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MGT 103 Final Demill Exam Practice Questions and Answers (100% Pass)
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MGT 103 Final Demill Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 Final Demill Exam Practice
Questions and Answers (100% Pass)
Four P's - ✔️✔️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 - ✔️✔️Also known as an integrated marketing program
Its a combination of 4 P's
Do the 4P's stay the same all the time? - ✔️✔️No its always evolving. Tend to have one of the p's
off, look at metrics and evaluation plan and adjust accordingly
SWOT - ✔️✔️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 - ✔️✔️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
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
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)
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
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
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