C201 BUSINESS ACUMEN UPDATED EXAMS MANUAL
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Targeting Consumers (Market Segmentation) - ✔✔Geographical, Demographics
(age gender income), Pyschographic (Own a boat you may like other outdoor activities)
Product Related (Target people who need a product ie Glutten free)
✔✔Targeting a Business (Market Segmentation) - ✔✔Geographical, Demographic, End
Use (Comp chip manufacturer you try to sell to the toy company to use your product--
who is looking for your product)
✔✔Marketing Mix-Four Strategies - ✔✔FOUR P's
Product Strategy
Distribution Place Strategy
Promotional Strategy
Pricing Strategy
✔✔Product Strategy - ✔✔The way the product component of the marketing mix is used
to achieve a firm's objectives. Design, packaging that makes people want to buy your
product
✔✔Distribution (Place) Strategy - ✔✔ensures consumer gets what they want when they
want it
✔✔Pricing Strategy - ✔✔Setting profitable and justifiable to set prices
✔✔Promotional Strategy - ✔✔a plan for the optimal use of the promotional mix to reach
the target market and achieve firm goals
✔✔Relationship Marketing - ✔✔A strategy that focuses on keeping and improving
relationships with current customers
✔✔80/20 principal - ✔✔a principal holding that 20 percent of all customers generate 80
percent of the profits
✔✔Frequency Marketing - ✔✔a popular technique that rewards regular purchasers with
prizes that get better as they spend more (Frequent Flyer/ Fry's Card)
✔✔When it it cheaper to Relationship Market - ✔✔When they are new.
✔✔Name three personal determinants that influence your consumer behavior. -
✔✔Learned experience, perception, self-concept
, ✔✔Co-branding - ✔✔The practice of using the established brand names of two different
companies on the same product
✔✔Co-marketing - ✔✔Efforts among a number of firms to jointly market their products
and services.
✔✔Ownership Utility - ✔✔
✔✔Product Classification - ✔✔Convenience Product--everyday
Shopping Product--Have to go to a the store, ie hardware store
Specialty Product--not available anywhere, engagement ring
✔✔Product Life Cycle - ✔✔Introduction, Growth, Maturity, Decline
✔✔Brand Loyalty - ✔✔consistent preference for one brand over all others. Three stage
1 Brand Recognition(seent it heard of it coupon) 2 Brand Preference (based on your
experience) 3 Brand Insistence (You will only buy that)
✔✔Brand Equity - ✔✔The added value a brand name gives to a product beyond the
functional benefits provided.
✔✔Brand Awareness - ✔✔You made a connection and the product and brand. tissues,
vs kleenex
✔✔Brand Association - ✔✔Image connected to a brand
✔✔Distribution Channels - ✔✔Direct and Intermediary
✔✔Direct Distribution - ✔✔Direct contact needed ie barber.
✔✔Marketing Intermediaries - ✔✔Wholesalers
Retailers
✔✔Market Utility - ✔✔Utility refers to the value or benefit a customer receives from the
exchange, according to the University of Delaware. There are four types of utility: form,
place, time and possession; together, they help to create customer satisfaction.
✔✔Promotion - ✔✔The coordination of a marketer's communication efforts to influence
attitudes or behavior.
✔✔Integrated Marketing Communications IMC - ✔✔Coordinating the promotion mix
elements and synchronizing promotion as a unified effort
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Targeting Consumers (Market Segmentation) - ✔✔Geographical, Demographics
(age gender income), Pyschographic (Own a boat you may like other outdoor activities)
Product Related (Target people who need a product ie Glutten free)
✔✔Targeting a Business (Market Segmentation) - ✔✔Geographical, Demographic, End
Use (Comp chip manufacturer you try to sell to the toy company to use your product--
who is looking for your product)
✔✔Marketing Mix-Four Strategies - ✔✔FOUR P's
Product Strategy
Distribution Place Strategy
Promotional Strategy
Pricing Strategy
✔✔Product Strategy - ✔✔The way the product component of the marketing mix is used
to achieve a firm's objectives. Design, packaging that makes people want to buy your
product
✔✔Distribution (Place) Strategy - ✔✔ensures consumer gets what they want when they
want it
✔✔Pricing Strategy - ✔✔Setting profitable and justifiable to set prices
✔✔Promotional Strategy - ✔✔a plan for the optimal use of the promotional mix to reach
the target market and achieve firm goals
✔✔Relationship Marketing - ✔✔A strategy that focuses on keeping and improving
relationships with current customers
✔✔80/20 principal - ✔✔a principal holding that 20 percent of all customers generate 80
percent of the profits
✔✔Frequency Marketing - ✔✔a popular technique that rewards regular purchasers with
prizes that get better as they spend more (Frequent Flyer/ Fry's Card)
✔✔When it it cheaper to Relationship Market - ✔✔When they are new.
✔✔Name three personal determinants that influence your consumer behavior. -
✔✔Learned experience, perception, self-concept
, ✔✔Co-branding - ✔✔The practice of using the established brand names of two different
companies on the same product
✔✔Co-marketing - ✔✔Efforts among a number of firms to jointly market their products
and services.
✔✔Ownership Utility - ✔✔
✔✔Product Classification - ✔✔Convenience Product--everyday
Shopping Product--Have to go to a the store, ie hardware store
Specialty Product--not available anywhere, engagement ring
✔✔Product Life Cycle - ✔✔Introduction, Growth, Maturity, Decline
✔✔Brand Loyalty - ✔✔consistent preference for one brand over all others. Three stage
1 Brand Recognition(seent it heard of it coupon) 2 Brand Preference (based on your
experience) 3 Brand Insistence (You will only buy that)
✔✔Brand Equity - ✔✔The added value a brand name gives to a product beyond the
functional benefits provided.
✔✔Brand Awareness - ✔✔You made a connection and the product and brand. tissues,
vs kleenex
✔✔Brand Association - ✔✔Image connected to a brand
✔✔Distribution Channels - ✔✔Direct and Intermediary
✔✔Direct Distribution - ✔✔Direct contact needed ie barber.
✔✔Marketing Intermediaries - ✔✔Wholesalers
Retailers
✔✔Market Utility - ✔✔Utility refers to the value or benefit a customer receives from the
exchange, according to the University of Delaware. There are four types of utility: form,
place, time and possession; together, they help to create customer satisfaction.
✔✔Promotion - ✔✔The coordination of a marketer's communication efforts to influence
attitudes or behavior.
✔✔Integrated Marketing Communications IMC - ✔✔Coordinating the promotion mix
elements and synchronizing promotion as a unified effort
