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MGT 103 Final Exam Questions with Complete Solutions
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Four P's - Answer-PRODUCT - features, brand name, packaging, service, warranty PRICE - list price, discounts, allowances, credit terms, payment period PLACE - advertising, personal selling, public relations, sales promotion, direct marketing PROMOTION - outlets, channels, coverage, transportati...

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  • October 23, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 final exam questions with complete solutio
  • four ps answer product features brand name

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  • MGT103

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MGT 103 Final Exam Questions with
Complete Solutions
Four P's - Answer-PRODUCT - features, brand name, packaging, service, warranty
PRICE - list price, discounts, allowances, credit terms, payment period
PLACE - advertising, personal selling, public relations, sales promotion, direct
marketing
PROMOTION - outlets, channels, coverage, transportation, stock levels

Cohesive marketing program - Answer-Also known as an integrated marketing program

Its a combination of 4 P's

Do the 4P's stay the same all the time? - Answer-No its always evolving. Tend to have
one of the p's off, look at metrics and evaluation plan and adjust accordingly

SWOT - Answer-Tell company where they are at any given time

INTERNAL= (more control over/can be fixed )Strengths, Opportunities
EXTERNAL= (can fix but can respond/ and be prepared) Weaknesses,Threats

Market Segmentation - Answer-the process of dividing a market into (1)Identify market
needs -what problem do I need to solve for the market- in terms of product feature,
expense, quality, convenience (2) Link needs to actions- target market, who has that
problem. (3) Execute marketing program actions - Marketing mix, 4ps

Seven stages of the new-product process - Answer-1. new product strategy
development
2. idea generation (get from customers, employees, close to product)
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization

Services - Answer-Equipment based OR People based

Equipment based --> Automated self service (ATM) Operated by unskilled operators
(taxis) Operated by skilled operators (Electric utilities)

People based --> Unskilled labor (lawn care) Skilled labor (plumbers) Professionals
(lawyers)

, What would drive services to be equipment based OR people based - Answer-Skilled
vs. Unskilled labor. Unskilled labor costs too much money so equipment based labor
makes more sense bc it is has lower labor costs.

Which services create the most value - Answer-the ones that have skilled/professionals
that have had lots of education

Last 3 P's of 7 P's - Answer-People - provide customer service, internal marketing,
Customer Experience management
Physical Environment - wheres the right place to send the right message abt your
service. CONVENIENCE!
Process - Capacity management, scale you business so that you have the capacity to
grow/shrink based on the forecast

Which of the 7 P's have the best - Answer-Process - think airlines and rental cars, they
have good workflow and process with steps

Value Equation - Answer-Value = Perceived Benefits / Price

Perceived benefits are different for each customer - Benefits are personal

cannot raise price if the perceived benefits are not high bc its not valuable for customers

Six Steps in Setting Price - Answer-1. Identify pricing objectives and constraints
2. Estimate demand and revenue
3. Determine cost, volume, and profit relationships
4. Select an approximate price level
5. Set list or quoted price
6. Make special adjustments to list or quoted price

If your late to the market you want to penetrate and undercut the market competition

If your early to the market you want to price high - easier to start high and go down - you
get old

price elasticity - Answer-if we put on sale will people buy more of it

clothes not toothpaste, commodity products

pure competition - Answer-many sellers who follow the market price for identical,
commodity products (bread, milk) inelastic pricing that people need to survive

monopolistic competition - Answer-many sellers who compete on non-price factors
(shoes, laptops) buys the brand that has differentiator from competitors (Kim K wears
CK)

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