Mba 706 - Exam 3 Solved

Repositioning {Ans: Firms need to reposition as the market environment changes constantly}New Marketing Mix {Ans: Expansion to include 3 softer elements: People, Physical Evidence, Process Management}Standards gap {Ans: firm's perception of quality vs. perception of customer's expectation}Survey Stage {Ans: understand consumer motivations, attitudes, and behavior}Service Gap {Ans: what is expected vs. what is perceived}Maintenance and Improvement Market Position {Ans: Prices are set to increase market share and minimize the possibility of price wars.}Procedures of Segmentation {Ans: 1. Survey Stage 2. Analysis Stage 3. Profiling Stage}Two dimensions for effective product management {Ans: product life cycle, portfolio analysis}Internal Communications Gap {Ans: What is communicated vs. what is delivered}Market follower {Ans: less aggressive}Disadvantage to Undifferentiated Marketing {Ans: Intense competition and more sophisticated consumers}Market Segmentation {Ans: Allows managers to break the market into small manageable groups, so that firms can tailor their offerings to satisfy different needs and wants.}Disadvantage of Concentrated Marketing {Ans: Possibility of missed opportunities; vulnerable to competition.}Confused Positioning {Ans: consumers are confused as to what the organization stands for, maybe due to too many claims made by the company}Manufacturer's Capability and Resources {Ans: bargaining power and