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MGT 103 Final Burrit Demil Questions and Answers 100% Pass
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MGT 103 Final Burrit Demil Questions and Answers 100% Pass product - a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value good - A tangible product used to satisfy h...

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  • January 8, 2025
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 final burrit demil questions and answers 1

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MGT 103 Final Burrit Demil Questions
and Answers 100% Pass

product - ✔✔a good, service, or idea consisting of a bundle of tangible and intangible attributes that

satisfies consumers' needs and is received in exchange for money or something else of value


good - ✔✔A tangible product used to satisfy human wants


services - ✔✔intangible activities or benefits that an organization provides to satisfy consumers' needs in

exchange for money or something else of value


product life cycle - ✔✔describes the stages a new product goes through in the marketplace: introduction,

growth, maturity, and decline


marketing executives managing a product's life cycle in 3 ways - ✔✔1. modify the product itself by

altering its characteristics, such as product quality, performance, or appearance


2. modify the market by finding new customers for the product, increasing a product's use among

existing customers, or creating a new use situation for the product


3. they can reposition the product using any one or a combination of marketing mix elements


Four unique elements of services - ✔✔intangibility, inconsistency, inseparability, inventory


prepurchase search - ✔✔a search for information that aids a specific acquisition decision


Five Dimensions of Service Quality - ✔✔reliability, responsiveness, assurance, empathy, tangibles




Author. Barrett, ©2025 All Rights Reserved.

, 2|Page


customer contact audit - ✔✔a flowchart of the points of interaction between consumer and service

provider


seven Ps of services marketing - ✔✔product, price, place, promotion, people, physical environment,

process


roles of internal marketing - ✔✔have the attitude, skills, and commitment needed to meet customer

expectations


Customer Experience Management (CEM) - ✔✔the process of managing the entire customer experience

within the company


price objectives - ✔✔profit, sales, market share, unit volume, survival, social responsibility


pricing constraints - ✔✔-demand for the product class, product and brand


-newness of the product: PLC


-cost of producing and marketing the product


-competitors prices


-brand


-distribution channel


-pricing across channels


demand curve - ✔✔a graph of the relationship between the price of a good and the quantity demanded


Three demand factors affect price: - ✔✔consumer tastes, price and availability of substitute products, and

consumer income


the role of the marketing manager - ✔✔-define the 4 P's




Author. Barrett, ©2025 All Rights Reserved.

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