BU111 Midterm Exam ACTUAL Questions and CORRECT Answers
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Course
BU111
Institution
BU111
BU111 Midterm Exam ACTUAL Questions
and CORRECT Answers
Management Consulting - CORRECT ANSWER- looks at the strategic processes of a
firm including strategy, sales, marketing, marketing research, business development and
finance
Common Outcomes from assignments - CORRECT ANSWER- - Growth o...
BU111 Midterm Exam ACTUAL Questions
and CORRECT Answers
Management Consulting - CORRECT ANSWER✔✔- looks at the strategic processes of a
firm including strategy, sales, marketing, marketing research, business development and
finance
Common Outcomes from assignments - CORRECT ANSWER✔✔- - Growth of the business
within its core markets by capitalizing on market growth or market share increase
- Expansion into new market sectors
- Development of new products
- Increasing profits through cost reduction programmes
- Internal structure reorganizations
Marketing Research - CORRECT ANSWER✔✔- - process through which managers
discover the nature of a competitive environment (operating in)
- Quantitative - how much? How many? Stats.
- Qualitative - who? What? Why?
Marketing Strategy Questions - CORRECT ANSWER✔✔- - What products do customers
want from a sector's producers?
- In what way are competitors failing?
- What price are customers expecting or willing to pay?
- Channels of distribution?
- Who might be the partners in the distribution process?
- How might they be approached?
- In what ways can customers be informed that the product is available?
- How can the customers' interest be stimulated through promotion?
Marketing plan questions - CORRECT ANSWER✔✔- What methods will prove to be cost
effective?
What will be the mechanics of running the campaign?
, How can it be monitored?
Decision Elements of a Sales Campaign - CORRECT ANSWER✔✔- - Which members of
the sales force will be involved?
- What products will be given priority?
- Which customers will be targeted?
- In what geographic area?
- The sales literature that will be used
- Special prices and deals to motivate
- Bonuses and rewards for sales performance
- PR activity to support drive of sales
- CORRECT ANSWER✔✔-
Evaluating the Problem - 3 perspectives - CORRECT ANSWER✔✔- - The rational - seeing
it logically, formal or semi-formal evaluation
- The cognitive - individual manager seeing problem, through processing of mental facilities,
influence way in which problem appears in mental landscape and priority it is given
- The political - way it is received and processed through individuals making up organization,
some issues may be problems for one and opportunities for others, may work against each
other
Define "Aim" - CORRECT ANSWER✔✔- - overall goal, broad scope of what the project
aspires to achieve, starting point
- E.g. to grow, become more profitable, compete more effectively
- Should summarize to a single aim rather than a list
- Eg. This consulting project aims to give New Firm Ltd an analysis of its main competitors
to aid decision making about competitive positioning
Define "Mission" - CORRECT ANSWER✔✔- overall aim, clarifies overriding reason of
firm's existence, distinct and compelling, what they will achieve and how
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