Exam (elaborations)
MEJO 137 Ad Final Questions and CORRECT Answers 2024/2025
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MEJO 137 Ad Final Questions and CORRECT Answers 2024/2025
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MEJO 137 Ad FinalFour tiers of a Product Life Cycle and as a minimum one advertising and marketing goal for
every degree - ANSintroduction section - create a marketplace
growth section - management
maturity section - product differentiation
decline section - keep product profitability
Disadvantages of Services - ANSEx Not having the ability to test into inn SNL skit
More tough to manage consistency than bodily merchandise
Higher level of ambiguity as compared to physical products
"I recognise after I'm getting desirable service versus once I no longer handled proper"
Involves feelings and carrier issuer mind-set
Advantages of Services - ANSEx Southwest, Starbucks racial bias look at
Higher stage of loyalty and repeat businesses
More problem for competition to copy
Often capable of charge more for the intangible advantages
Reasons why Services are purchased
Six steps for building a provider orientated company tradition - ANSManagement beliefs
Company guidelines
Employee selection
Norms of conduct
Teamwork
Service best
Price Quality Inference - ANSCustomers suppose high price, proper great
(regularly with products that are new to the market or technically tough to understand) ex costly
watches or motors
Price Quantity Effect - ANSConsumers are much less probably to note a smaller amount for the
same retail charge (assume - identical length cereal box and identical charge, however the
weight of the cereal is LESS than before)
Unit Base Pricing - ANSPrice based totally on unit value
Ex larger trash bag, higher value
Usage Based Pricing - ANSPriced spread over a specific term (e.G. $365 pair of footwear is
truly simply $1/day for the shoes)
Economics of Scale - ANSCost financial savings for producing extra of ONE object
, To produce tap water, water agencies needed to spend money on a large network of water
pipes stretching during the united states. The fixed cost of this investment may be very high.
However, seeing that they distribute water to over 25 million families, it brings the average price
down
Economies of scope - ANSCost financial savings for product more of a comparable organization
of brands
Leslie's pizza has a graphic dressmaker and pastry chef. When she starts offevolved doing
breadsticks and waffles, the total price to supply each product declines.
Auction pricing - ANSPotential customers place their bids and objects are offered to highest bid
Reverse Pricing - ANSName your very own charge (e.G. Groupon)
Three Pricing War Strategies - ANSKeep the price the same "live the direction"
Lower price for same product
Keep charge and provide extra advantages
Predatory Pricing (illegal) - ANSPrice under fees to force out competitors
Go at a loss for a duration to drive out competition . Ex grocery store using out mother and pop
store
Price Fixing (illegal) - ANSWhen competitors get collectively and conspire to set the charge for
goods (aka collusion)
Price Gouging (unlawful) - ANSWhen corporations exponentially growth price in response to
herbal screw ups consisting of hurricanes, earthquakes, and many others.
Push marketing - ANSThe concept is to sell products through pushing them onto people. Ex
promoting insurance immediately
Pull marketing - ANSThe concept is to set up a faithful following and draw consumers to the
goods.
With Tickle Me Elmo, Tyco Toys created demand for his or her product by means of ensuring
clients noticed it in distinguished locations, like toy magazines and on TV indicates, prior to
without a doubt putting the toy in stores. By focused on the proper media retailers, Tyco created
demand that let them manufacture as many Tickle Me Elmo dolls as their customers (toy stores)
needed, as opposed to manufacturing the dolls first and trying to convince their customers to
stock them.
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