MGT 103 Final Burrit Demil UPDATED
ACTUAL Questions and CORRECT
Answers
product - CORRECT ANSWER - a good, service, or idea consisting of a bundle of
tangible and intangible attributes that satisfies consumers' needs and is received in exchange for
money or something else of value
good - CORRECT ANSWER - A tangible product used to satisfy human wants
services - CORRECT ANSWER - intangible activities or benefits that an organization
provides to satisfy consumers' needs in exchange for money or something else of value
product life cycle - CORRECT ANSWER - describes the stages a new product goes
through in the marketplace: introduction, growth, maturity, and decline
marketing executives managing a product's life cycle in 3 ways - CORRECT ANSWER -
1. modify the product itself by altering its characteristics, such as product quality, performance,
or appearance
2. modify the market by finding new customers for the product, increasing a product's use among
existing customers, or creating a new use situation for the product
3. they can reposition the product using any one or a combination of marketing mix elements
Four unique elements of services - CORRECT ANSWER - intangibility, inconsistency,
inseparability, inventory
prepurchase search - CORRECT ANSWER - a search for information that aids a specific
acquisition decision
, Five Dimensions of Service Quality - CORRECT ANSWER - reliability, responsiveness,
assurance, empathy, tangibles
customer contact audit - CORRECT ANSWER - a flowchart of the points of interaction
between consumer and service provider
seven Ps of services marketing - CORRECT ANSWER - product, price, place, promotion,
people, physical environment, process
roles of internal marketing - CORRECT ANSWER - have the attitude, skills, and
commitment needed to meet customer expectations
Customer Experience Management (CEM) - CORRECT ANSWER - the process of
managing the entire customer experience within the company
price objectives - CORRECT ANSWER - profit, sales, market share, unit volume,
survival, social responsibility
pricing constraints - CORRECT ANSWER - -demand for the product class, product and
brand
-newness of the product: PLC
-cost of producing and marketing the product
-competitors prices
-brand
-distribution channel
-pricing across channels
demand curve - CORRECT ANSWER - a graph of the relationship between the price of a
good and the quantity demanded
ACTUAL Questions and CORRECT
Answers
product - CORRECT ANSWER - a good, service, or idea consisting of a bundle of
tangible and intangible attributes that satisfies consumers' needs and is received in exchange for
money or something else of value
good - CORRECT ANSWER - A tangible product used to satisfy human wants
services - CORRECT ANSWER - intangible activities or benefits that an organization
provides to satisfy consumers' needs in exchange for money or something else of value
product life cycle - CORRECT ANSWER - describes the stages a new product goes
through in the marketplace: introduction, growth, maturity, and decline
marketing executives managing a product's life cycle in 3 ways - CORRECT ANSWER -
1. modify the product itself by altering its characteristics, such as product quality, performance,
or appearance
2. modify the market by finding new customers for the product, increasing a product's use among
existing customers, or creating a new use situation for the product
3. they can reposition the product using any one or a combination of marketing mix elements
Four unique elements of services - CORRECT ANSWER - intangibility, inconsistency,
inseparability, inventory
prepurchase search - CORRECT ANSWER - a search for information that aids a specific
acquisition decision
, Five Dimensions of Service Quality - CORRECT ANSWER - reliability, responsiveness,
assurance, empathy, tangibles
customer contact audit - CORRECT ANSWER - a flowchart of the points of interaction
between consumer and service provider
seven Ps of services marketing - CORRECT ANSWER - product, price, place, promotion,
people, physical environment, process
roles of internal marketing - CORRECT ANSWER - have the attitude, skills, and
commitment needed to meet customer expectations
Customer Experience Management (CEM) - CORRECT ANSWER - the process of
managing the entire customer experience within the company
price objectives - CORRECT ANSWER - profit, sales, market share, unit volume,
survival, social responsibility
pricing constraints - CORRECT ANSWER - -demand for the product class, product and
brand
-newness of the product: PLC
-cost of producing and marketing the product
-competitors prices
-brand
-distribution channel
-pricing across channels
demand curve - CORRECT ANSWER - a graph of the relationship between the price of a
good and the quantity demanded
