Exam (elaborations)
MGT 103 Marketing Eberhard Final questions and answers A+ score assured 2024/2025
- Course
- Institution
MGT 103 Marketing Eberhard Final questions and answers A+ score assured 2024/2025
[Show more]
Content preview
MGT 103 Marketing Eberhard FinalLecture 11 - ANSMon Nov 5
The "path" to promotional materials/message - ANSProduct/service concept
Product/service design
Market Analysis
Market Research (primary)
SWOT
Positioning Statement
Launch Plan
Launch plan includes - ANSPromotional materials & message:
Product color/design/logo
Product message
Product advertising (print/social m)
Product "sales" materials
Product packaging/inserts
Product "spend" (media, sales force)
Mettle - ANSA person's ability to cope with difficulties or to face a demanding situation in a
spirited and resilient way
The Sales Message - ANSI Opener
II Fact Finding/Questions
III FAB (Feature/Advantage/Benefit) - The Message
IV Handling Objections
V Close/Commitment
Making the Sales Call III - ANSPresentation (body) of Product/Service (FAB)
1. Customize based upon your learnings, but
2. Trust the "flow" of the sales piece (tested)
3. Use visuals (always)
4. Features/Advantages/Benefits (FAB)
- creating value in minds of customer (remember - people love to buy, but hate to be "sold")
Feature/Advantage/Benefit (FAB) - ANSCreating value in the mind of your customer
Feature (Fact): What the product does.
Advantage (So what?): How is it different/better?
Benefit: What this means for you. Don't sell on price, sell on value/benefit.
,Professional salesperson - ANSwill be in a conversation where you don't even know there's a
sale going on. Listen and fabricate and create values for them.
prof: didn't buy a tesla for green emissions, he bought it cause that's where the world's going.
Management Case Study #1: Brook Lodge, MI - ANS1993 Health Care Reform
- Hillary Clinton appointed chiar, Health Care reform (bill clinton was president)
Prof: Upjohn Co. charged him with pulling together educational summit. Get info in 10 days and
come back.
Management Case Study #1: Brook Lodge, MI p2 - ANSWho do we bring?
Keynote speaker- lead MD to Ms. Clinton's task force.
Most important physicians in the country. Pay them, educate them. Cover a very controversial
topic.
Management Case Study #1: Brook Lodge, MI p3 - ANSShe said: there are different levels of
healthcare, decided by where you trained.
What's distasteful: foreign physicians flooding into America and treating Americans with
mediocre education.
50% of the audience is foreign...
grumbling.
Boss tells prof that he needs to tell her that she made a mistake and must apologize.
She has two words: screw you.
Management Case Study #1: Brook Lodge, MI p4 - ANSDo you align with the lead MD (who
knows Hillary Clinton and could make bad things happen to us?), or with the customers?
*THE CUSTOMERS*
Lecture 12 - ANSWed Nov 7
Pricing - ANSRegardless of the factors involved, the price of a product or service must *cover
the costs* of the product/service as well as *earn a reasonable profit*
New Product-line extension
The CEO could ask for: - ANS- Price as an indicator of value.
- Value pricing.
- Profit equation.
- Pricing objectives.
- Pricing constraints.
- Estimating demand.
,- The demand curve.
- Marginal revenue curves.
- Elastic demand.
- Marginal analysis and profit maximization.
The CEO will most likely ask for - ANS- *What is your recommended price?*
- *What is your sales forecast (years 1-3)?*
- *Percent (%) confidence in your sales forecast?*
The CEO will most likely ask for, p2 - ANS- How did you arrive at this price?
- What (and when) is our profit?
- What are our cost of goods?
- How much (Marketing) spend will it take for us to - achieve these financial objectives?
- How many units (iWatches) will we "move"?
- Any increase in capital costs (to make)?
vote with your feet - ANSto leave a place or an organization because you do not like something
about it.
If it doesn't work?
1) Keep walking
2) Put your tail between your legs and inch back in.
Price - ANSwhat product/service is listed at.
Cost - ANSprice paid for product/service.
Value - ANSValue = (Perceived Benefits) / Price
the ratio of perceived benefits to price (demand driven factor(s) which can dramatically increase
the price/cost equation).
Pricing: 3 Models - ANSProducts:
1) Target Cost pricing
2) Cost Plus pricing
Services:
1) Time & Material pricing
Target Cost pricing - ANS- products that are not easily differentiated ("me-too" products).
- the "market" determines the price (range).
- many competitors. you are NOT 1st to market (e.g. fast-food lunch meal deal).
- in order to make a profit, you must make your product "fit" into the (set) pricing structure.
, 5 dollar meal deals at fast food places
Cost Plus pricing - ANS- New or novel (unique) product.
- You (not the market) set the price.
- Typically, the market leader.
- Examples: Tesla, iPhone, Rolex
Maintaining Market leadership (with cost plus pricing) - ANS- In order to maintain market
leadership AND healthy profit margins, you must:
1. innovate (newer/better)
2. uphold premium brand image
Time & Material pricing - ANS- Due to variability in time and material, pricing is determined by
amount of each provided to specific customer.
- examples: accounting, law, engineering, transportation services (Uber, SWA), hotels,
entertainment, medical services.
Motel 6 vs. Halfmoon Bay
Value examples - ANSGramercy Tavern
Abraham Lincoln charcoal sketch drawing
Profit - ANSTotal Revenue - Total Cost
= (Unit price x Quantity sold) - (Fixed cost + Variable cost)
Profit Example: Shoe Store - ANSUnit price of $100.00 per pair of shoes
1,000 shoes sold
Fixed costs of $25,000 (e.g. rent, insurance)
Variable costs:
COGs (cost of goods) $30,000
Labor costs $25,000
Profit? $20,000
Profit = Total revenue - Total costs
(unit price x quantity sold) - (fixed + variable costs)
Sales Forecasting - ANSthe process for *estimating future sales.* It is based upon any
individual or combination of the following:
1. Past sales data
2. Industry-wide comparisons
3. Economic trends
4. Market Research & Competitive Intelligence
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LegitPage. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now