MGMT 322 Final Exam questions with answers

MGMT 322 Final Exam questions with
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answers

Value - CORRECT ANSWERS ✔✔•Know that consumers
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look for value and that value is a function of price and
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benefit.


Differentiation - CORRECT ANSWERS ✔✔Companies |\ |\ |\ |\ |\



differentiate their product so that they don't compete
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strictly on the basis of price and because different groups
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of consumers look for different features/attributes.
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Customer Lifetime Value (CLV) - CORRECT ANSWERS
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✔✔How much you'll earn off the average consumer
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during his or her 'lifetime' with your company
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SWOT Analysis - CORRECT ANSWERS ✔✔Strengths,
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weaknesses, opportunities, threats (SW-internal) (OT-|\ |\ |\ |\



external)


Objectives must be - CORRECT ANSWERS ✔✔Specific,
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Measurable, Achievable, Relevant and Time-Oriented
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,Four P's that make up Marketing Mix - CORRECT
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ANSWERS ✔✔Product, Price, Place, Promotion |\ |\ |\ |\




six macro environmental forces with which organizations
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have to deal - CORRECT ANSWERS ✔✔Economy,
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Technology, Sociocultural, Political & Legal & Regulations, |\ |\ |\ |\ |\ |\ |\



Natural, Demographic |\




GDP - CORRECT ANSWERS ✔✔the sum of the selling
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prices of all final goods and services produced in a
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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 - |\ |\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔ |\ |\




tariffs, quotas and boycott - CORRECT ANSWERS ✔✔T: tax
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on imports
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Q: government-imposed trade restriction that limits the
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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 - CORRECT
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ANSWERS ✔✔(1) need recognition; (2) information search |\ |\ |\ |\ |\ |\



(internal & external); (3) evaluation of alternatives; (4)
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purchase; (5) post-purchase evaluation |\ |\ |\




What is involvement and what factors influence a
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consumer's level of involvement - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔price, familiarity, frequency of purchase, level of
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importance to the individual, 'stuck-with-it' factor and |\ |\ |\ |\ |\ |\ |\



social risk |\




Elements of social class - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔primarily: education, occupation, income |\ |\ |\




Know some of the cues and signals consumers use to
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form perceptions of products - CORRECT ANSWERS ✔✔
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B2B compared to B2C - CORRECT ANSWERS ✔✔B2b is
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bigger in units and price |\ |\ |\ |\




B2b had more personal selling
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B2b is more relationship based
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Four types of B2B buyers - CORRECT ANSWERS
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✔✔producers (OEM and end-user), re-sellers, government |\ |\ |\ |\ |\



and institutions
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