BMAL-590 Week 1 Section 1 Marketing exam (Questions & Answers) Rated 100%

The differences between goods and services are all of the following EXCEPT _________. A intangibility B perishability C marketability D inseparability - Answer-C Brian's boss is explaining the concept of buying centers in B2B marketing. His boss indicates that with complicated business purchases, it's not one person making the decision and that each purchase involves different roles. The VP says that the person who first kicks off the purchase process is the ________. A initiator B influencer C administrator D gatekeeper - Answer-A 5Cs - Answer-customers company context collaboration competitors STP - Answer-segmentation targeting positioning 4Ps - Answer-product price promotion place Marketing can be involved in: - Answer-goodsservices (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: - Answer-production orientation, through selling orientation, arriving at the customer orientation Marketing world - Answer-customer-oriented and customer-empowered world where the goal is to build and maintain relationships with the customer CMO - Answer-chief marketing officers American Marketing Association defines marketing as: - 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 - Answer-the theory and practice of identifying needs and distributing goods in a competitive society. 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. 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. competitive marketing strategy: - Answer-nvolves 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 5Cs (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.4P 4 Ps (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? macro-environment: - Answer-the economy, legal constraints, cultural differences, and global segments. B2C - Answer-Business to Consumer B2B - Answer-Business to Business Lexicographic method: - Answer-A customer compares brands by the most important attributes or dimensions. Brands that make the cut on the first dimension go into the customer's consideration set. The customer then compares the brand on the next important attribute and so forth, until only one brand is left.