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Exam (elaborations)

BUSM 2010 Questions With Correct Answers (Verified)

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BUSM 2010 Questions With Correct Answers (Verified)

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  • October 14, 2024
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  • Exam (elaborations)
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  • BUSM
  • BUSM
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BUSM 2010 Questions With Correct Answers (Verified)

Marketing Right Ans - The activity of creating, communicating, delivering
and exchanging offerings that have utility for customers, and these exchanges
benefit the organization, its stakeholders, and society at large

Utility Right Ans - Consists of the benefits or customer value received by
users of the product/service ; it is what consumers pay for in an exchange
transaction

Form utility Right Ans - (making a product more attractive for consumers)
Involves making a product ready for consumption by converting it to a form
that is more beneficial to consumers than the raw materials used to make it

Possession utility Right Ans - the value of making an item easy to purchase
through the provision of credit cards or financial arrangements

Time utility Right Ans - having the offering available when consumers need
it

Place Utility Right Ans - having the offering available where consumers
need it

Marketing Mix: The 4 P's of Marketing (controllable factors) Right Ans -
Product, Price, Place and Promotion

Product Right Ans - something that provides an unmet need or want to
consumers (oxy clean example)

Price Right Ans - Set prices that provide genuine value to the targeted
segment of customer

Promotion Right Ans - Increases awareness of potential users in customer
segments that may not have heard of the product

Place Right Ans - Make the product easy for prospective buyers to buy at
convenient retail outlets (if that complys with the type of product being sold)

, Uncontrollable factors Right Ans - social (fb, gender equality, trust issues),
economic (recession, foreign markets), technological (smart phones, apps,
privacy issues), competitive (what are your competitors doing?), Regulatory
(Privacy, FCC/FDA labeling regs)

Middlemen Right Ans - facilitates interaction between parties, typically for
a commission or fee

Govt. role in a market economy Right Ans - 1. Protect consumers 2. Police
industry 3. Ensure fair competition

Customer value proposition Right Ans - cluster of benefits that an
organization promises customers to satisfy their needs

Balance of Trade Right Ans - The difference between the monetary value of
a nation's exports and imports
-Country's exports exceed its imports → surplus in its balance of trade
Country's imports exceed its exports → balance of trade deficit (U.S.)

Trade feedback effect Right Ans - -An argument for free trade among
nations
-World trade exports and imports are complementary economic flows
-Nation's greater demand for imports stimulates the exports of other
countries.
-Increased demand for exports of other nations energizes their economic
activity, resulting in higher national income, which stimulates their demand
for imports

Countertrade Right Ans - The practice of using barter rather than money
for making global sales

Protectionism Right Ans - Hinders world trade through tariffs and quotas
policies of countries, raising prices and limiting supply

Cross-Cultural Analysis of Trade Right Ans - To market effefctively on a
global scale, one must analyze the similarities and differences of consumers
across global geographies in 5 key areas: Values, Customs, Cultural symbols,
language and ethnocentrism

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