Short answers

Question 1

Know the three questions a marketing strategy must answer

Answer 1

a. Who is our target audience?
b. What is our unique value proposition?
c. How will we deliver our unique value proposition?

Question 2

Know (in order) the 7 components of a Marketing Plan

Answer 2

a. Executive Summary
b. Environmental Analysis
c. SWOT analysis
d. Marketing Objectives
e. Marketing Strategies
f. Marketing Implementation
g. Evaluation and Control

Question 3

Know in order the 6 steps to a Market Research Plan

Answer 3

a. define the problem
b. investigate
c. plan the research
d. gather information
e. interpret the information
f. reach a conclusion

Question 4

Know the 4 stages of a product life cycle and be able to briefly explain it

Answer 4

a. Introduction - awareness and acceptance low
b. Growth - sales increase rapidly
c. Maturity - slow increase rate
d. Decline - volume and profit falls
e. Stages in which a product’s sales revenue and profit increase, reach a peak, then decline. Firm has to predict and adapt based on life cycle.

Question 5

Describe the 7 phases of new product development

Answer 5

a. idea generation -ideas that will help objectives
b. screening - ideas that don’t match resources and objectives are rejected
c. concept testing - idea presented as sample
d. business analysis - potential financial performance, profitability
e. product development - technically feasible and low cost to produce
f. test marketing - limited introduction to representative markets
g. commercialization - full-scale manufacturing plans and projected budgets

Question 6

Balance sheet categories and basic calculations

Answer 6

a. Current Assets/Liabilities
- current ratio = current

b. assets/current liabilities
c. Fixed Assets/Long-term Liabilities
c. Intangible Assets
d. Stockholders equity

Question 7

Income statement categories and basic calculations

Answer 7

a. Revenues
- Return on sales = net income after taxes/net sales

b. Cost of Goods Sold
- i nventory turnover = cost of goods sold/average inventory

c. Operating Expenses
d. Net Income before and after Taxes

Question 8

Management Information Systems functions

Answer 8

a. collects data
b. stores data
c. updates data
d. processes data into information
e. presents information to users