: This examination consists of short answer- and application-type questions only. You are required to answer ANY FOUR (4) of the questions. You MUST USE EXAMPLES to support your discussions; if not, you will be penalized. Each question is valued 15 marks. Be comprehensive in your responses.

1. Jan realizes that her bakery is running low on flour and recognizes the need to purchase at least three months' worth of the commodity to keep them going. Use the stages of the business buying process to describe the actions that Jan would likely take at each stage of this acquisition

1. According to Kotler & Armstrong, business buyer demand is derived from consumer demand and it is more inelastic than in consumer markets. Explain this claim.

1. In consumer markets there is a concept called the "buyer's black box." What is the equivalent concept in business markets and how does it operate?

1. You are the operator of large shoe manufacturing outlet. Use the figure below to describe your potential market targeting approaches.

Undifferentiated Differentiated Concentrated Micromarketing (mass) marketing (segmented) (niche) (local or individual marketing marketing marketing) Targeting Targeting broadly narrowlyPrice More The same Less These are winning value propositions. More More More More for for the for more same less The same Benefits The same for less Less for Less much These are losing less value propositions