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Si Chen Exam 1 MBA 706 Questions and Answers
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Si Chen Exam 1 MBA 706 Questions and Answers
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Si Chen Exam 1 MBA 706 Questions and AnswersDecisions on the 4Ps affect ___ buys from the firm and _____ they buy, and ultimately the
profitability of the firm. CORRECT ANS-who; how many
In a very simple economic model: a retailer's profits = CORRECT ANS-sales revenue - costs
What is the formula for sales revenue? CORRECT ANS-Price * Qty for 1 product
determined by consumers. They will consider price (budget), product itself (utilities), place
(physical energy required), promotion (budget), competitor's offerings, & other factors.
CORRECT ANS-Quantity
Costs associated with selling goods CORRECT ANS-costs
What are the differences between customer needs and wants? CORRECT ANS-Needs--
necessities (water)
Wants -- desires (Ferrari)
Marketing entails an exchange of what? CORRECT ANS-Money, goods, information
what does the external environment influence ? CORRECT ANS-consumer behavior, firms
decisions on P4, and firm's performance and competitors profitability
The marketing mix is influenced by CORRECT ANS-the external environment(political,
environment, social and technological), consumers and competitors
Competitors are influenced by CORRECT ANS-consumers and external environment
, Si Chen Exam 1 MBA 706 Questions and Answers
Define "open technology" or "open innovation" CORRECT ANS-From Philip Kotler: Find the
best ideas, wherever they come from!
What's new about customer management? CORRECT ANS-From Philp Kotler: We want to
know the customers--not just have them in a database. We want to co-create our products
and ads with our customers!
What are the 5 stages of the management process? CORRECT ANS-•Stage 1: strategic and
marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure arrival?)
What are the 3 aspects of a strategic choice? CORRECT ANS-- Generation of strategic
options
- Evaluation of strategic options
- Selection of a preferred strategy
What are the 3 distinct levels of strategy? (Hofer & Schendel 1978) CORRECT ANS--
Corporate strategy (allocation of resources)
- Business strategy (competitive position)
- Functional level strategy (specific actions)
Marketing strategy assesses what? (4) CORRECT ANS-•Organizational capabilities
Threats from environmental forces
Competitors' strengths and weaknesses
•Customers' needs
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