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1. Define Needs, Wants and Demands. Provide examples. Needs are states of felt deprivation (lack of smth).

Physicalfood, clothing, warmth, safety Socialbelonging and affection Individualknowledge and self-expression Wants are the form that needs take as they are shaped by culture and individual personality Demands are wants backed by buying power 2. Define Marketing Offers. Provide examples. Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Ex. Movie Pretty Woman () Julia visiting upscale fashion boutique Ex. Smell, music, air-conditioning, etc. 3. Define Market. Provide examples. What is the difference between consumer market and industrial market? Market - The set of all actual and potential buyers of a product or service. Consumer Market consists of all the individuals and households who buy or acquire goods and services for personal consumption Industrial Market Individuals or groups that purchase a specific type of product for re-sale, for use in making other products or for use in daily operations 4. Define Customer Delivered Value (Customer Perceived Value). How do customers choose among alternative products? Provide examples. Customer delivered (perceived) value the customer evaluation of the difference between total customer value and total customer cost Depends on general needs, product set, specific needs => product that produce the most value as the satisfaction of customer requirements at the lowest possible cost of acquisition, ownership, and use 5. What are the components of total value and total costs? Provide examples.

6. Why customer satisfaction is important? How to increase customers satisfaction? Customer satisfaction is the extent to which a products perceived performance matches a buyers expectations 7. What are the factors influencing customer expectations? Provide examples. Company communication (PR, price, advertising) Advises from people (relatives, friends) Personal experience (own experience) 8. What is customer relationship management? Why it is important to develop relationship with customers? What is customer life time value? Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction 9. List the stages of business evolution (marketing management orientations) and describe briefly every orientation (provide examples). Product (to make the best product ) Production ( mass production, reduce the cost,consumers will favor products) Selling (to sell everything the company made) Marketing( satisfy customers, know needs and wants) Societal MK (example with a whale and credit card) 10. Identify considerations underlying the societal marketing concept. Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests 11. What is marketing myopia? Provide examples. Marketing myopia is the mistake of paying more attention to specific products a company offers than to benefits and experiences produced by these products We sell cosmetics - We sell hope We sell 3 inch drills - We sell 3 inch holes

12. Give examples of needs, wants, and demands that Build-A-Bear customers demonstrate, differentiating each of these three concepts. What are the implications of each on Build-A-Bears actions? 13. In detail, describe all components of Build-A-Bears product (marketing offering). What is being exchanged in a Build-A-Bear transaction?

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