Exam (elaborations)
MIE 480 Final Exam Detailed Questions And Expert Answers
- Course
- MIE480
- Institution
- North Carolina State University
MIE 480 Final Exam Detailed Questions And Expert Answers
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MIE 480 Final Exam Detailed Questions And ExpertAnswers
Fragmented Industry - ANS - Composed of a large number of small and medium-
sized companies
- Reasons for fragmentation: lack of economies of scale, brand Loyalty in the
industry is local, low entry barriers
- Focused Strategy works best
Chaining - ANS Obtaining the advantages of cost leadership by establishing a
network of linked merchandising outlets
ads in building a national brand
Franchising - ANS Strategy in which franchisor grants the franchisee the right to
use the franchisor's name, reputation, and business model
In return for a fee and percent of the profits
Limited customer demand for products of an embryonic industry is due to: - ANS -
Limited performance and poor quality of the first products
,- customer unfamiliar with the product
- poorly developed distribution channels
- lack of complementary products
Strategies in growth industries - ANS enters the growth stage when a mass market
starts to develop for its products
Mass Market - ANS - one in which large numbers of customers enter the market
Occurs when: product value increases, due to ongoing technological progress and
development of complementary products
Innovators and early adaptors - ANS - technologically sophisticated and willing to
tolerate the limitations of the product
- reached though specialized distribution channels
- small product that is priced high
Early majority - ANS - value ease of use and reliability
-require mass market distribution and mass media advertising campaigns
- require large scale mass production to produce high quality product at a low
price
, Factors that accelerate customer demand: Relative advantage - ANS Degree to
which a new product is perceived as better at satisfying customer needs than the
product it supersedes.
Factors that accelerate customer demand: Complexity - ANS Products perceived as
complex and difficult to use will diffuse more slowly than those that are easy to
use.
Factors that accelerate customer demand: Compatibility - ANS Degree to which a
new product is perceived as being consistent with the current needs or existing
values of potential adopters.
Factors that accelerate customer demand: Trialability - ANS Degree to which
potential customers can experiment with a new product during a hands on trial
basis
Factors that accelerate customer demand: Observability - ANS Degree to which the
results of using and enjoying a new product can be seen and appreciated by other
people.
Factors that accelerate customer demand: Viral model of Infection - ANS lead
adopters in a market who become infected with a product and then infect other
people
Strategies to deter entry in mature industries: Product proliferation strategy - ANS
catering to the needs of all market segments to deter entry by competitors
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