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MKT 300 Final Exam With Latest Solutions 2024
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MKT 300 Final Exam With Latest Solutions 2024
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MKT 300 Final Exam With Latest Solutions2024
1. .6 .Stages .of .the .new .product .development .process .- .correct .answer.Idea .Generation
Concept .Testing
Product .Development
Market .Testing
Product .Launch
Evaluation .of .Results
Idea .Generation .- .correct .answer.development .of .viable .new .product .ideas
Concept .Testing .- .correct .answer.testing .the .new .product .idea .among .a .set .of .potential
.customers
Product .Development .- .correct .answer.development .of .prototypes .and/r .the .product
Market .Testing .- .correct .answer.testing .the .actual .products .in .a .few .test .markets
Product .Launch .- .correct .answer.full-scale .commercialization .of .the .product
Evaluation .of .Results .- .correct .answer.analysis .of .the .performance .for .the .new .product
.and .making .appropriate .modifications
4. .Service .- .correct .answer.any .intangible .offering .that .involves .a .deed, .performance .of
.effort .that .cannot .be .physically .possessed
5. .Service .Characteristics .differentiating .services .from .goods .- .correct
.answer.Intangibility
Variability
Inseparable
Variability .- .correct .answer.because .we .are .human, .we .are .prone .to .lose .control .of .our
.emotions...causing .error
Knowledge .Gap .- .correct .answer.the .difference .between .customers' .expectations .and
.the .firm's .perception .of .those .customer .expectations
, Delivery .Gap .- .correct .answer.the .difference .between .the .firms .service .standards .and .the
.actual .service .it .provides .to .customers
Communication .Gap .- .correct .answer.the .difference .between .the .actual .services
.provided .to .customers .and .the .service .that .the .firm's .promotion .program .promises.
7. .What .is .price .- .correct .answer.the .overall .sacrifice .a .consumer .is .willing .to .make .to
.acquire .a .specific .product .or .service.
8. .4 .Types .of .pricing .objectives .- .correct .answer.Profit .Orientation
Sales .Orientation
Competitor .Orientation
Customer .Orientation
Profit .Orientation .- .correct .answer.focus .on .target .profit .pricing, .maximize .profit .or .target
.return .pricing
Sales .Orientation .- .correct .answer.to .set .prices .believe .that .increasing .sales .will .help .the
.firm .more .than .will .increasing .profits.
Competitor .Orientation .- .correct .answer.setting .prices .similar .to .those .of .your .competition
Customer .Orientation .- .correct .answer.invokes .the .concept .of .value
9. .Demand .curves .and .pricing .- .correct .answer.shows .how .many .units .of .a .product .or
.service .consumers .will .demand .during .a .specific .period .of .time .at .different .prices
10. .Price .elasticity .- .correct .answer.measures .how .changes .in .a .price .affect .the .quantity
.of .the .product .demanded
Elastic .- .correct .answer.price .sensitive...small .changes .in .price=large .changes .in .quantity
.demanded
Inelastic .- .correct .answer.price .insensitive....lowering .price .does .not .affect .quantity
.demanded
11. .What .is .a .break-even .point .- .correct .answer.the .point .at .which .total .revenue .= .total
.expenses
12. .Fixed .costs .- .correct .answer.cost .that .are .not .changed .due .to .an .increase .or
.decrease .in .production
13. .Variable .costs .- .correct .answer.cost .that .are .increased .and .decreased .with
.production
14. .4 .Levels .of .competition .- .correct .answer.Monopoly
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