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Exam (elaborations)

BUSM 2010 Questions With Solutions

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BUSM 2010 Questions With Solutions Marketing Mix: The 4 P's of Marketing (controllable factors) Product, Price, Place and Promotion Product something that provides an unmet need or want to consumers (oxy clean example) Price Set prices that provide genuine value to the targeted segment of cu...

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  • October 19, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSM
  • BUSM
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UpperClass
BUSM 2010 Questions With Solutions

Marketing Mix: The 4 P's of Marketing (controllable factors) Product, Price, Place and

Promotion




Product something that provides an unmet need or want to consumers (oxy clean

example)




Price Set prices that provide genuine value to the targeted segment of customer




Promotion Increases awareness of potential users in customer segments that may not have

heard of the product




Place 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 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)

, BUSM 2010 Questions With Solutions
Middlemen facilitates interaction between parties, typically for a commission or fee




Govt. role in a market economy 1. Protect consumers 2. Police industry 3. Ensure fair

competition




Customer value proposition cluster of benefits that an organization promises customers to

satisfy their needs




Balance of Trade 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 -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

, BUSM 2010 Questions With Solutions
Countertrade The practice of using barter rather than money for making global sales




Protectionism Hinders world trade through tariffs and quotas policies of countries, raising

prices and limiting supply




Cross-Cultural Analysis of Trade 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




Exporting A global market-entry strategy in which a company produces products in one

and sells them in another country




Contract manufacturing The product is produced abroad by a third party




Contract Assembly The product is assembled abroad by a third party (taking parts of the

product from other places and literally assembling it somewhere else)




Franchising The right to use company trademark as well as certain business systems and

processes to produce and market a good or service

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