BMAL 590-Foundations of Marketing Exam Questions and
Answers Grade A+
What is marketing? - Answer-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 - Answer-customer, company, context, collaborators, competitors
STP - Answer-Segmentation, Targeting, Positioning
4 P's - Answer-Product, Price, Place, Promotion
How is marketing an exchange relationship? - Answer-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? - Answer-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? - 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
Markets may be segmented by characteristics of the buyer
What is the classical marketing concept? - Answer-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? - Answer-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) - Answer-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) - Answer-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) - Answer-Product: Will customers want what your company is
prepared to produce?
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 - Answer-The way customers select, purchase, use, and dispose
of goods, services, ideas, or experiences to satisfy their needs and desires
Answers Grade A+
What is marketing? - Answer-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 - Answer-customer, company, context, collaborators, competitors
STP - Answer-Segmentation, Targeting, Positioning
4 P's - Answer-Product, Price, Place, Promotion
How is marketing an exchange relationship? - Answer-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? - Answer-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? - 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
Markets may be segmented by characteristics of the buyer
What is the classical marketing concept? - Answer-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? - Answer-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) - Answer-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) - Answer-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) - Answer-Product: Will customers want what your company is
prepared to produce?
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 - Answer-The way customers select, purchase, use, and dispose
of goods, services, ideas, or experiences to satisfy their needs and desires
