MGT 103 Final Demill Questions And
Answers
Market Segmentation 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 pro...
Market Segmentation 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 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 Equipment based OR People based
Equipment based --> Automated self service (ATM) Operated by unskilled operators (taxis)
Operated by skilled operators (Electric utilities)
, MGT 103 Final Demill Questions And
Answers
People based --> Unskilled labor (lawn care) Skilled labor (plumbers) Professionals (lawyers)
What would drive services to be equipment based OR people based 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 the ones that have skilled/professionals that have
had lots of education
Last 3 P's of 7 P's 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 Process - think airlines and rental cars, they have good
workflow and process with steps
, MGT 103 Final Demill Questions And
Answers
Value Equation 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 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
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