BUSINESS STUDIES BEST QUERIES AND ANSWERS

1. Give a list of the personal factors that can influence the decision of a buyer. Give your own three examples of these personal factors so you can show you understand a buyer's decision making process. a. Age b. Occupation c. Lifestyle d. Social status e. Economic status f. Gender Some of the personal factors that influence my decision in buying process include economic status, occupation, and lifestyle. Economic factor plays a vital role when buying a product, since I must buy what I can afford. Being a student, occupation plays vital role in my buying decision making process. Also, my lifestyle limit me on buying expensive products. 2. You are the owner of ABC Electronics company that manufactures and markets cloud based storage solutions. The company's products require high-involvement from the sellers and require salespeople to provide complex and technical information. In your own words, describe the kind of a compensation structure you select for your sales representatives and why you selected these, using the concepts you learned in this course. I would consider salary plus commission compensation structure. This structure would help in offering the flexibility of incentivizing sales representatives to makes sales while also offering a security net to encourage salesperson as the product they are selling require more from them. 3. Explain the pros and cons of using behavioral targeting for marketing. Give an example of a company using behavioral targeting to show you understand the concept and application. Behavioral targeting is a marketing method that uses web user information to strengthen advertising campaigns. Pros include: allows to know customers well, anticipate the needs and wants of current clients, increase productivity and enhance new innovation. Cons include: expensive, limited reach, privacy concern and does not work for all products. 4. Why is the role of advertising as a communications tool important in marketing for business (not consumer) markets? Give an example of a business to business advertising plan (Who is the company and who is the audience?) and explain what are some of the elements that should be considered in that plan. Advertising as a communications tool is one of the most important part of marketing. It create brand awareness in the market. An example of business-to-business advertising targets include schools and hospitals that utilize various products and materials in their operations. This study source was downloaded by from CourseH on :45:19 GMT -05:00 5. You are now the marketing manager of a company. You need to create a stakeholderperformance scorecard that tracks the satisfaction of various constituencies who have an interest and impact your company's performance. List three different departments or entities that might be included in this report. Give one example of a firm and industry who may use this tracking and how they could benefit from the scorecard. Show your understanding of the concept in your response. stakeholder-performance scorecard % of new customers to average number % of lost customers to average number % of win-back customers to average numbe