EXAM QUESTIONS WITH CORRECT ANSWERS
GRADED A+ LATEST UPDATE
Factors that can help a business develop a sustainable competitive advantage --
ANSWER--Customer loyalty, location, distribution and information systems
(Getting products at a cheap price and selling them at a reasonable price),
unique merchandise, vendor relations, customer service, and multiple source
advantage (being widely recognized by your strengths)
Business intelligence (BI) --ANSWER--The use of data in an enterprise to
facilitate decision-making
Big data analytics --ANSWER--Large, complex data sets that require non-
traditional data processing software to predict trends and forecasts
Four elements that make up ethical behavior within an organization --
ANSWER--A written code of ethics and standards. Ethics training to
executives, managers, and employees. Availability of advice on ethical
situations (advice lines or ethics offices). A system for confidential reporting.
Integrated marketing communications (IMC) --ANSWER--The careful
coordination of all promotional activities—media advertising, sales promotion,
personal selling, and public relations, as well as direct marketing, packaging,
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,and other forms of promotion—to produce a consistent, unified message that is
customer focused
Marketing concept --ANSWER--Identifying consumer needs and then
producing the goods or services that will satisfy those needs while making a
profit for the organization
Promotional techniques --ANSWER--Advertising, sales promotion, and
publicity, or creating new sales channels or new products
Promotional mix --ANSWER--The combination of advertising, personal selling,
sales promotion, and public relations used to promote a product
The main limitation of the AIDA model --ANSWER--The model assumes
consumers are passive and marketers are active during most of the buying
process.
Functional relationships --ANSWER--Limited, ongoing relationships that
develop when a buyer continues to purchase a product from a seller out of habit,
as long as its needs are met
Modular structure --ANSWER--Divides the business into small, tightly knit
strategic business units (SBUs), which focus on specific elements of the
organizational process
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,Value chain --ANSWER--The process or activities by which a company adds
value to a product, including production, marketing, and the provision of after-
sales service
Strategic business units (SBUs) --ANSWER--A profit center that focuses on
product offering and market segment
Sustainable competitive advantage --ANSWER--Company assets, attributes, or
abilities that are difficult to duplicate or exceed and provide a superior or
favorable long-term position over competitors
What is the main difference between the AIDA model of the buyer's journey
and the six steps model of the buying process? --ANSWER--The AIDA model
assumes that the customer experience ends at the purchase while the six-step
process considers the after-purchase relationship with the customer.
Transactional selling --ANSWER--Focuses on short-term, often single,
transactions.
Relationship selling --ANSWER--Focused on long-term relationship building to
keep customers satisfied and consequently convince them to return and make
multiple purchases.
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, Adaptive selling --ANSWER--Using social styles to customize a sales approach
to the specific customer
Social style matrix --ANSWER--A model that categorizes people according to
personality traits and how they interact with others
Analyticals --ANSWER--Focus on "how,"include facts, do not challenge their
facts, demonstrate results, mention guarantees and warranties, give them time to
decide, communicate the pros and cons, and provide history, data, financial
details. Low responsiveness and low assertiveness
Drivers --ANSWER--Focus on "what," get to the point quickly, provide options,
use facts, focus on results, provide timelines, and make them feel in control.
Low responsiveness and high assertiveness
Amiables --ANSWER--Focus on "why," establish a personal relationship,
demonstrate personal commitment, and work as a team. High responsiveness
and low assertiveness
Expressives --ANSWER--Focus on "who," take extra time to discuss
everything, give them recognition and approval, ask them how they feel about
the product or service, focus on the big picture, and use facts and figures to
demonstrate what is possible. High responsiveness and high assertiveness
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