MGT 103 Marketing Eberhard Final Exam Review questions and answers, rated A+/ Lecture 11 - ✔✔-Mon Nov 5 The "path" to promotional materials/message - ✔✔-Product/service concept Product/service design Market Analysis Market Research (primary) SWOT Positioning Statement Launch Plan Launch plan includes - ✔✔-Promotional materials & message: Product color/design/logo Product message Product advertising (print/social m) Product "sales" materials Product packaging/inserts Product "spend" (media, sales f orce) Mettle - ✔✔-A person's ability to cope with difficulties or to face a demanding situation in a spirited and resilient way The Sales Message - ✔✔-I Opener II Fact Finding/Questions III FAB (Feature/Advantage/Benefit) - The Message IV Handling Object ions V Close/Commitment Making the Sales Call III - ✔✔-Presentation (body) of Product/Service (FAB) 1. Customize based upon your learnings, but 2. Trust the "flow" of the sales piece (tested) 3. Use visuals (always) 4. Features/Advantages/Benefits (FA B) - creating value in minds of customer (remember - people love to buy, but hate to be "sold") Feature/Advantage/Benefit (FAB) - ✔✔-Creating value in the mind of your customer Feature (Fact): What the product does. Advantage (So what?): How is it different/better? Benefit: What this means for you. Don't sell on price, sell on value/benefit. Professional salesperson - ✔✔-will be in a conversation where you don't even know there's a sale going on. Listen and fabricate and create values for them. prof: didn't buy a tesla for green emissions, he bought it cause that's where the world's going. Management Case Study #1: Brook Lodge, MI - ✔✔-1993 Health Care Reform - Hillary Clinton appointed chiar, Health Care reform (bi ll clinton was president) Prof: Upjohn Co. charged him with pulling together educational summit. Get info in 10 days and come back. Management Case Study #1: Brook Lodge, MI p2 - ✔✔-Who do we bring? Keynote speaker - lead MD to Ms. Clinton's task force. Most important physicians in the country. Pay them, educate them. Cover a very controversial topic. Management Case Study #1: Brook Lodge, MI p3 - ✔✔-She said: there are different levels of healthcare, decided by where you trained. What's distasteful: fore ign physicians flooding into America and treating Americans with mediocre education. 50% of the audience is foreign... grumbling. Boss tells prof that he needs to tell her that she made a mistake and must apologize. She has two words: screw you. Manage ment Case Study #1: Brook Lodge, MI p4 - ✔✔-Do you align with the lead MD (who knows Hillary Clinton and could make bad things happen to us?), or with the customers? *THE CUSTOMERS* Lecture 12 - ✔✔-Wed Nov 7 Pricing - ✔✔-Regardless of the factors involved, the price of a product or service must *cover the costs* of the product/service as well as *earn a reasonable profit* New Product -line extension The CEO could ask for: - ✔✔-- Price as an indicator of value . - Value pricing. - Profit equation. - Pricing objectives. - Pricing constraints. - Estimating demand. - The demand curve. - Marginal revenue curves. - Elastic demand. - Marginal analysis and profit maximization. The CEO will most likely ask for - ✔✔-- *What is your recommended price?* - *What is your sales forecast (years 1 -3)?* - *Percent (%) confidence in your sales forecast?* The CEO will most likely ask for, p2 - ✔✔-- How did you arrive at this price? - What (and when) is our profit? - What are our cost of goods? - How much (Marketing) spend will it take for us to - achieve these financial objectives? - How many units (iWatches) will we "move"? - Any increase in capital costs (to make)? vote with your feet - ✔✔-to leave a place or an organization because you do not like something about it.
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