MGT 103 Final Exam Questions and
Answers
4 P's of Marketing - Answer-Product, Price, Place, Promotion
SWOT analysis - Answer-strengths, weaknesses, opportunities, threats
Market needs to Marketing Program - Answer-identify market needs, link needs to
actions, execute marketing program actions
Seven stages of the new-product process - Answer-1. new product strategy
development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization
Services classification - Answer-Equipment-Based: automated, operated by
unskilled/skilled operators
People-Based: Unskilled Labor/Skilled Labor, Professionals
7 P's of Service Marketing - Answer-product, price, place, promotion, people, physical
environment, process
value pricing - Answer-value = perceived benefits/price
Six Steps in Setting Price - Answer-1. Identify pricing objectives and constraints
2. Estimate demand and revenue
3. Determine cost, volume, and profit relationships
4. Select an approximate price level
5. Set list or quoted price
6. Make special adjustments to list or quoted price
Types of competitive market - Answer-pure competition, monopolistic competition,
oligopoly, pure monopoly
Competitive market strategies - Answer-price competition, product differentiation,
advertising
Power of promotions and branding - Answer-more demand, can set price less
Answers
4 P's of Marketing - Answer-Product, Price, Place, Promotion
SWOT analysis - Answer-strengths, weaknesses, opportunities, threats
Market needs to Marketing Program - Answer-identify market needs, link needs to
actions, execute marketing program actions
Seven stages of the new-product process - Answer-1. new product strategy
development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization
Services classification - Answer-Equipment-Based: automated, operated by
unskilled/skilled operators
People-Based: Unskilled Labor/Skilled Labor, Professionals
7 P's of Service Marketing - Answer-product, price, place, promotion, people, physical
environment, process
value pricing - Answer-value = perceived benefits/price
Six Steps in Setting Price - Answer-1. Identify pricing objectives and constraints
2. Estimate demand and revenue
3. Determine cost, volume, and profit relationships
4. Select an approximate price level
5. Set list or quoted price
6. Make special adjustments to list or quoted price
Types of competitive market - Answer-pure competition, monopolistic competition,
oligopoly, pure monopoly
Competitive market strategies - Answer-price competition, product differentiation,
advertising
Power of promotions and branding - Answer-more demand, can set price less
