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BMAL 590 – Marketing Exam Questions and Answers
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BMAL 590 – Marketing Exam Questions and Answers
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BMAL 590 – Marketing Exam Questionsand Answers
Marketing - Answers -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
Classical Marketing Concept - Answers -A philosophy which guides the attitude of
everyone in a firm to stimulate and satisfy the needs and wants of every customer
Competitive Marketing Strategy - Answers -involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to offer
value to the target market, that is defined by marketing, so that the business may focus
on those selected markets
The 5 C's - Answers -Customers, Company, Competitors, Collaborators, Context
STP - Answers -Segmentation, Targeting, Positioning
The 4 P's - Answers -Product, Price, Place, Promotion
Customer and Company - Answers -the central players in the marketing exchange
Context - Answers -includes the macro-environment: the economy, legal constraints,
cultural differences, and global segments
Marketer's Responsibilities - Answers -Create a product that customers need or want,
price the product appropriately, promote it via advertising and sales promotion to help
customers understand the product's benefits and value and make the product available
for purchase in accessible places
B2C - Answers -business to consumer
B2B - Answers -business to business
Consumer buying - Answers -People buying something for themselves or their
household
Business customer - Answers -An agent buying something on behalf of an organization
, Low Customer Involvement - Answers -Customers don't care and won't spend time
thinking about brands. They will typically be somewhat price sensitive.
Moderate Customer Involvement - Answers -Some effort is expended prior to purchase
to obtain good value.
High Customer Involvement - Answers -For expensive purchases, brand, uniqueness
and quality matter.
Lexicographic method - Answers -A customer compares brands by most important
attributes or dimensions. The brand that satisfies the first dimension goes into the
customer's consideration set
Average method - Answers -Method uses averages so one attribute can't make or break
a brand. One brand can have one strong attribute but be average for another. The
brand will still dominate a brand with all average attributes.
Use attribute importance - Answers -Models can be made more complex by bringing in
weights to express how important the attributes are to the customer.
Factors that influence customer behavior - Answers -External - opinion leaders, culture,
social class
Internal - attitudes, motivations, perceptions
Situational - physical environment, purpose of purchase, time constraints
Types of B2B Customers - Answers -installations, accessories, raw materials, parts or,
business services
Intangibility - Answers -services cannot be evaluated using sight, touch, smell.
Perishability - Answers -services cannot be stored, hence matching supply with demand
is critical
Variability - Answers -service quality differs based who performs the service, unless
standardization in service quality is offered through training
Inseparability - Answers -in services, the production and consumption cannot be
separated
Product Life Cycle - Answers -introduction, growth, maturity, decline
Introduction (Product Life Cycle) - Answers -Organization attempts to establish as a
pioneer/market leader. Product development costs are high
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