Essay_Questions_for_studing_for_Final_07

Essay_Questions_for_ - AEM 240 Marketing Fall 2007 Prof McLaughlin FINAL EXAM ESSAY QUESTIONS 2 of these will be on the final 1 Different firms

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AEM 240 Fall 2007 Marketing Prof. McLaughlin FINAL EXAM ESSAY QUESTIONS 2 of these will be on the final 1. Different firms offer different types of products and often offer portfolios of both new and existing products. a. What are the types of consumer goods and explain how they differ. i. Convenience goods: purchased frequently and with minimum shopping effort ii. Shopping goods: items for which the consumer compares several alternatives on criteria, such as price, quality or style iii. Specialty goods: consumer makes a special effort to search out and buy iv. Unsought goods: items that a consumer either does not know about or does not initially want b. Identify and describe the stages in the new product development process. i. New product strategy development 1. Identify markets and strategic roles ii. Idea generation 1. Customer and supplier suggestions 2. Employee and coworker suggestions 3. Research and development breakthroughs 4. Competitive products iii. Screening and evaluation 1. Internal approach (within company) 2. External approach (with consumers) iv. Business analysis 1. Assessing the “business fit” of the new product v. Development 1. Prototypes, safety tests vi. Market testing 1. Test marketing: limited basis in a defined area; used to check the marketing mix components of the product 2. When test marketing don’t work vii. Commercialization 1. Commercialization, regional rollouts 2. Professor McLaughlin often returned to several key themes that were interwoven throughout the semester’s lectures. Elaborate on four of them. a. The four P’s of the marketing mix? b. Five key marketing concepts
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AEM 240 Fall 2007 Marketing Prof. McLaughlin i. Price vs. (customer) value ii. Economic utility iii. Marketplace orientations iv. Customer satisfaction – key strategic goal v. Marketing mix factors 3. Advertising is an important part of communication strategy. a. Some marketers believe that there are two basic purposes to advertising. Illustrate both graphically. i. increase demand: shift it outwards ii. increase inelasticity (loyalty): make demand curve vertical b. Despite its obvious extra costs, proponents of advertising claim that advertising can actually end up lowering costs to consumers. Illustrate graphically. i. it’ll induce more purchases more output (produced) increased efficiency lowered price (economies of scale) ii. graph: x-axis is quantity, y-axis is cost, gentle u shape for graph, advertising shifts it up a. post advertising graph starts above and the apex is to the right of the advertising graph’s apex; at the same price (or slightly lower), you can get more quantity, therefore making it cheaper for consumers in the end 4. Your grandfather has passed down to you a long held and closely guarded recipe for zoolukes. You fell in love with this delectable taste treat when it was served to you as a child so you have decided to open a restaurant in Collegetown featuring the meatless snack item. a.
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This note was uploaded on 02/19/2008 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell University (Engineering School).

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Essay_Questions_for_ - AEM 240 Marketing Fall 2007 Prof McLaughlin FINAL EXAM ESSAY QUESTIONS 2 of these will be on the final 1 Different firms

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