Exam (elaborations)
BCS Marketing Principles Questions & Answers
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BCS Marketing Principles Questions & Answers
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BCS Marketing Principles Questions &Answers
what is marketing? - ANSWER-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
Product/Service Management - ANSWER-designing, developing, maintaining, improving, and acquiring
products and services that meet consumer needs
Distribution - ANSWER-Determining the best ways for customers to locate,obtain,and use the products
and services of an organization. Involves moving the product each step from the deign idea to the
consumer.
Selling - ANSWER-Communicating directly with potential customers to determine and satisfy their needs.
Marketing Information Management - ANSWER-Obtaining, managing, and using market information to
improve business decision-making and the performance of marketing activities.
Financial Analysis - ANSWER-budgeting for marketing activities, obtaining the necessary funds needed
for operations, and providing financial assistance to customers so they can purchase the business'
products and services
pricing - ANSWER-setting and communicating the value of products and services
what are the two steps in developing a marketing strategy? - ANSWER-1- identify a target market
2- create a marketing mix
price - ANSWER-use the best pricing strategy to sell your product/service. price skimming, price
penetration, psychological pricing, loss-leader pricing, cost plus pricing
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