MGT 103 Marketing Eberhard Final
UPDATED ACTUAL Questions and
CORRECT Answers
Lecture 11 - CORRECT ANSWER - Mon Nov 5
The "path" to promotional materials/message - CORRECT ANSWER - Product/service
concept
Product/service design
Market Analysis
Market Research (primary)
SWOT
Positioning Statement
Launch Plan
Launch plan includes - CORRECT ANSWER - Promotional materials & message:
Product color/design/logo
Product message
Product advertising (print/social m)
Product "sales" materials
Product packaging/inserts
Product "spend" (media, sales force)
Mettle - CORRECT ANSWER - A person's ability to cope with difficulties or to face a
demanding situation in a spirited and resilient way
The Sales Message - CORRECT ANSWER - I Opener
II Fact Finding/Questions
,III FAB (Feature/Advantage/Benefit) - The Message
IV Handling Objections
V Close/Commitment
Making the Sales Call III - CORRECT ANSWER - Presentation (body) of Product/Service
(FAB)
1. Customize based upon your learnings, but
2. Trust the "flow" of the sales piece (tested)
3. Use visuals (always)
4. Features/Advantages/Benefits (FAB)
- creating value in minds of customer (remember - people love to buy, but hate to be "sold")
Feature/Advantage/Benefit (FAB) - CORRECT ANSWER - Creating value in the mind of
your customer
Feature (Fact): What the product does.
Advantage (So what?): How is it different/better?
Benefit: What this means for you. Don't sell on price, sell on value/benefit.
Professional salesperson - CORRECT ANSWER - will be in a conversation where you
don't even know there's a sale going on. Listen and fabricate and create values for them.
prof: didn't buy a tesla for green emissions, he bought it cause that's where the world's going.
Management Case Study #1: Brook Lodge, MI - CORRECT ANSWER - 1993 Health
Care Reform
- Hillary Clinton appointed chiar, Health Care reform (bill clinton was president)
Prof: Upjohn Co. charged him with pulling together educational summit. Get info in 10 days and
come back.
,Management Case Study #1: Brook Lodge, MI p2 - CORRECT ANSWER - Who do we
bring?
Keynote speaker- lead MD to Ms. Clinton's task force.
Most important physicians in the country. Pay them, educate them. Cover a very controversial
topic.
Management Case Study #1: Brook Lodge, MI p3 - CORRECT ANSWER - She said:
there are different levels of healthcare, decided by where you trained.
What's distasteful: foreign physicians flooding into America and treating Americans with
mediocre education.
50% of the audience is foreign...
grumbling.
Boss tells prof that he needs to tell her that she made a mistake and must apologize.
She has two words: screw you.
Management Case Study #1: Brook Lodge, MI p4 - CORRECT ANSWER - Do you align
with the lead MD (who knows Hillary Clinton and could make bad things happen to us?), or with
the customers?
*THE CUSTOMERS*
Lecture 12 - CORRECT ANSWER - Wed Nov 7
Pricing - CORRECT ANSWER - Regardless of the factors involved, the price of a product
or service must *cover the costs* of the product/service as well as *earn a reasonable profit*
New Product-line extension
, The CEO could ask for: - CORRECT ANSWER - - Price as an indicator of value.
- Value pricing.
- Profit equation.
- Pricing objectives.
- Pricing constraints.
- Estimating demand.
- The demand curve.
- Marginal revenue curves.
- Elastic demand.
- Marginal analysis and profit maximization.
The CEO will most likely ask for - CORRECT ANSWER - - *What is your recommended
price?*
- *What is your sales forecast (years 1-3)?*
- *Percent (%) confidence in your sales forecast?*
The CEO will most likely ask for, p2 - CORRECT ANSWER - - How did you arrive at
this price?
- What (and when) is our profit?
- What are our cost of goods?
- How much (Marketing) spend will it take for us to - achieve these financial objectives?
- How many units (iWatches) will we "move"?
- Any increase in capital costs (to make)?
vote with your feet - CORRECT ANSWER - to leave a place or an organization because
you do not like something about it.
If it doesn't work?
1) Keep walking
UPDATED ACTUAL Questions and
CORRECT Answers
Lecture 11 - CORRECT ANSWER - Mon Nov 5
The "path" to promotional materials/message - CORRECT ANSWER - Product/service
concept
Product/service design
Market Analysis
Market Research (primary)
SWOT
Positioning Statement
Launch Plan
Launch plan includes - CORRECT ANSWER - Promotional materials & message:
Product color/design/logo
Product message
Product advertising (print/social m)
Product "sales" materials
Product packaging/inserts
Product "spend" (media, sales force)
Mettle - CORRECT ANSWER - A person's ability to cope with difficulties or to face a
demanding situation in a spirited and resilient way
The Sales Message - CORRECT ANSWER - I Opener
II Fact Finding/Questions
,III FAB (Feature/Advantage/Benefit) - The Message
IV Handling Objections
V Close/Commitment
Making the Sales Call III - CORRECT ANSWER - Presentation (body) of Product/Service
(FAB)
1. Customize based upon your learnings, but
2. Trust the "flow" of the sales piece (tested)
3. Use visuals (always)
4. Features/Advantages/Benefits (FAB)
- creating value in minds of customer (remember - people love to buy, but hate to be "sold")
Feature/Advantage/Benefit (FAB) - CORRECT ANSWER - Creating value in the mind of
your customer
Feature (Fact): What the product does.
Advantage (So what?): How is it different/better?
Benefit: What this means for you. Don't sell on price, sell on value/benefit.
Professional salesperson - CORRECT ANSWER - will be in a conversation where you
don't even know there's a sale going on. Listen and fabricate and create values for them.
prof: didn't buy a tesla for green emissions, he bought it cause that's where the world's going.
Management Case Study #1: Brook Lodge, MI - CORRECT ANSWER - 1993 Health
Care Reform
- Hillary Clinton appointed chiar, Health Care reform (bill clinton was president)
Prof: Upjohn Co. charged him with pulling together educational summit. Get info in 10 days and
come back.
,Management Case Study #1: Brook Lodge, MI p2 - CORRECT ANSWER - Who do we
bring?
Keynote speaker- lead MD to Ms. Clinton's task force.
Most important physicians in the country. Pay them, educate them. Cover a very controversial
topic.
Management Case Study #1: Brook Lodge, MI p3 - CORRECT ANSWER - She said:
there are different levels of healthcare, decided by where you trained.
What's distasteful: foreign physicians flooding into America and treating Americans with
mediocre education.
50% of the audience is foreign...
grumbling.
Boss tells prof that he needs to tell her that she made a mistake and must apologize.
She has two words: screw you.
Management Case Study #1: Brook Lodge, MI p4 - CORRECT ANSWER - Do you align
with the lead MD (who knows Hillary Clinton and could make bad things happen to us?), or with
the customers?
*THE CUSTOMERS*
Lecture 12 - CORRECT ANSWER - Wed Nov 7
Pricing - CORRECT ANSWER - Regardless of the factors involved, the price of a product
or service must *cover the costs* of the product/service as well as *earn a reasonable profit*
New Product-line extension
, The CEO could ask for: - CORRECT ANSWER - - Price as an indicator of value.
- Value pricing.
- Profit equation.
- Pricing objectives.
- Pricing constraints.
- Estimating demand.
- The demand curve.
- Marginal revenue curves.
- Elastic demand.
- Marginal analysis and profit maximization.
The CEO will most likely ask for - CORRECT ANSWER - - *What is your recommended
price?*
- *What is your sales forecast (years 1-3)?*
- *Percent (%) confidence in your sales forecast?*
The CEO will most likely ask for, p2 - CORRECT ANSWER - - How did you arrive at
this price?
- What (and when) is our profit?
- What are our cost of goods?
- How much (Marketing) spend will it take for us to - achieve these financial objectives?
- How many units (iWatches) will we "move"?
- Any increase in capital costs (to make)?
vote with your feet - CORRECT ANSWER - to leave a place or an organization because
you do not like something about it.
If it doesn't work?
1) Keep walking
