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PES 360 Final Exam questions and answers already passed 2024
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PES 360 Final Exam questions and answers already passed 2024
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PES 360 Final ExamDefinition of product - correct answer ✔Two fold:
Goods, services, people, places, and ideas with tangible or intangible
attributes AND...
The concept that people are actually purchasing functions and benefits
Product's relationship to 4 Cs - correct answer ✔Decisions about the product
come from the 4 Cs
Consumer
What does the consumer seek in a product?
He is looking to fulfill certain functions/benefits.
Pro sports provide entertainment. Is the game enough? Usually no.
Company
Should provide products that fit its mission.
College sports is big business. Is it staying in its mission to educate?
Competitor
We must study our competitor just like athletes study rivals.
Climate
What's going on in world that will affect sales of our product?
Weak economy? Consumers cut back on high-end equipment.
, Fear of concussions? Lower sales for cheaper helmets.
Product Life Cycle - understand this in-depth, the difference between intro,
growth, maturity, and decline - correct answer ✔Introduction: Low
revenue/profit
Growth: Steadily increasing revenue/profit
Maturity: Stable revenue, decreasing profitprofit
Decline: Decreasing
Know the chart called "Another look at the PLC Stages". Be able to fill in blank
spaces on that chart. - correct answer ✔Introduction: Low Sales, High cost
per customer, negative profits, innovative customers, few competitors
Growth: Rapidly rising sales, avg cost per customer, rising profits, early
adopter customers, growing competitors
Maturity: peak sales, low cost per customer, high profits, middle majority
customers, competitors starting to decline
Decline: decline sales, low cost per customer, declining profits, laggards
customers, declining competitors
Be able to offer a few ways to offer a new product - correct answer ✔1. A
product that performs an entirely new function.
2. A product that offers improved performance of an existing function.
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