Exam (elaborations)
BMAL-590 Week 1 Section 1 Marketing correctly answered
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BMAL-590 Week 1 Section 1 Marketing correctly answered
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BMAL-590 Week 1 Section 1 MarketingGreat Marketing is based on - correct answer ✔✔Sound, logical economic and psychological laws of
human and organizational behavior.
Marketing is: - correct answer ✔✔Everywhere, encompasses a wide variety of pursuits, and is an
ongoing process.
Marketing Framework: - correct answer ✔✔5Cs, STP, and 4Ps
5Cs - correct answer ✔✔customers
company
context
collaboration
competitors
STP - correct answer ✔✔segmentation
targeting
positioning
4Ps - correct answer ✔✔product
price
promotion
place
What is marketing? - correct answer ✔✔Marketing is an exchange between a firm and its customers.
Marketing can be involved in: - correct answer ✔✔goods
, services (hotels and airlines)
nonprofit organizations (organ donation)
government agencies (smoking cessation)
events (baseball game)
people (political campaigns and athletes)
ideas
companies
industries
experiences (ESPN Zone)
Marketing evolution: - correct answer ✔✔production orientation, through selling orientation, arriving at
the customer orientation
Marketing world - correct answer ✔✔customer-oriented and customer-empowered world where the
goal is to build and maintain relationships with the customer
CMO - correct answer ✔✔chief marketing officers
American Marketing Association defines marketing as: - correct answer ✔✔the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging offerings that have
clue for customers, clients, partners, and society at large
Marketing - correct answer ✔✔the theory and practice of identifying needs and distributing goods in a
competitive society.
Market: - correct answer ✔✔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.
Classical Marketing Concept: - correct answer ✔✔a philosophy which guides the attitude of everyone in
a firm to stimulate and satisfy the needs and wants of every customer.
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