MNGT 4800 Simulation UPDATED ACTUAL Questions and CORRECT Answers
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Course
MNGT 4800 Simulation
Institution
MNGT 4800 Simulation
MNGT 4800 Simulation UPDATED
ACTUAL Questions and CORRECT
Answers
Why simulate? - CORRECT ANSWER- - risk free
- big picture
-develop critical thinking skills
- compresses time
- comprehensive strategy
About the Business - CORRECT ANSWER- - all teams begin with identical profile
- oligop...
MNGT 4800 Simulation UPDATED
ACTUAL Questions and CORRECT
Answers
Why simulate? - CORRECT ANSWER✔✔- - risk free
- big picture
-develop critical thinking skills
- compresses time
- comprehensive strategy
About the Business - CORRECT ANSWER✔✔- - all teams begin with identical profile
- oligopoly
- no outside competitors or product substitutes
-benign environment
What is an oligopoly? - CORRECT ANSWER✔✔- market dominated by handful of firms
Five Market Segments - CORRECT ANSWER✔✔- - traditional
- low end
- high end
- performance
- size
Perceptual Maps - CORRECT ANSWER✔✔- - marketing tool used to depict product
positioning. Illustrates how customers distinguish between products that are similar in nature
- size v performance
Customers' Two Stage Purchase Decision Process - CORRECT ANSWER✔✔- - Stage 1:
Match Product to Market
- Stage 2: Rank Best Product
, How to match a product to a market - CORRECT ANSWER✔✔- positioned within the
segment, must fall within price guidelines, and must fall within reliability guidelines
What is Research and Development (R&D)? - CORRECT ANSWER✔✔- - establish
specification of the products to meet customer demand, plan ahead for product position in
future years
- 3 months to 3 years
- build reliability and quality into products
- ensure perceived age of product meets customer demand
- create new products to meet changes
What does Marketing do? - CORRECT ANSWER✔✔- - set price of products
- build customer awareness
- establish sales force and distribution channels
- set credit policies (AR & AP)
- set sales forecast
What does Production do? - CORRECT ANSWER✔✔- - long-term and consider market
growth
- automation
- capacity of product lines
- maximize fixed assets
-TQM initiatives
What does Finance do? - CORRECT ANSWER✔✔- - short term debt, issue stock, issue
long term bonds
- balance debt portfolio
- manage proformas
- avoid emergency loans
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