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MGT 103 Final Burrit Demil Exam Questions and Answers
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MGT 103 Final Burrit Demil Exam Questions and Answers
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MGT 103 Final Burrit Demil ExamQuestions and Answers
product - Answers -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 - Answers -A tangible product used to satisfy human wants
services - Answers -intangible activities or benefits that an organization provides to
satisfy consumers' needs in exchange for money or something else of value
product life cycle - Answers -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 - Answers -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 - Answers -intangibility, inconsistency, inseparability,
inventory
prepurchase search - Answers -a search for information that aids a specific acquisition
decision
Five Dimensions of Service Quality - Answers -reliability, responsiveness, assurance,
empathy, tangibles
customer contact audit - Answers -a flowchart of the points of interaction between
consumer and service provider
seven Ps of services marketing - Answers -product, price, place, promotion, people,
physical environment, process
roles of internal marketing - Answers -have the attitude, skills, and commitment needed
to meet customer expectations
, Customer Experience Management (CEM) - Answers -the process of managing the
entire customer experience within the company
price objectives - Answers -profit, sales, market share, unit volume, survival, social
responsibility
pricing constraints - Answers --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 - Answers -a graph of the relationship between the price of a good and
the quantity demanded
Three demand factors affect price: - Answers -consumer tastes, price and availability of
substitute products, and consumer income
the role of the marketing manager - Answers --define the 4 P's
-cohesive marketing plan
SWOT Internal - Answers -strengths and weaknesses
SWOT external - Answers -opportunities and threats
marketing segmentation - Answers -links market needs to an organization's marketing
program through marketing mix actions
marketing mix actions - Answers -identify market needs, link needs to actions, execute
marketing program actions
7 stages of launching new products - Answers -1. new product strategy development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization
services are either - Answers --equipment based: more efficient
-people based
value = - Answers -perceived benefits/price
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