BUSM 4101/B. Introduction to Business Management and Marketing. Final Review (Fall 2025)

What is the primary goal of value creation in marketing?

To deliver benefits that exceed customer cost/expectations.

What leads to customer loyalty and repeat purchases?

Customer satisfaction.

What does a higher customer lifetime value (CLV) indicate?

More profit over time.

How does value creation affect brand equity?

It fuels positive word-of-mouth and strengthens brand equity.

What is market segmentation?

Dividing the market into groups with similar needs, behaviors, demographics, etc.

What is targeting in marketing?

Selecting which segment(s) the company will serve.

What is the difference between segmentation and targeting?

Segmentation is mapping the terrain; targeting is choosing where to compete.

What are major developments in the new marketing landscape?

Growth of digital marketing, rise of analytics and AI, focus on customer engagement, sustainability, and globalization.

What is the first step in the expanded model of the marketing process?

Understand the marketplace and customer needs.

What does mobile marketing enable?

Real-time, location-based engagement.

What factors should be considered when choosing digital marketing channels?

Target audience demographics, type of content, budget, campaign objectives, metrics, and brand image alignment.

What are the components of the marketing information system (MIS)?

People, equipment, and procedures to gather, analyze, and distribute marketing information.

What is one advantage of online marketing research?

It is fast and inexpensive.

What is a disadvantage of traditional marketing research?

It is often expensive and slow.

What are the stages in the buyer decision process?

Need recognition, information search, evaluation of alternatives, purchase decision, post-purchase behavior.

What are the factors affecting consumer behavior?

Cultural, social, personal, and psychological factors.

What is sustainable marketing?

Marketing that meets current customer needs without harming future generations.

What are common ethical issues in marketing?

Misleading advertising, hidden fees, invasion of privacy, manipulative targeting, and greenwashing.

What is corporate social responsibility (CSR)?

A business's duty to contribute positively to society, including environmental efforts and community engagement.

What is greenwashing?

When companies falsely market themselves as environmentally friendly, leading to trust damage when discovered.