Podcast
Questions and Answers
What are functional benefits?
What are functional benefits?
Practical uses of a product (e.g., durability).
What are psychological benefits?
What are psychological benefits?
Emotional or social benefits (e.g., status).
Which of the following is NOT one of the 4E's of Social Media Strategy?
Which of the following is NOT one of the 4E's of Social Media Strategy?
- Excite them with offers or promotions
- Evaluate customer satisfaction (correct)
- Encourage them to take action
- Engage customers with content
Describe the cost/benefit equation.
Describe the cost/benefit equation.
What is high involvement decision making?
What is high involvement decision making?
What is distribution in the context of supply chain?
What is distribution in the context of supply chain?
What is a supply chain?
What is a supply chain?
Which of the following is a foreign market entry strategy?
Which of the following is a foreign market entry strategy?
Flashcards
Functional Benefits
Functional Benefits
Practical advantages of a product, like how long it lasts or how well it works.
Psychological Benefits
Psychological Benefits
Emotional or social advantages, such as feeling good or looking cool.
The 4 E's of Social Media
The 4 E's of Social Media
Connect with your audience, teach them about your product, make them excited, and push them to act
Cost/Benefit Equation
Cost/Benefit Equation
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High Involvement Decision
High Involvement Decision
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Low Involvement Decision
Low Involvement Decision
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Distribution
Distribution
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Supply Chain
Supply Chain
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Exporting
Exporting
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Licensing
Licensing
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Study Notes
- Recognize a need.
- Evaluate requirements
- Evaluate proposals and select a supplier.
- Order and review performance.
Functional vs Psychological Benefits
- Functional benefits are the practical uses of a product, like durability.
- Psychological benefits are the emotional or social benefits, such as status.
The 4 E’s of Social Media Strategy
- Engage customers with content
- Educate customers about the product/service.
- Excite customers with offers or promotions.
- Encourage customers to take action
The Cost/Benefit Equation
- Customers weigh the value they get against the price they pay.
High vs Low Involvement Decision Making
- High involvement decisions require significant research, like buying a car.
- Low involvement decisions require little thought such as buying snacks.
Distribution and Supply Chain
- Distribution involves how products get to customers
- Supply chain includes all steps in producing and delivering goods
Foreign Market Entry Strategies
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Exporting
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Licensing
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Franchising
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Joint ventures
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Direct investment
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Governmental Trade Barriers
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