2
MGMT 322 Final Exam with accurate detailed solutions || || || || || || ||
Value - ✔✔•Know that consumers look for value and that value is a function of price and
|| || || || || || || || || || || || || || || || ||
benefit.
Differentiation - ✔✔Companies differentiate their product so that they don't compete|| || || || || || || || || || ||
strictly on the basis of price and because different groups of consumers look for different
|| || || || || || || || || || || || || || ||
features/attributes.
Customer Lifetime Value (CLV) - ✔✔How much you'll earn off the average consumer
|| || || || || || || || || || || || ||
during his or her 'lifetime' with your company
|| || || || || || ||
SWOT Analysis - ✔✔Strengths, weaknesses, opportunities, threats (SW-internal) (OT-
|| || || || || || || ||
external)
Objectives must be - ✔✔Specific, Measurable, Achievable, Relevant and Time-Oriented
|| || || || || || || || ||
Four P's that make up Marketing Mix - ✔✔Product, Price, Place, Promotion
|| || || || || || || || || || ||
six macro environmental forces with which organizations have to deal - ✔✔Economy,
|| || || || || || || || || || || ||
Technology, Sociocultural, Political & Legal & Regulations, Natural, Demographic
|| || || || || || || ||
GDP - ✔✔the sum of the selling prices of all final goods and services produced in a country
|| || || || || || || || || || || || || || || || || ||
in a given time frame
|| || || ||
Understand why GDP per Capita, total population, wealth distribution and infrastructure
|| || || || || || || || || || ||
are all key metrics in assessing the attractiveness of a foreign market - ✔✔
|| || || || || || || || || || || || ||
, 2
tariffs, quotas and boycott - ✔✔T: tax on imports
|| || || || || || || ||
Q: government-imposed trade restriction that limits the number, or monetary value, of
|| || || || || || || || || || || ||
goods that can be imported or exported during a particular time period
|| || || || || || || || || || ||
B: a refusal to deal with a company
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five stages in the consumer buying process - ✔✔(1) need recognition; (2) information
|| || || || || || || || || || || || ||
search (internal & external); (3) evaluation of alternatives; (4) purchase; (5) post-purchase
|| || || || || || || || || || || ||
evaluation
What is involvement and what factors influence a consumer's level of involvement -
|| || || || || || || || || || || || ||
✔✔price, familiarity, frequency of purchase, level of importance to the individual, 'stuck-
|| || || || || || || || || || ||
with-it' factor and social risk || || || ||
Elements of social class - ✔✔primarily: education, occupation, income
|| || || || || || || ||
Know some of the cues and signals consumers use to form perceptions of products - ✔✔
|| || || || || || || || || || || || || || ||
B2B compared to B2C - ✔✔B2b is bigger in units and price
|| || || || || || || || || || ||
B2b had more personal selling
|| || || ||
B2b is more relationship based
|| || || ||
Four types of B2B buyers - ✔✔producers (OEM and end-user), re-sellers, government and
|| || || || || || || || || || || || ||
institutions
Types of purchases - ✔✔new buy (or new task), modified rebuy, straight rebuy
|| || || || || || || || || || || ||
MGMT 322 Final Exam with accurate detailed solutions || || || || || || ||
Value - ✔✔•Know that consumers look for value and that value is a function of price and
|| || || || || || || || || || || || || || || || ||
benefit.
Differentiation - ✔✔Companies differentiate their product so that they don't compete|| || || || || || || || || || ||
strictly on the basis of price and because different groups of consumers look for different
|| || || || || || || || || || || || || || ||
features/attributes.
Customer Lifetime Value (CLV) - ✔✔How much you'll earn off the average consumer
|| || || || || || || || || || || || ||
during his or her 'lifetime' with your company
|| || || || || || ||
SWOT Analysis - ✔✔Strengths, weaknesses, opportunities, threats (SW-internal) (OT-
|| || || || || || || ||
external)
Objectives must be - ✔✔Specific, Measurable, Achievable, Relevant and Time-Oriented
|| || || || || || || || ||
Four P's that make up Marketing Mix - ✔✔Product, Price, Place, Promotion
|| || || || || || || || || || ||
six macro environmental forces with which organizations have to deal - ✔✔Economy,
|| || || || || || || || || || || ||
Technology, Sociocultural, Political & Legal & Regulations, Natural, Demographic
|| || || || || || || ||
GDP - ✔✔the sum of the selling prices of all final goods and services produced in a country
|| || || || || || || || || || || || || || || || || ||
in a given time frame
|| || || ||
Understand why GDP per Capita, total population, wealth distribution and infrastructure
|| || || || || || || || || || ||
are all key metrics in assessing the attractiveness of a foreign market - ✔✔
|| || || || || || || || || || || || ||
, 2
tariffs, quotas and boycott - ✔✔T: tax on imports
|| || || || || || || ||
Q: government-imposed trade restriction that limits the number, or monetary value, of
|| || || || || || || || || || || ||
goods that can be imported or exported during a particular time period
|| || || || || || || || || || ||
B: a refusal to deal with a company
|| || || || || || ||
five stages in the consumer buying process - ✔✔(1) need recognition; (2) information
|| || || || || || || || || || || || ||
search (internal & external); (3) evaluation of alternatives; (4) purchase; (5) post-purchase
|| || || || || || || || || || || ||
evaluation
What is involvement and what factors influence a consumer's level of involvement -
|| || || || || || || || || || || || ||
✔✔price, familiarity, frequency of purchase, level of importance to the individual, 'stuck-
|| || || || || || || || || || ||
with-it' factor and social risk || || || ||
Elements of social class - ✔✔primarily: education, occupation, income
|| || || || || || || ||
Know some of the cues and signals consumers use to form perceptions of products - ✔✔
|| || || || || || || || || || || || || || ||
B2B compared to B2C - ✔✔B2b is bigger in units and price
|| || || || || || || || || || ||
B2b had more personal selling
|| || || ||
B2b is more relationship based
|| || || ||
Four types of B2B buyers - ✔✔producers (OEM and end-user), re-sellers, government and
|| || || || || || || || || || || || ||
institutions
Types of purchases - ✔✔new buy (or new task), modified rebuy, straight rebuy
|| || || || || || || || || || || ||
