ADMN 400 - Final Exam Questions & Answers Already Passed!!

The Four P's of Marketing - Answer-1. Product 2. Pricing 3. Place 4. Promotion The Fifth P of Marketing - Answer-Purchaser Industrial Products - Answer-Sold to a business Consumer Products - Answer-Sold to consumer Product Life Cycle - Answer-Product Development Introduction Growth Maturity Decline Market Segments - Answer-Groups of people who share one or more of the following characteristics: Geographic Demographic Psychographic Behavioral Four Pricing Strategies - Answer-1. Psychological pricing - odd pricing (ex. $1.99) 2. Price penetration - offering a low price when a product enters the market in order to sway customers away from competitors3. Price skimming - charging high prices at a product's entrance to a market in order to meet demands. Once initial customers' demands are met, prices are lowered over time to attract another price-sensitive segment. 4. Discounts Brand - Answer-A promise of value created through quality, promotion, and credibility. P-O-L-C Framework - Answer-Planning, Organizing, Leading, Controlling SWOT Analysis - Answer-An assessment of strengths, weaknesses, opportunities, and threats of a company. Strategic Management Process - Answer-The process by which a firm manages the formulation and implementation of its strategy. Strategy Formulation - Answer-The set of processes involved in creating or determining the strategies of the organization. Strategy Implementation - Answer-The methods by which strategies are operationalized or executed within the organization.. Business Strategy - Answer-How should we compete? Corporate Strategy - Answer-What business or businesses should we be in? How does being in one business help us compete in our other businesses? PESTEL Analysis - Answer-Stands for the political, economic, social, technological, environmental, and legal dimensions of an organization's external environment. Intended Strategy - Answer-The initial plan or strategy.Emergent Strategy - Answer-Unexpected opportunities that arise over time that leads to different directions than initially anticipated. Realized Strategy - Answer-The resulting strategy that is actually implemented. Deliberate Strategy - Answer-A plan of action, as a result of the intended strategy's outcome.