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Exam (elaborations)

MGT 103 Final Demill Questions And Answers

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  • MGT 103

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...

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  • October 23, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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UpperClass
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 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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