ADMN 400 Final UNH Exam Questions With 100% Correct Answers

ADMN 400 Final UNH Exam Questions With 100% Correct Answers Marketing Matrix - answerproduct, placing, pricing, and promotion Value - answerBenefit/Cost Utility - answerability of a product to meet someones wants or needs Types of Utility - answerform, place, time, possession Consumer Goods - answertangible products purchased by customers for personal use industrial goods - answerProducts used in the production of other products. Sometimes called business goods or B2B goods. Services - answerintangible products Political-Legal Environment - answerinvolves government legislation and regulation as well as political movements, creates new markets and products for emerging companies Sociocultural Environment - answerbuying behaviors, the customs, values, and demographic characteristics of the society in which the organization functions Technological Environment - answeradvances in computer technology and telecommunication, new products make existing products obsolete, and many products change our values and lifestyles - lifestyle changes stimulate new products not directly related to new tech itself Economic Environment - answereconomic factors that affect consumer purchasing power and spending patterns, ex) inflation, recession, employment rates competitive environment - answersystem in which businesses compete for consumers and commercial buyers 3 types of competition - answersubstitute product, brand competition, international competition subsitute products - answerdifferent from competitors, fills same need, ex) which gym membership to get brand competition - answerappeals to consumer perceptions of benefits offered by particular companies, ex) deciding between google and bing international competition - answerdomestic products against foreign products, ex) ford vs volkswagen competitive advantage - answera set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition 4 types of competitive advantage - answercost, product differentiation, service differentiation, niche cost - answermaintaining profit margin on lower costs product differentiation - answerincludes brand names, image, product reliability Service Differentiation - answercustomer reviews can make or break a company niche - answerserving a specific segment of the population and doing it well marketing mix strategies - answerproduct- choosing brand name, packaging, colors, warranty, accessories price- demand for product and cost of producing product, lower prices not always best place- where and how the product will be sold promotion- personal selling, ads, etc SWOT analysis - answerstrengths, weaknesses, opportunities, threats marketing research - answerplanning, collecting, and analyzing data relevant to a marketing decision ex) consumer preferences, perceived benefits, consumer lifestyles Buyer Behavior - answerneed recognition to information search to evaluation of alternatives to purchase to post purchase behavior market segementation - answerthe process of dividing a market into meaningful, relatively similar, and identifiable segments or groups Influences on Consumer Decision Making - answerculture, social factors, individual influences, psychological influences Stages of market research - answer1) Define the problem 2) Develop your plan 3) Collect relevant data and information 4) Analyze data and report findings