D077 - Cohort 1 Questions and Answers

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D077 - Cohort 1 Questions and Answers Product Concept -✔✔ * Understanding product dynamics to: -- Showcase the best qualities -- Maximum product features Sales Concept -✔✔ * Seller's need ... to convert their product into cash Production Concept -✔✔ * Consumers will favor products that are available and highly affordable * Organization should focus on improving production and distribution efficiency Marketing Concept -✔✔ * Firms should analyze customer needs * Make decisions to satisfy those needs, better than the competition. Marketing Mix -✔✔ * Product * Price * Promotion * Place Product -✔✔ * Goods, services, and ideas * Brand name packaging * Warranties * Accessories Strategic Product Management -✔✔ * Product mix * Product lines * Product Life Cycle * Modifications Introductory Stage -✔✔ * No profits or sales Growth Stage -✔✔ * Sales and profits start climbing quickly Maturity Stage -✔✔ * Sales increase at a decreasing rate Declining Stage -✔✔ * Sales and profits fall rapidly Strategic Planning -✔✔ * Primary objectives * Long-term activities * What is going to be done Tactical Planning -✔✔ * Implementing strategy plan * Short term activities* How it is going to be done BCG Matrix -✔✔ * Concerned with market share and growth rate * Identifies value of certain brand [Show More]

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