complementary across all media Advertising importance - Answer Facilitates customers awareness Attempts to persuade potential customers that the brand is superior Effects of Advertising - Answer H...

LO 4-1 Describe the stages in the consumer (purchase) decision process. - Answer The consumer (purchase) decision process consists of five stages: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post-purchase behavior. Problem recognition is perceiving a difference between a person's ideal and actual situation big enough to trigger a decision. Information search involves remembering previous purchase experiences (internal searc...

What is a product? - Answer - either a good or a service - the most essential decision in the 4Ps because it is what the consumer is receiving in the exchange What is an exchange? - Answer - the company offers something (product) that will benefit the customer ** product can be designed to be more or less attractive (inc/dec quality, service) - the customer offers something in return (payment) ** customer can be more or less attractive (high/low loyalty, high/low maint, spread...

What is a company's primary avenue for change? - Answer Offering new and improved good and services to customers Why do companies offer new products? - Answer - for corporate pride - to be consistent with innovated image - to better attract/satisfy customers - to stave off competition - because the macroenvironment changes (consumer tastes, natural resources, demographics, cultural changes) What are the two product development philosophies? - Answer - Top-down (ins...

What does a brand consist of? - Answer - name of a specific product - portfolio of qualities associated with a name - invokes images in consumers' minds - have value beyond the benefits of the product What do marketers do for brand associations? - Answer - control some of it - control what they can (ex: outgoing messages should be positive) - do not control ALL associations (ex: people's personal memories about the brand) What are brand associations? - Answer -...

Targeting - Answer process of identifying customers for whom the company will optimize its offering Mass Marketing - Answer the firm ignores segment differences and goes after the whole market with one offer Mass Customization - Answer he ability of a company to meet each customer's requirements—to prepare on a mass basis individually designed products, services, programs, and communications Strategic Targeting - Answer focuses on customers whose needs the c...

Traditional Marketing Mix - Answer Also known as the 4Ps of marketing Product Attributes - Answer Quality Features Style Design Product Benefits - Answer Elements that consumers perceive as meeting their needs; typically refer to the product's performance and its image. Marketing Support Services - Answer Additional elements to the core product; include delivery, installation, guarantees, after-sales service and reputation Product policy - Answer ...

Marketing - Answer *is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is "meeting needs profitably. *is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing management - Answer *takes place when at least one party to a potential exchange thinks about the means of achieving desi...

What is the definition of a mission? - Answer Unique purpose that distinguishes the organization from other companies and defines the boundaries of its operations What does a mission do? - Answer Proclamation of organizations primary objective that encapsulates its core values What should a mission do? - Answer Characterize the organization's principles and priorities and define the broad product, market, and technologies that are core to the business. A Mission sho...

Mission - Answer A proclamation of the organization's primary objective that encapsulates its core values Influences on an organization's mission - Answer Corporate Governance Stakeholders Business Ethics Cultural Context broad mission statement - Answer Common and not restraining Narrow mission statement - Answer Is restraining and focuses too much on one thing Characteristics of successful mission statements - Answer Credibility Uniqueness ...