MNGT 4800 Simulation Exam with accurate ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
detailed solutions ||//\\||
Why simulate? - correct answer✔✔- risk free
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- big picture
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-develop critical thinking skills ||//\\|| ||//\\|| ||//\\||
- compresses time
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- comprehensive strategy
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About the Business - correct answer✔✔- all teams begin with identical profile
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- oligopoly
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- no outside competitors or product substitutes
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-benign environment ||//\\||
What is an oligopoly? - correct answer✔✔market dominated by handful of firms
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Five Market Segments - correct answer✔✔- traditional
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- low end
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- high end
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- performance
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- size
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Perceptual Maps - correct answer✔✔- marketing tool used to depict product positioning. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Illustrates how customers distinguish between products that are similar in nature ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- size v performance
||//\\|| ||//\\|| ||//\\||
, Customers' Two Stage Purchase Decision Process - correct answer✔✔- Stage 1: Match ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Product to Market ||//\\|| ||//\\|| ||//\\||
- Stage 2: Rank Best Product
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
How to match a product to a market - correct answer✔✔positioned within the segment,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
must fall within price guidelines, and must fall within reliability guidelines
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
What is Research and Development (R&D)? - correct answer✔✔- establish specification of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the products to meet customer demand, plan ahead for product position in future years
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- 3 months to 3 years
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- build reliability and quality into products
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- ensure perceived age of product meets customer demand
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- create new products to meet changes
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
What does Marketing do? - correct answer✔✔- set price of products
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- build customer awareness
||//\\|| ||//\\|| ||//\\||
- establish sales force and distribution channels
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- set credit policies (AR & AP)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- set sales forecast
||//\\|| ||//\\|| ||//\\||
What does Production do? - correct answer✔✔- long-term and consider market growth
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- automation
||//\\|| ||//\\||
- capacity of product lines
||//\\|| ||//\\|| ||//\\|| ||//\\||
- maximize fixed assets
||//\\|| ||//\\|| ||//\\|| ||//\\||
-TQM initiatives ||//\\||
detailed solutions ||//\\||
Why simulate? - correct answer✔✔- risk free
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- big picture
||//\\|| ||//\\||
-develop critical thinking skills ||//\\|| ||//\\|| ||//\\||
- compresses time
||//\\|| ||//\\||
- comprehensive strategy
||//\\|| ||//\\||
About the Business - correct answer✔✔- all teams begin with identical profile
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- oligopoly
||//\\|| ||//\\||
- no outside competitors or product substitutes
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
-benign environment ||//\\||
What is an oligopoly? - correct answer✔✔market dominated by handful of firms
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Five Market Segments - correct answer✔✔- traditional
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- low end
||//\\|| ||//\\|| ||//\\||
- high end
||//\\|| ||//\\||
- performance
||//\\|| ||//\\||
- size
||//\\||
Perceptual Maps - correct answer✔✔- marketing tool used to depict product positioning. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Illustrates how customers distinguish between products that are similar in nature ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- size v performance
||//\\|| ||//\\|| ||//\\||
, Customers' Two Stage Purchase Decision Process - correct answer✔✔- Stage 1: Match ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Product to Market ||//\\|| ||//\\|| ||//\\||
- Stage 2: Rank Best Product
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
How to match a product to a market - correct answer✔✔positioned within the segment,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
must fall within price guidelines, and must fall within reliability guidelines
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
What is Research and Development (R&D)? - correct answer✔✔- establish specification of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the products to meet customer demand, plan ahead for product position in future years
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- 3 months to 3 years
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- build reliability and quality into products
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- ensure perceived age of product meets customer demand
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- create new products to meet changes
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
What does Marketing do? - correct answer✔✔- set price of products
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- build customer awareness
||//\\|| ||//\\|| ||//\\||
- establish sales force and distribution channels
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- set credit policies (AR & AP)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- set sales forecast
||//\\|| ||//\\|| ||//\\||
What does Production do? - correct answer✔✔- long-term and consider market growth
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
- automation
||//\\|| ||//\\||
- capacity of product lines
||//\\|| ||//\\|| ||//\\|| ||//\\||
- maximize fixed assets
||//\\|| ||//\\|| ||//\\|| ||//\\||
-TQM initiatives ||//\\||
