Mgt 8803 marketing Study guides, Class notes & Summaries

Promotion Types correct answer: 1. personal selling 2. mass selling 3. sales promotion Marketing Mix Levers correct answer: 4 P's - product, place, price, promotion Accumulating correct answer: Collecting products from many small producers Acquisition correct answer: where the company converts a prospect into a customer, meaning they are actually using their offerings and paying for them Activities correct answer: identify what people do and are objectively observable Adop...

MGT 8803 - Business Strategy The management process - ANSWER planning, organizing, leading, controlling planning - ANSWER setting performance objectives and deciding how to achieve them organizing - ANSWER arranging tasks, people, and other resources to accomplish the work leading - ANSWER inspiring and motivating workers to work hard to achieve organizational goals controlling - ANSWER measuring performance and taking action to ensure desired results strategy steps - ANSWER 1. set goa...

MGT 8803 Final Exam Questions With Answers 3 factors that effect planning of organization - CORRECT ANSWER- 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management - CORRECT ANSWER- 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating...

MGT 8803 Final Exam Questions With Answers 3 factors that effect planning of organization - CORRECT ANSWER- 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management - CORRECT ANSWER- 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating a...

Marketing Strategy correct answer: Finding opportunities and developing profitable strategies to capitalize on those opportunities: Specifies a target market and related marketing mix. 5 Cs of Marketing correct answer: Customer: buyers with needs the company aims to fulfill Company: goods or services provider fulfilling customer need Competitors: Orgs aiming to fulfill the same need as company Collaborators: external entities that work with company to create value Context: Environmen...

Marketing correct answer: the creation and satisfaction of demand for a product or service Strategy correct answer: a set of ideas that outline how a product line or brand will achieve its objectives Tactic correct answer: a specific action or method that contributes to achieving a goal Things a firm should do in marketing correct answer: analyze needs predict wants estimate demand determine where estimate price decide promotion estimate competition provide service Univers...

Ideal Place Objectives - Answer product classes suggest place objectives place decisions have long-run effects place system may be complex Reasons for choosing direct channels - Answer -greater control -lower cost -internet makes direct distribution easier -direct contact with customers -quicker response or change in marketing mix -suitable intermediaries not available Sorting - Answer separating products into grades and qualities desired by different target markets Assorting - ...

Positioning & Differentiation - ANSWER--understanding customer's view -evaluating segment preferences -positioning techniques -differentiating the marketing mix Positioning - ANSWER-an approach that refers to how customers think about proposed and/or present brands in a market; the image your product/service has in the minds of your target customers Positioning Statement - ANSWER-For (our target market), (our brand) of all (product type) delivers (key benefits or point of differentiati...