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4. Define each of the 4 P’s of marketing (the marketing mix). Provide an example of each.
- Product-Creative value goods vs. services
- Price-Capturing Value, money time and energy
- Place- Delivering the value Proposition
- Promotion- Communicating the Value proposition.
1.What is the definition of value?
The relationship of benefits to costs, what the consumer gets for what they give.
11. List and define the three macro strategies for developing customer value. What are characteristics of each strategy?
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Developing a brand architecture strategy:
Support mkrs to determine which products and services to introduce, and which brand names, logos, symbols to apply to new and existing products.
The main roles are:
-To clarify brand awareness: Improve customer understanding.
-To improve brand image: Maximize transfer of equity
3 step process to develop an effective brand architecture strategy: To successfully execute a brand architecture strategy, marketers should use brand portfolio analysis for step
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1. What does the price elasticity of demand measure?
e. | a consumer’s sensitivity to a price change REF: Determinants of the Price Elasticity of Demand |
2. From the accompanying table, we would expect that, for recreational skaters, the price elasticity of demand for ice skates between $10 and $20 to be ________ than that of hockey players because ________.
Price of Ice Skates | Quantity Demanded (hockey players) | Quantity Demanded (recreational skaters) |
$10 | 95 | 70 |
$20 | 85 | 50 |
$40 | 75 | 35 |
$50 | 65 | 45 |
$ |
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1.How does managerial accounting differ from financial accounting?
Financial accounting is concerned with reporting financial information to external parties, such as stockholders, creditors, and regulators. Managerial accounting is concerned with providing information to managers for use within the organization. Financial accounting emphasizes the financial consequences of past transactions, objectivity and verifiability, precision, and companywide performance, whereas managerial accounting emphasizes
Read MorePercentages & Ratios Cheat Sheet
A ratio says how much of one thing there is compared to another thing.
There are 3 blue squares to 1 yellow square
Ratios can be shown in different ways:
| Use the “:” to separate the values: | 3 : 1 | |
| Or we can use the word “to”: | 3 to 1 | |
| Or write it like a fraction: | 31 |
A ratio can be scaled up:
Here the ratio is also 3 blue squares to 1 yellow square,
even though there are more squares.
Using Ratios
The trick with ratios is to always multiply or divide the numbers by the same value.
Example:
4 |
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Shareholder Wealth Maximization: the primary financial goal for managers of publicly owned companies implies that decisions should be made to maximize the long-run value of the firm’s common stock. Intrinsic Value: an estimate of stock’s “true” value based on accurate risk and return data. Market Price: the stock value based on perceived but possibly incorrect information as seen by the marginal investor.Primary markets: markets in which corporations raise capital by issuing new securities.
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