IBM Exam #3 2024/2025 with 100% Accurate Solutions, Exams of Nursing

Download IBM Exam #3 2024/2025 with 100% Accurate Solutions and more Exams Nursing in PDF only on Docsity!

IBM EXAM #3 2024/2025 WITH 100%

ACCURATE SOLUTIONS

price skimming (profit maximization) - Precise Answer ✔✔setting a relatively high price for a period of time after the product launches. Market Penetration - Precise Answer ✔✔emphasizes selling more of existing goods and services to existing customers. Odd Pricing - Precise Answer ✔✔a pricing tactic in which a firm prices products a few cents below the next dollar amount. Off-Season Pricing - Precise Answer ✔✔Price reductions given to customers purchasing goods or services out of season Prestige Pricing - Precise Answer ✔✔pricing strategy that involves pricing a product higher than competitors to signal that it is of higher quality. Price Bundling - Precise Answer ✔✔two or more products are packaged together and sold at a single price. Dynamic Pricing - Precise Answer ✔✔involves constantly updating prices to reflect changes in supply, demand, or market conditions.

Fixed Cost - Precise Answer ✔✔Costs that remain constant and do not vary based on the number of units produced or sold Variable Cost - Precise Answer ✔✔Costs that vary depending on the number of units produced or sold Compute Elasticity of Demand - Precise Answer ✔✔ Inelastic Demand - Precise Answer ✔✔a specific change in price causes only a small change in the amount purchased. Elastic Demand - Precise Answer ✔✔a small change in price causes a big change in the amount purchased. Reference Price - Precise Answer ✔✔the price against which buyers compare the actual selling price of the product and that facilitates their evaluation process. Price Discrimination - Precise Answer ✔✔The practice of charging different customers different prices for the same product. Cannibalization - Precise Answer ✔✔When new products take sales away from the firm's existing products rather than generating additional revenues or profits through new sales.

Calculate Break-Even Point in Units - Precise Answer ✔✔$fixed cost / ($selling price per unit - $variable cost per unit) = ___ widgets What does a strong brand image or high brand equity do for a firm? What is brand equity - Precise Answer ✔✔They can increase margins, improve customer loyalty to the brand, provide expansion opportunities, provide negotiating power, and provide a competitive advantage. Brand Equity- The Value the firm derives from consumers' positive perception of its products Private label brand VS manufacturer's brand - Precise Answer ✔✔PRIVATE: Products developed by a retailer and sold only by that specific retailer. MANUFACTURER: Brands that are managed and owned by the manufacturer rather than a reseller. Brand extensions - Precise Answer ✔✔The process of broadening the use of an organization's current brand to include new products. Brand revitalization - Precise Answer ✔✔A strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.

Co-branding - Precise Answer ✔✔A strategy in which two or more companies issue a single product in an effort to capitalize on the equity of each company's brand. Understand the 4 fundamental differences between services and products, and how marketers address this difference - Precise Answer ✔✔ Given a scenario, be able to recognize each of the 4 characteristics (intangibility, inseparability, variability, and perishability), and know what types of steps a marketer would take to address each one - Precise Answer ✔✔ The building blocks of service quality - tangibles and empathy will be the main focus. Be able to recognize how firms use tangibility to send positive cues to customers. - Precise Answer ✔✔ What is the zone of tolerance? Would you recognize it in a scenario? - Precise Answer ✔✔ The voice of the customer - again, be able to identify it. - Precise Answer ✔✔ Empowerment, how to do it, and why it is important. - Precise Answer ✔✔EMPOWERMENT: Allowing employees to make decisions about how service is provided to customers

HOW: Provide consistent emotional/instrumental support and incentives/rewards WHY: to ensure service is properly delivered, especially when individualized The role of technology in services. - Precise Answer ✔✔ Service recovery - why is it important and how do you do it? - Precise Answer ✔✔ Recognize a category killer - Precise Answer ✔✔Very large specialty stores that concentrates on a major product category and competes on the basis of low price and product availability Ex: home Depot, Barnes and Nobles Recognize an omnichannel strategy - Precise Answer ✔✔AKA multichannel strategy, involves selling in more than one channel (EX: store, catalog, the Internet) Slotting allowance - Precise Answer ✔✔charges imposed by a retailer to stock a new item (maybe help keep products stocked in the warehouse)

Paid media VS owned media - Precise Answer ✔✔Paid Media- the brand pays (pay per click) to get customer to the site or social media (owned media) Owned media- brand on ex. IG or social media What a "brand ambassador" does - Precise Answer ✔✔a person who is hired by an organization or company to represent a brand in a positive light and by doing so help to increase brand awareness and sales. Geofencing - Precise Answer ✔✔consists of sending promotional alerts to the smartphones of customers who opted into this service, when the customers near or enter the store user-generated content VS Expert content - Precise Answer ✔✔USER: content created by the general public for distribution by digital media EXPERT: content created by pros The role of delight - why firms should care - Precise Answer ✔✔ The role of delight - why firms should care - Precise Answer ✔✔customer delight leads to repurchase intentions. Cognitive dissonance - Precise Answer ✔✔the state of having inconsistent thoughts, beliefs, or attitudes, especially as relating to behavioral decisions and attitude change.

touch points - Precise Answer ✔✔your brand's points of customer contact, from start to finish. For example, customers may find your business online or in an ad, see ratings and reviews Ways that firms use CRM information - 4 methods are described on pages 486-487 - Precise Answer ✔✔ Strategies that firms can do to elevate customer service - Precise Answer ✔✔ Recognize data mining (know when you see it) - Precise Answer ✔✔A process that involves the computerized search for meaningful trends in a large amount of data. Recognize customer relationship management examples - Precise Answer ✔✔ Corporate philanthropy and corporate volunteerism - if you are given a scenario, be able to recognize which one is being used. - Precise Answer ✔✔PHILANTHROPY: The act of organizations voluntarily donating some of their profits or resources to charitable causes. VOLUNTEERISM: The policy or practice of employees volunteering their time or talents for charitable, educational, or other worthwhile activities, especially in the community.

Corporate Social Responsibility - Precise Answer ✔✔An organization's obligation to maximize its positive impact and minimize its negative impact on society.