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BMAL 590-Foundations of Marketing Questions With Solutions
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  • BMAL 590

BMAL 590-Foundations of Marketing Questions With Solutions Why is marketing important? Enriches society, can be entrepreneurial, expands global presence, strengthens channel relationships Marketing has evolved from a function to an organization-wide philosophy The marketing world is a truly c...

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  • November 12, 2024
  • 41
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • BMAL 590
  • BMAL 590

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BMAL 590-Foundations of Marketing
Questions With Solutions

Why is marketing important? Enriches society, can be entrepreneurial, expands global

presence, strengthens channel relationships




Marketing has evolved from a function to an organization-wide philosophy




The marketing world is a truly customer-oriented and customer-empowered world where the

goal is to build and maintain relationships with the customer




What is a market? The aggregate of all people or organizations who have a need for, or

want, a product or class of products and have the money to pay for them. It is sometimes used to

mean a place, real or virtual, where buyers and sellers meet to buy or sell goods




Markets may be segmented by characteristics of the buyer




What is the classical marketing concept? A philosophy which guides the attitude of

everyone in a firm to stimulate and satisfy the needs and wants of every customer

, BMAL 590-Foundations of Marketing
Questions With Solutions
What is a competitive marketing strategy? It 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




5 C's (expanded) Customers: Who are they? What are they like? Do we want to draw

different customers?




Company: What are our strengths and weaknesses? What customer benefits can we provide?




Context: What is happening in our industry that might reshape our future business?




Collaborators: Can we address our customers' needs while strengthening our business to business

(B2B) partnerships?




Competitors: Who are the competitors we must consider? What are their likely actions and

reactions?

, BMAL 590-Foundations of Marketing
Questions With Solutions
STP (expanded) Segmentation: Customers aren't all the same; they vary in their

preferences, needs, and resources.




Targeting: Attracting some of those customers makes better sense than going after others.




Positioning: Communicate your benefits clearly to your intended customers.




4 P's (expanded) Product: Will customers want what your company is prepared to

produce?




Price: Will customers pay what you would like to charge?




Place: Where and how will customers purchase your market offering?




Promotion: What can you tell your customers, or do for them, to entice them to purchase?




Customer behavior The way customers select, purchase, use, and dispose of goods,

services, ideas, or experiences to satisfy their needs and desires

, BMAL 590-Foundations of Marketing
Questions With Solutions

Business-to-customer (B2C) (Customer involvement: low) Convenience purchases:

Staples (standard, frequently consumed goods such as bread or gas) and impulse purchases

(candy or National Enquirer available near the check-out stand).




(Customer involvement: moderate) Shopping purchases: Going online to Citysearch.com to find

a restaurant and make reservations when heading out of town.




(Customer involvement: high) Specialty purchases: A new car, fashion shows, an expensive

laptop computer.




Business-to-business (B2B) (Customer involvement: low) Straight rebuy: You're out of

toothpaste and you mindlessly pop a tube of your usual brand into your basket.




(Customer involvement: moderate) Modified rebuy: You reach for your brand of toothpaste but

you try a new flavor.




(Customer involvement: high) New buy: You're buying teeth whitening strips for the first time

and think what attributes must you consider.

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