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BUSM 2010 Questions With Correct Answers (Verified)
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BUSM 2010 Questions With Correct Answers (Verified)Marketing Right Ans - The activity of creating, communicating, delivering
and exchanging offerings that have utility for customers, and these exchanges
benefit the organization, its stakeholders, and society at large
Utility Right Ans - Consists of the benefits or customer value received by
users of the product/service ; it is what consumers pay for in an exchange
transaction
Form utility Right Ans - (making a product more attractive for consumers)
Involves making a product ready for consumption by converting it to a form
that is more beneficial to consumers than the raw materials used to make it
Possession utility Right Ans - the value of making an item easy to purchase
through the provision of credit cards or financial arrangements
Time utility Right Ans - having the offering available when consumers need
it
Place Utility Right Ans - having the offering available where consumers
need it
Marketing Mix: The 4 P's of Marketing (controllable factors) Right Ans -
Product, Price, Place and Promotion
Product Right Ans - something that provides an unmet need or want to
consumers (oxy clean example)
Price Right Ans - Set prices that provide genuine value to the targeted
segment of customer
Promotion Right Ans - Increases awareness of potential users in customer
segments that may not have heard of the product
Place Right Ans - Make the product easy for prospective buyers to buy at
convenient retail outlets (if that complys with the type of product being sold)
, Uncontrollable factors Right Ans - social (fb, gender equality, trust issues),
economic (recession, foreign markets), technological (smart phones, apps,
privacy issues), competitive (what are your competitors doing?), Regulatory
(Privacy, FCC/FDA labeling regs)
Middlemen Right Ans - facilitates interaction between parties, typically for
a commission or fee
Govt. role in a market economy Right Ans - 1. Protect consumers 2. Police
industry 3. Ensure fair competition
Customer value proposition Right Ans - cluster of benefits that an
organization promises customers to satisfy their needs
Balance of Trade Right Ans - The difference between the monetary value of
a nation's exports and imports
-Country's exports exceed its imports → surplus in its balance of trade
Country's imports exceed its exports → balance of trade deficit (U.S.)
Trade feedback effect Right Ans - -An argument for free trade among
nations
-World trade exports and imports are complementary economic flows
-Nation's greater demand for imports stimulates the exports of other
countries.
-Increased demand for exports of other nations energizes their economic
activity, resulting in higher national income, which stimulates their demand
for imports
Countertrade Right Ans - The practice of using barter rather than money
for making global sales
Protectionism Right Ans - Hinders world trade through tariffs and quotas
policies of countries, raising prices and limiting supply
Cross-Cultural Analysis of Trade Right Ans - To market effefctively on a
global scale, one must analyze the similarities and differences of consumers
across global geographies in 5 key areas: Values, Customs, Cultural symbols,
language and ethnocentrism
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