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BUSN 100 MIDTERM EXAM

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• The relationships established with customers- Managers must serve and encourage the development of positive relationships between themselves and existing customers in order to develop and innovative and effective business model. • The cost structure resulting of the business model- The expenses that a business must take into account when manufacturing a product or providing a service is the cost structure. The cost structure is BUSN 100/Mid-Term Exam basically the business’s ratio of fixed costs to variable costs. Question 4 of 10 10.0/ 10.0 Points What is a competitive advantage? How does marketing contribute to the creation of a competitive advantage • A competitive advantage is a superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. • Marketing contribute to the creation of a competitive advantages because it is a great tool that allows businesses to convince buyers or potential customers that what you have to offer them comes closest to meeting their particular need or want at that point in time. Question 5 of 10 10.0/ 10.0 Points What is market segmentation? List the steps in the market segmentation process. •A market segmentation is the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. Steps in the market segmentation process: • Identify the target market • Identify expectations of the target audience • Create subgroups • Review the needs of the target audience • Name your market segment • Develop marketing strategies • Review the behavior • Estimate the size of the target market • Identify and name the broad market • Identify and inventory the needs of potential customers •

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