Essay_Questions_for_studing_for_Final_07 - AEM 240...

Info icon This preview shows pages 1–3. Sign up to view the full content.

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
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

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.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern