CMS 341 LECTURE 10 EXAM
QUESTIONS WITH 100% VERIFIED
CORRECT ANSWERS!!
Technological Pillars
1. Mobile
2. User/Customer Experience
3. ATAWADAC (anytime, anywhere, any device, any content)
4. IoT
5. AI
6. AR/VR
Customer Expectations
- Consistency
- Convergence
- Integration
- Synchronization
Digital Targeted Promotions
- Audio Solutions
--ex: Alexa suggests products based on purchasing history
- NFC Technology
--ex: connected to accessories
- POS materials
--ex: digital signage, interactive consoles
Purpose of Omnichannel Strategy
- allows to respond in all real time and wherever the is to all its expectations
- "seamless" and immediate
Multi-Channel
,- THE REALITY
- customer sees multiple touch-points acting independently
- retailers channel knowledge and operations exist in technical and functional silos
Cross-Channel
- THE ASPIRATION
- customer sees multiple touch-points as part of the same brand
- retailers have a 'single view of the customer' but operate in functional silos
Omni-Channel
- THE NIRVANA
- customers experience a brand, not a channel within a brand
- retailers leverage their 'single view of the customer' in coordinated and strategic ways
Omnichannel Objectives
FOR CONSUMER:
- get information in real-time
- live experience with the product, with the brand
- find brand at any medium
- inform about its products
- communicate on its brand
- reconcile multiple data sources
- increase consumer loyalty
- staying in touch
Why numbers matter?
- help make decisions
- measure results
- communicate results
Considerations in Setting Price
, 1. Product Costs
2. Competition and other external factors
3. Consumer perceptions of value
Price floor
- a minimum price for a good or service
- no profits below this price
Price ceiling
- maximum on the price at which a good can be sold
- no demand above this price
Pricing Strategy
FROM HIGH TO LOW PRICE:
1) Expert Price (Image driver)
2) Mid-level Price (Generate volume)
3) Entry Price (Attract consumers)
Types of costs
- Fixed (Overhead)
- Variable
Fixed Costs (Overhead)
- costs that do not vary with production or sales level
- ex: rent, wages
Variable costs
- costs that vary directly with the level of production (depends on the number of units produced)
- materials
Retail Selling Price (RSP)
- price paid by the consumer in the store or online
- price at which the manufacturer recommends that the retailer sell the product to the consumer
QUESTIONS WITH 100% VERIFIED
CORRECT ANSWERS!!
Technological Pillars
1. Mobile
2. User/Customer Experience
3. ATAWADAC (anytime, anywhere, any device, any content)
4. IoT
5. AI
6. AR/VR
Customer Expectations
- Consistency
- Convergence
- Integration
- Synchronization
Digital Targeted Promotions
- Audio Solutions
--ex: Alexa suggests products based on purchasing history
- NFC Technology
--ex: connected to accessories
- POS materials
--ex: digital signage, interactive consoles
Purpose of Omnichannel Strategy
- allows to respond in all real time and wherever the is to all its expectations
- "seamless" and immediate
Multi-Channel
,- THE REALITY
- customer sees multiple touch-points acting independently
- retailers channel knowledge and operations exist in technical and functional silos
Cross-Channel
- THE ASPIRATION
- customer sees multiple touch-points as part of the same brand
- retailers have a 'single view of the customer' but operate in functional silos
Omni-Channel
- THE NIRVANA
- customers experience a brand, not a channel within a brand
- retailers leverage their 'single view of the customer' in coordinated and strategic ways
Omnichannel Objectives
FOR CONSUMER:
- get information in real-time
- live experience with the product, with the brand
- find brand at any medium
- inform about its products
- communicate on its brand
- reconcile multiple data sources
- increase consumer loyalty
- staying in touch
Why numbers matter?
- help make decisions
- measure results
- communicate results
Considerations in Setting Price
, 1. Product Costs
2. Competition and other external factors
3. Consumer perceptions of value
Price floor
- a minimum price for a good or service
- no profits below this price
Price ceiling
- maximum on the price at which a good can be sold
- no demand above this price
Pricing Strategy
FROM HIGH TO LOW PRICE:
1) Expert Price (Image driver)
2) Mid-level Price (Generate volume)
3) Entry Price (Attract consumers)
Types of costs
- Fixed (Overhead)
- Variable
Fixed Costs (Overhead)
- costs that do not vary with production or sales level
- ex: rent, wages
Variable costs
- costs that vary directly with the level of production (depends on the number of units produced)
- materials
Retail Selling Price (RSP)
- price paid by the consumer in the store or online
- price at which the manufacturer recommends that the retailer sell the product to the consumer
