UCF MAR 3023 EXAM 3 REVIEW (CH. 9 -12 STUDY GUIDE) | QUESTIONS AND ANSWERS |
RATED 100% CORRECT.
Calculating segment profitability - (ANSWER)Segment size
x segment adoption percentage
x purchase behavior (x amount of times purchased per year)
x profit margin %
- Fixed costs
Calculating market share ratios - (ANSWER)company's sales / total market share x 100
Changing product mix breadth - (ANSWER)Decrease: to address changing market conditions or meet
internal strategic priorities (ex: to focus on a different product line)
Increase: to capture new or evolving markets and increase sales (ex: adding a new line of jam products
to compliment its bread line)
Top 5 global brands in order - (ANSWER)1. Apple
2. Google
3. Microsoft
4. Coke
5. Amazon
Changing product assortment depth - (ANSWER)Increase: changing consumer preference or to preempt
competitors while boosting sales
Decrease: realign firms resources. eliminate unprofitable and low margin items
Advantages to using the same brand name for new products - (ANSWER)-Brand is already established;
spend less on consumer awareness and brand association
-Perception can carry over
-synergy between existing products can increase sales
, UCF MAR 3023 EXAM 3 REVIEW (CH. 9 -12 STUDY GUIDE) | QUESTIONS AND ANSWERS |
RATED 100% CORRECT.
What firms should consider in order to prevent negative consequences of brand extensions - (ANSWER)-
evaluate the fit between the product class of the core brand and the extension
-evaluate perception of core brand attributes and apply to extension
-refrain from overally extending the brand into too many products and categories
-should consider if brand extension distances from core
What are the 5 steps of STP Analysis? - (ANSWER)1. Establish Strategy or Objectives
2. Use Segmentation Methods
3. Evaluate Segment Attractiveness
4. Select Target Market
5. Identify and Develop Positioning Strategy
Idea generation - (ANSWER)development of viable new product ideas.
Sources of new product ideas - (ANSWER)1. internal R&D
2. R&D consortia
3. licensing
4. brainstorming
5. outsourcing
6. competitors' products
7. customer input
Product development - (ANSWER)development of prototypes and/or the product
Prototype - (ANSWER)A full-scale working model used to test a design concept by making actual
observations and necessary adjustments.
Market Testing - (ANSWER)Test the market for the new product with a TRIAL BATCH of products
RATED 100% CORRECT.
Calculating segment profitability - (ANSWER)Segment size
x segment adoption percentage
x purchase behavior (x amount of times purchased per year)
x profit margin %
- Fixed costs
Calculating market share ratios - (ANSWER)company's sales / total market share x 100
Changing product mix breadth - (ANSWER)Decrease: to address changing market conditions or meet
internal strategic priorities (ex: to focus on a different product line)
Increase: to capture new or evolving markets and increase sales (ex: adding a new line of jam products
to compliment its bread line)
Top 5 global brands in order - (ANSWER)1. Apple
2. Google
3. Microsoft
4. Coke
5. Amazon
Changing product assortment depth - (ANSWER)Increase: changing consumer preference or to preempt
competitors while boosting sales
Decrease: realign firms resources. eliminate unprofitable and low margin items
Advantages to using the same brand name for new products - (ANSWER)-Brand is already established;
spend less on consumer awareness and brand association
-Perception can carry over
-synergy between existing products can increase sales
, UCF MAR 3023 EXAM 3 REVIEW (CH. 9 -12 STUDY GUIDE) | QUESTIONS AND ANSWERS |
RATED 100% CORRECT.
What firms should consider in order to prevent negative consequences of brand extensions - (ANSWER)-
evaluate the fit between the product class of the core brand and the extension
-evaluate perception of core brand attributes and apply to extension
-refrain from overally extending the brand into too many products and categories
-should consider if brand extension distances from core
What are the 5 steps of STP Analysis? - (ANSWER)1. Establish Strategy or Objectives
2. Use Segmentation Methods
3. Evaluate Segment Attractiveness
4. Select Target Market
5. Identify and Develop Positioning Strategy
Idea generation - (ANSWER)development of viable new product ideas.
Sources of new product ideas - (ANSWER)1. internal R&D
2. R&D consortia
3. licensing
4. brainstorming
5. outsourcing
6. competitors' products
7. customer input
Product development - (ANSWER)development of prototypes and/or the product
Prototype - (ANSWER)A full-scale working model used to test a design concept by making actual
observations and necessary adjustments.
Market Testing - (ANSWER)Test the market for the new product with a TRIAL BATCH of products
