©JUSTTRACY EXAM SOLUTIONS
25/11/2024 1:25PM
BMAL 590-Foundations of Marketing
Revised Exam Questions And
Solutions
What is marketing? - answers✔✔It is involved in designing products that customers will
enjoy, pricing them appropriately, making them available for purchase at easy points of
access in the marketplace, and advertising the products' benefits to the customers.
5 C's - answers✔✔customer, company, context, collaborators, competitors
STP - answers✔✔Segmentation, Targeting, Positioning
4 P's - answers✔✔Product, Price, Place, Promotion
How is marketing an exchange relationship? - answers✔✔The customer seeks benefits from
the company and expects to pay.
The company offers benefits to its customers and seeks profits.
Why is marketing important? - answers✔✔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? - answers✔✔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
, ©JUSTTRACY EXAM SOLUTIONS
25/11/2024 1:25PM
Markets may be segmented by characteristics of the buyer
What is the 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
What is a competitive marketing strategy? - answers✔✔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) - answers✔✔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?
STP (expanded) - answers✔✔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) - answers✔✔Product: Will customers want what your company is prepared
to produce?
, ©JUSTTRACY EXAM SOLUTIONS
25/11/2024 1:25PM
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 - answers✔✔The way customers select, purchase, use, and dispose of
goods, services, ideas, or experiences to satisfy their needs and desires
Business-to-customer (B2C) - answers✔✔(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) - answers✔✔(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.
Types of Shopping: Customer Involvement - answers✔✔It's not the type of product or
purchase that matters. It's the type of customer behavior (consumer or business level of
involvement) that is relevant and the marketing actions and reactions.
25/11/2024 1:25PM
BMAL 590-Foundations of Marketing
Revised Exam Questions And
Solutions
What is marketing? - answers✔✔It is involved in designing products that customers will
enjoy, pricing them appropriately, making them available for purchase at easy points of
access in the marketplace, and advertising the products' benefits to the customers.
5 C's - answers✔✔customer, company, context, collaborators, competitors
STP - answers✔✔Segmentation, Targeting, Positioning
4 P's - answers✔✔Product, Price, Place, Promotion
How is marketing an exchange relationship? - answers✔✔The customer seeks benefits from
the company and expects to pay.
The company offers benefits to its customers and seeks profits.
Why is marketing important? - answers✔✔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? - answers✔✔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
, ©JUSTTRACY EXAM SOLUTIONS
25/11/2024 1:25PM
Markets may be segmented by characteristics of the buyer
What is the 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
What is a competitive marketing strategy? - answers✔✔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) - answers✔✔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?
STP (expanded) - answers✔✔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) - answers✔✔Product: Will customers want what your company is prepared
to produce?
, ©JUSTTRACY EXAM SOLUTIONS
25/11/2024 1:25PM
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 - answers✔✔The way customers select, purchase, use, and dispose of
goods, services, ideas, or experiences to satisfy their needs and desires
Business-to-customer (B2C) - answers✔✔(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) - answers✔✔(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.
Types of Shopping: Customer Involvement - answers✔✔It's not the type of product or
purchase that matters. It's the type of customer behavior (consumer or business level of
involvement) that is relevant and the marketing actions and reactions.
