Bates MGT 103 Midterm 2 Questions with Latest Update
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Course
MGT103
Institution
MGT103
product positioning - Answer--relative position on where your product sits in the consumers mind in comparison to others
-determines how best to communicate their products benefits to target consumers and satisfy there needs and wants
increasing customer lifetime value - Answer--more often and ...
bates mgt 103 midterm 2 questions with latest upda
product positioning answer relative position on
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Bates MGT 103 Midterm 2 Questions
with Latest Update
product positioning - Answer--relative position on where your product sits in the
consumers mind in comparison to others
-determines how best to communicate their products benefits to target consumers and
satisfy there needs and wants
increasing customer lifetime value - Answer--more often and larger purchases
-loyalty
-lower the cost to serve
-move loyal customers to lower cost channels
ex/golf ball aimed at future group
brand loyalty - Answer-process designed to telescope in on the core consumer
-focus on most involved consumers
-80% of sales come from 20% of consumers
durable goods - Answer-personal, relationship built, typically $$$
nondurable goods - Answer-consumer, advertising, need to be replaced
convenience products - Answer-consumer purchases them frequently, convienentley,
and with minimum effort
-no personal investment
shopping products - Answer--consumer compare alt types; price, quantity, and style
-brand is a little more important
speciality products - Answer--consumer makes special effort to search and get
-brand insistence!!
-higher priced and harder to find
-brand promotion focus
unsought products - Answer--consumer doesn't know bout until they need
-dont initially want
product class - Answer-ex/ running shoes
product form - Answer--specific version of product class
ex/ hard surface running shoes
product line - Answer--all the products that brand has in one form
ex/ different colors or styles
, ex/ apple MacBook- air, pro, etc
product mix - Answer-assortment of product lines
ex/ apple- product types
-each product has unique barcode called SKU
new products - Answer-- some functional difference from existing
successful product launch - Answer-1) well-defined target audience 2) unique benefits
that product can offer to customers (ex: beats)
failure in launch - Answer--not satisfying a consumer needs/expectations
-bad timing
-no accèss to buyers
-poor quality
-poor execution of market mix
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