- Study guides, Class notes & Summaries

Which one of the following is NOT a purpose of goals? A. Goals provide an effective mechanism for evaluation and control. B. Goals can serve as a source of motivation for an organization's employees. C. Goals are used to forecast potential issues D. They provide guidance and unified direction for people in the organization. - Answer-C The primary distinction between strategy formulation and strategy implementation is along the lines of _____ versus ______: The formulation stage determi...

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7 pages

Written in 2024/2025

Grade A+

lectknancy

Which of the following model of change proposed the sequence of "Unfreeze, Move, Refreeze"? - Answer-Lewin's Change Model Which term describes a system for accomplishing and connecting activities that occur within a work organization? - Answer-Organizational Structure Which of the following represents one of the most difficult kinds of change to create within an organization? - Answer-Culture Change Which of the following represents the changes in the overall formal relationshi...

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10 pages

Written in 2024/2025

Grade A+

lectknancy

1) _____ can be defined as a set of activities directed at an organization's resources, with the aim of achieving organizational goals in an efficient and effective manner. A) Economics B) Job de-skilling C) Management D) Self-dealing E) Divestment - Answer-C 2) Which of the following helps make the management process efficient? A) Increasing overhead production costs B) Using resources in a cost-effective manner C) Making management decisions independently of the organization's...

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179 pages

Written in 2024/2025

Grade A+

lectknancy

5 categories (including %) of product adopters - Answer-Innovators - 2.5% Early Adopters - 13.5 % Early Majority - 34% Late Majority - 34% Laggards - 16% most important group of product adopters - Answer-early majority 4 things majority adopters ARE - Answer-1. more cost averse 2. less tech savvy 3. less engaged 4. less forgiving about product faults 5 things majority adopters NEED - Answer-1. lower cost 2. ease/convenience 3. more persuasion 4. more reliability 5. mo...

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7 pages

Written in 2024/2025

Grade A+

lectknancy

Tagline - Answer-Short statements intended to brand a positive image in the consumer's mind Marketing - Answer-To discover and satisfy the needs and wants of prospective customers How does marketing occur? - Answer-- Two or more unsatisfied parties - Desire and ability to have their needs met - Way to communicate with each other - Something to exchange 4 P's Marketing Mix Factors - Answer-- Product - Price - Promotion - Place A want is ... - Answer-a need that is shaped b...

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3 pages

Written in 2024/2025

Grade A+

lectknancy

marketing - Answer-interpret the needs and wants of customers, communicate solutions, facilitate change, decision making is messy and may not be "right" answer sales era - Answer-1930s-1970s production era - Answer-s marketing concept era - Answer-1950s-2000s customer relationship era - Answer-1980s-present marketing concept - Answer-identifies needs and wants of the customer and provides it to them better than the competition can need - Answer-a physiological or psycholo...

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6 pages

Written in 2024/2025

Grade A+

lectknancy

Lecture 11 - Answer-Mon Nov 5 The "path" to promotional materials/message - Answer-Product/service concept Product/service design Market Analysis Market Research (primary) SWOT Positioning Statement Launch Plan Launch plan includes - 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 - Answer-A p...

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31 pages

Written in 2024/2025

Grade A+

lectknancy

How to calculate net worth? - Answer-total assets - total liabilities Median income for households? - Answer-$56,000 Why do companies acquire other companies? - Answer-1. products (revenue driver today) 2. R&D, technology (revenue for tomorrow, synergy w/ today's capabilities) 3. people capital (very few) 4. customer relationships (sometimes) Career levels by decade? - Answer-learn (20s) -> burn (30s) -> earn (40s) -> survive (50s) Strengths of 23AndMe? - Answer-- offe...

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3 pages

Written in 2024/2025

Grade A+

lectknancy

Four P's - Answer-PRODUCT - features, brand name, packaging, service, warranty PRICE - list price, discounts, allowances, credit terms, payment period PLACE - advertising, personal selling, public relations, sales promotion, direct marketing PROMOTION - outlets, channels, coverage, transportation, stock levels Cohesive marketing program - Answer-Also known as an integrated marketing program Its a combination of 4 P's Do the 4P's stay the same all the time? - Answer-No its ...

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8 pages

Written in 2024/2025

Grade A+

lectknancy

4 P's of Marketing - Answer-Product, Price, Place, Promotion SWOT analysis - Answer-strengths, weaknesses, opportunities, threats Market needs to Marketing Program - Answer-identify market needs, link needs to actions, execute marketing program actions Seven stages of the new-product process - Answer-1. new product strategy development 2. idea generation 3. screening and evaluation 4. business analysis 5. development 6. market testing 7. commercialization Services classifica...

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3 pages

Written in 2024/2025

Grade A+

lectknancy

Direct marketing - Answer-efforts to gain a direct response from individual consumers advantages- more targeted disadvantages- disliked bu customers, higher cost per contact personal selling - Answer-direct interaction between a company representative and a customer, two way flow of information B2C - Answer-business to consumer B2c (personal selling) 2 approaches: - Answer-transactional selling & relationship selling transactional selling - Answer-a form of personal selling that ...

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2 pages

Written in 2024/2025

Grade A+

lectknancy

The 4 C's - Answer-1. customer solution 2. customer cost 3. convenience 4. communication 4 P's - Answer-1. product 2. price 3. place 4. promotion what is the marketing environment - Answer-the six forces that surround the customer and effect the marketing mix 6 forces of the marketing environment - Answer-1. economic forces 2. political forces 3. legal and regulatory forces 4. technological forces 5. socio-cultural forces 6. competitive forces difference between the ...

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3 pages

Written in 2024/2025

Grade A+

lectknancy

Market segmentation involves aggregating prospective buyers into groups that have two key characteristics, what are they? - Answer-common needs and similar response to marketing action in terms of market segments and products, what are the three market segmentation strategies? - Answer-1 one product, multiple market segments 2 multiple products multiple segments 3 segments of one, aka mass customization The process of segmenting and targeting markets is a bridge between which two marketi...

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13 pages

Written in 2024/2025

Grade A+

lectknancy

price - Answer-money or other considerations exchanged for the ownership or use of a product or service barter - Answer-practice of exchanging products and service for other products or services rather than for money price equation - Answer-list price -incentives and allowances + extra fees value - Answer-ratio of perceived benefits to price perceived benefits/price value pricing - Answer-practice of simultaneously increasing product and service benefits while maintaining or decrea...

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20 pages

Written in 2024/2025

Grade A+

lectknancy

needed for marketing to occur - Answer-1. Two+ Parties with Unsatisfied Needs 2. A Desire and Ability to Be Satisfied 3. A Way for the Parties to Communicate 4. Something to Exchange marketing - Answer--Seeks to: • Discover Needs and Wants of Customers • Satisfy Them -Exchange • Money for goods and servicesoh how marketing discovers consumers needs - Answer--Consumers May Not Know or Cannot Describe What They Need or Want -Most New Products Fail -The Challenge: • "Focu...

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50 pages

Written in 2024/2025

Grade A+

lectknancy

Services - Answer-the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value 4 I's of Services - Answer-Four unique elements to services: intangibility, inconsistency, inseparability, and inventory 7 P's of Services Marketing - Answer-Expanded marketing mix concept. Includes original 4 P's (product, price, promotion, place/distribution) as well as people, physical environment, and process. ...

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7 pages

Written in 2024/2025

Grade A+

lectknancy

· Product Adoption Stages - Answer-1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption Types of Product Adopters - Answer-1. Innovators 2.Early Adopters 3.Early Majority 4.Late Majority 5.Laggards · Product Life Cycle - Answer-introduction, growth, maturity, decline Goods - Answer-tangible attributes that a consumer's five senses can perceive. Idea - Answer-a thought that leads to a product or action nondurable good - Answer-is an item consumed in one or a fe...

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21 pages

Written in 2024/2025

Grade A+

lectknancy

services - Answer-intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value Four I's of Services - Answer-intangibility, inconsistency, inseparability, inventory intangibility - Answer-The characteristic that a service is not physical and cannot be perceived by the senses - marketers try to make them tangible or show the benefits of using the service inconsistency - Answer-The quality of a service ...

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4 pages

Written in 2024/2025

Grade A+

lectknancy

product - Answer-good or service created to have value and satisfy customer needs can be exchanged for something else of value/money nondurable/durable good - Answer-goods that can be used right away/lasts over a period of time services - Answer-intangible activities an organization provides for money/something of value consumer/business products - Answer-items bought by consumers/products used to assist other products for resale convenience product - Answer-purchased frequently and...

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2 pages

Written in 2024/2025

Grade A+

lectknancy

what is personal selling? - Answer-Direct interaction between a company representative and a customer, two-way flow of information. - usually face to face - Much takes place in B2B arena between representatives of manufacturers and either wholesalers, retailers or end users. what are some examples of B2C personal selling? - Answer-- realtors (commission) - attorney's - food delivery what are 2 approaches to personal selling? - Answer-1. transactional selling 2. relationsh...

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3 pages

Written in 2024/2025

Grade A+

lectknancy