MBA 706 - Exam / MBA - 706 Darrat (Exam 1 &2) / MBA 706 LSUS Exam 04 McLaughlin / MBA 706 Chen: Exam 2

Market Segmentation - ANSWER-The process of dividing consumers into groups with similar consumer characteristics and product needs. Market Segmentation - ANSWER-Allows managers to break the market into small manageable groups, so that firms can tailor their offerings to satisfy different needs a...

Product - ANSWER-_______ is the most essential decision in the 4Ps because it is what the consumer is receiving in the exchange. Intangibility - ANSWER-The extent to which you have something concrete Experience Marketing - ANSWER-Consumers ar buying the experience broadly - ANSWER-Define competi...

Targeting - ANSWER-- Selection of ideal customer segments - Serve the segments whose needs match the firms abilities Why target? - ANSWER-- Better serve customers - Not a one size fits all Targeting Methods - ANSWER-- Top Down - Bottom Up Top Down - ANSWER-- Strategic - Understand the firms r...

Pricing Strategies Cost based (company), competitor based (intermediate value), customer based (sense of products value) profit increase as price increases; increase as fixed or variable costs decrease profit driver price elasticity a measure of the sensitivity of demand to changes in price;...

Culture - ANSWER-a way of life among a group of people; the behaviors, beliefs, values, and symbols that they accept, generally without thinking about them, and that are passed along by communication and imitation from one generation to the next. Reference Group - ANSWER-all the groups that have ...

T/F: Corporate restructuring seeks to improve efficiency and performance through such actions as realigning divisions in the firm, reducing the amount of cash under the discretion of senior executives, and acquiring or divesting business units. True. This is the definition of the term corporate r...