MGT 103 STANDARD EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔Guidlines for a strong _________.
1. Product
2. Mission Statement - ✔✔1. Tag line
2. Positioning statement
✔✔In direct-to-consumer advertising, fair balance refers to the presentation of
__________. - ✔✔accurate and fair assessment of the risks as well as the benefits of
the drug.
✔✔What is the *rule of 72*? - ✔✔The rule of 72 is a shortcut to estimate the number of
years required to double your money at a given annual rate of return. The rule states
that you divide the rate, expressed as a percentage, into 72: *Years required to double
investment = 72 ÷ compound annual interest rate(%).*
✔✔What is a *product*? - ✔✔A *good (a product), service, or idea* consisting of a
bundle of tangible and intangible attributes that satisfies consumers' needs and is
received in exchange for money or something else of value.
✔✔A good (a product): - ✔✔:tangible attributes that are consumer's 5 senses can
perceive (e.g. chewing gum, clothes, cars, computers)
✔✔A service: - ✔✔:intangible activities or benefits (tax prep, financial services, medical
education, consulting, counseling)
✔✔An idea: - ✔✔:a thought that leads to a product or action (voter registration, new
invention concept)
✔✔Consumer Products: - ✔✔:products purchased by the ultimate consumer (shoes,
shampoo, cars, houses)
, ✔✔Business products: - ✔✔:Products organizations buy that assist in providing others
products for resale (e.g. Ford buys metal, tires, electronics and engine parts. Apple
buys components from Qualcomm).
*B2B -- Business to business*
✔✔THERE IS NO SUCH THING AS A RELAUNCH T/F? *ON final* - ✔✔T
✔✔Why do products & services succeed or fail? - ✔✔Poor execution of the marketing
mix: brand name (product), place, price, promotion (the 4 P's)
✔✔Product manager has a specific role don't _______. - ✔✔do the job of others, you
have enough on your plate.
✔✔Stages of the product life cycle. - ✔✔Introduction -> Growth -> Maturity -> Decline
✔✔Skimming or Penetration - ✔✔Skimming: were the big guy in town and the only guy
in town so we will charge you as much as we want for our product.
Penetration: Usually when there are other players out there so you price things more
affordably and so you try and make things up in volume since your lessening the
potential for more profit. "but you make it up in volume"
✔✔High vs Low-- Learning Product - ✔✔*High-learning Product:*
Marketing strategy in which significant customer education is required and there is an
extended introductory period.
*High-learning Product:*
Marketing strategy in which significant customer education is required and there is an
extended introductory period.
✔✔Five categories and profiles of product adopters (diffusion of innovation) - ✔✔-
*Innovators*: Venturesome; higher educated; use multiple information sources
-*Early adopters*: Leaders in social setting...
-*Early majority*:
-*Late majority*:
-*Laggards*:
✔✔ Positioning statement is _____________ (internal/external). - ✔✔internal (you and
your team)
✔✔Notes - ✔✔
✔✔Most important definition of Marketing. - ✔✔To discover the NEEDS and WANTS of
prospective customers.
AND
QUESTIONS SET A+
✔✔Guidlines for a strong _________.
1. Product
2. Mission Statement - ✔✔1. Tag line
2. Positioning statement
✔✔In direct-to-consumer advertising, fair balance refers to the presentation of
__________. - ✔✔accurate and fair assessment of the risks as well as the benefits of
the drug.
✔✔What is the *rule of 72*? - ✔✔The rule of 72 is a shortcut to estimate the number of
years required to double your money at a given annual rate of return. The rule states
that you divide the rate, expressed as a percentage, into 72: *Years required to double
investment = 72 ÷ compound annual interest rate(%).*
✔✔What is a *product*? - ✔✔A *good (a product), service, or idea* consisting of a
bundle of tangible and intangible attributes that satisfies consumers' needs and is
received in exchange for money or something else of value.
✔✔A good (a product): - ✔✔:tangible attributes that are consumer's 5 senses can
perceive (e.g. chewing gum, clothes, cars, computers)
✔✔A service: - ✔✔:intangible activities or benefits (tax prep, financial services, medical
education, consulting, counseling)
✔✔An idea: - ✔✔:a thought that leads to a product or action (voter registration, new
invention concept)
✔✔Consumer Products: - ✔✔:products purchased by the ultimate consumer (shoes,
shampoo, cars, houses)
, ✔✔Business products: - ✔✔:Products organizations buy that assist in providing others
products for resale (e.g. Ford buys metal, tires, electronics and engine parts. Apple
buys components from Qualcomm).
*B2B -- Business to business*
✔✔THERE IS NO SUCH THING AS A RELAUNCH T/F? *ON final* - ✔✔T
✔✔Why do products & services succeed or fail? - ✔✔Poor execution of the marketing
mix: brand name (product), place, price, promotion (the 4 P's)
✔✔Product manager has a specific role don't _______. - ✔✔do the job of others, you
have enough on your plate.
✔✔Stages of the product life cycle. - ✔✔Introduction -> Growth -> Maturity -> Decline
✔✔Skimming or Penetration - ✔✔Skimming: were the big guy in town and the only guy
in town so we will charge you as much as we want for our product.
Penetration: Usually when there are other players out there so you price things more
affordably and so you try and make things up in volume since your lessening the
potential for more profit. "but you make it up in volume"
✔✔High vs Low-- Learning Product - ✔✔*High-learning Product:*
Marketing strategy in which significant customer education is required and there is an
extended introductory period.
*High-learning Product:*
Marketing strategy in which significant customer education is required and there is an
extended introductory period.
✔✔Five categories and profiles of product adopters (diffusion of innovation) - ✔✔-
*Innovators*: Venturesome; higher educated; use multiple information sources
-*Early adopters*: Leaders in social setting...
-*Early majority*:
-*Late majority*:
-*Laggards*:
✔✔ Positioning statement is _____________ (internal/external). - ✔✔internal (you and
your team)
✔✔Notes - ✔✔
✔✔Most important definition of Marketing. - ✔✔To discover the NEEDS and WANTS of
prospective customers.
AND
