©JUSTTRACY EXAM SOLUTIONS
25/11/2024 3:30PM
BMAL 590 - Marketing Updated Exam
Questions And Answers
Marketing - answers✔✔the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
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
Competitive Marketing Strategy - answers✔✔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
The 5 C's - answers✔✔Customers, Company, Competitors, Collaborators, Context
STP - answers✔✔Segmentation, Targeting, Positioning
The 4 P's - answers✔✔Product, Price, Place, Promotion
Customer and Company - answers✔✔the central players in the marketing exchange
Context - answers✔✔includes the macro-environment: the economy, legal constraints,
cultural differences, and global segments
Marketer's Responsibilities - answers✔✔Create a product that customers need or want, price
the product appropriately, promote it via advertising and sales promotion to help customers
understand the product's benefits and value and make the product available for purchase in
accessible places
B2C - answers✔✔business to consumer
, ©JUSTTRACY EXAM SOLUTIONS
25/11/2024 3:30PM
B2B - answers✔✔business to business
Consumer buying - answers✔✔People buying something for themselves or their household
Business customer - answers✔✔An agent buying something on behalf of an organization
Low Customer Involvement - answers✔✔Customers don't care and won't spend time
thinking about brands. They will typically be somewhat price sensitive.
Moderate Customer Involvement - answers✔✔Some effort is expended prior to purchase to
obtain good value.
High Customer Involvement - answers✔✔For expensive purchases, brand, uniqueness and
quality matter.
Lexicographic method - answers✔✔A customer compares brands by most important
attributes or dimensions. The brand that satisfies the first dimension goes into the customer's
consideration set
Average method - answers✔✔Method uses averages so one attribute can't make or break a
brand. One brand can have one strong attribute but be average for another. The brand will still
dominate a brand with all average attributes.
Use attribute importance - answers✔✔Models can be made more complex by bringing in
weights to express how important the attributes are to the customer.
Factors that influence customer behavior - answers✔✔External - opinion leaders, culture,
social class
Internal - attitudes, motivations, perceptions
Situational - physical environment, purpose of purchase, time constraints
25/11/2024 3:30PM
BMAL 590 - Marketing Updated Exam
Questions And Answers
Marketing - answers✔✔the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
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
Competitive Marketing Strategy - answers✔✔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
The 5 C's - answers✔✔Customers, Company, Competitors, Collaborators, Context
STP - answers✔✔Segmentation, Targeting, Positioning
The 4 P's - answers✔✔Product, Price, Place, Promotion
Customer and Company - answers✔✔the central players in the marketing exchange
Context - answers✔✔includes the macro-environment: the economy, legal constraints,
cultural differences, and global segments
Marketer's Responsibilities - answers✔✔Create a product that customers need or want, price
the product appropriately, promote it via advertising and sales promotion to help customers
understand the product's benefits and value and make the product available for purchase in
accessible places
B2C - answers✔✔business to consumer
, ©JUSTTRACY EXAM SOLUTIONS
25/11/2024 3:30PM
B2B - answers✔✔business to business
Consumer buying - answers✔✔People buying something for themselves or their household
Business customer - answers✔✔An agent buying something on behalf of an organization
Low Customer Involvement - answers✔✔Customers don't care and won't spend time
thinking about brands. They will typically be somewhat price sensitive.
Moderate Customer Involvement - answers✔✔Some effort is expended prior to purchase to
obtain good value.
High Customer Involvement - answers✔✔For expensive purchases, brand, uniqueness and
quality matter.
Lexicographic method - answers✔✔A customer compares brands by most important
attributes or dimensions. The brand that satisfies the first dimension goes into the customer's
consideration set
Average method - answers✔✔Method uses averages so one attribute can't make or break a
brand. One brand can have one strong attribute but be average for another. The brand will still
dominate a brand with all average attributes.
Use attribute importance - answers✔✔Models can be made more complex by bringing in
weights to express how important the attributes are to the customer.
Factors that influence customer behavior - answers✔✔External - opinion leaders, culture,
social class
Internal - attitudes, motivations, perceptions
Situational - physical environment, purpose of purchase, time constraints
