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MEJO 424 FINAL EXAM QUESTIONS AND ANSWERS
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MEJO 424 FINAL EXAM QUESTIONS AND ANSWERS
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MEJO 424 FINAL EXAM QUESTIONSAND ANSWERS
The Cycle - answer Innovation breaks through the defenses of an established industry and
becomes the basis of an insurgent industry; Open systems become closed then turn into
monopolies before a disruptor comes and changes things
Creative Destruction - answer Innovation and growth are one in the same. New only rarely
supplements the old-->usually destroys it
Sustaining Innovation - answer Improvements that make a product better but don't threaten
market or dominant players
Disruptive Innovation - answer Threatens to displace a product or innovation altogther
Joseph Schumpeter - answer Came up with theories of Creative Destruction, said that capitalism
is merciless cycle of industrial destruction and birth
Kronos Effect - answer Effort undertaken by a dominant company to consumer or destroy its
potential successor
Clayton Christensen - answer Agrees with Scumpeter but says there are two kinds of innovation:
disruptive and sustaining
4 P's of Marketing Efforts - answer Product, Price, Place, Promotion
Marketing - answer The ability of organizations to serve customers' needs and wants for specific
products
, Product - answer Actual good produced for customers and packaging of the product; one of 4
P's of Marketing Efforts
Price - answer Dictated by audience, demand, and competition; one of 4 P's of Marketing Efforts
Place - answer Physical location product is sold and steps taken to distribute product; one of 4
P's of Marketing Efforts
Promotion - answer Combination of activities to promote both customer awareness and actual
selling or products; one of 4 P's of Marketing Efforts
General Sales Manager - answer Coordinates sales, maintains budgets and quotas, supervises
personnel, new business development, non-traditional revenue, works with clients
Local Sales Manager - answer Responsible for local sales, helps set revenue projections, helps
manage inventory
National Sales Manager - answer Coordinates national advertising efforts
Spot Advertising - answer Supplements network advertising in particular markets or "spots" on
the map; represents local inventory on a broadcast or cable outlet sold to clients at the national
level
Network Advertising - answer Commercials presented during network programming; advertising
dollars sold by various broadcast or satellite networks
Upfront Markets - answer Network advertising sold months in advance in these markets
Account Executive - answer Manages accounts; usually a sales woman; paid based on
commission that varies depending on account
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