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Prelim Exam ABM 400 Final
Prelim Exam ABM 400 Final
ABM 400
Test 1. Multiple Choice. Answer Check Progress # 2-page 12-13 (1-9) Ref: Module
1. C
2. A
3. B
4. A
5. B
6. C
7. B
8. A
9. C
1. What were the strategic priorities impacted by the price of goods and services in
the event of a pandemic?
- We are all fully aware of our situation, especially businesses. This pandemic
has given us struggle throughout the year. Pricing is an important component of
a company's swift revenue recovery strategy. The three most essential areas for
price leaders to focus on are: being creative in addressing customer needs while
maintaining value, driving great pricing discipline, and investing aggressively in
future capabilities. Businesses has to fully be aware and take actions as soon as
possible to be able to not sunk into the failure of business. They have to come up
with a better way on how to fully maximize their products that will surely be
affordable to their customers. Some strategic priorities in order to fully maximize
what we are all experiencing right now for the businesses are first being able to
Be creative in meeting customer needs, be able to provide temporary offers to
your customers by aligning payments of your customer to their businesses
situation and their customer’s situation, Adjusting products or services to meet
changing needs and many more.
It is a process, it has steps in order to fully reach ypour goal at the end. A market
analysis is a thorough assessment of a market within a specific industry.
There are many benefits of conducting a market analysis, such as reducing risk for your
business and better informing your business decisions.
There are seven steps in conducting a market analysis.
5. What do you think is the impact of Covid 19 in today’s revenue of business from
the sales of products and services?
- Covid 19 is a disease that has brought many changes in the lives of every
individual here on earth. It didn’t just affect our health, but it also did affect each
and everyone’s countries’ economy. The earliest days of our pandemic, where no
one is allowed to go out of their own houses are the worst part of this whole
thing. Families, stock in their own home, no work and no income to get. Business
has all been closed; malls, restaurants, fast food chains, service businesses and
such. Most of us do not have control of what is currently happening to our world.
Months goes by, and not all businesses are able to cope up with the fortuitous
event, some are forced to shut down their own businesses especially those who
were just establishing their business in the market because they didn’t have
much profit to gain from their business. It was hard during those times, especially
since the business hasn’t been operating for how many months. Eventually all
are slowly going back to normal, and some businesses has been able to adapt,
that is why there are food pandas, or more like delivery food straight to the house
of their customers. Online businesses boomed, because it became the most
convenient way to get what you need or want during the pandemic. And gladly as
we can see, some businesses manage to get their business still striving during
the hard times and adapting to this “new normal” that we have. Revenue was
hard to collect for those times, as we all struggled because of this pandemic.
6. Cite an idea that can develop and improve a product.
- Industrialization. Industrialization really helped us all a lot. Machines built for the
betterment of all the products that we have. With machines that we have, which
we are thankful for by the way, businesses have been efficient because
Machines generate more production with minor energy and within a limited time.
Workers might be more dedicated to their work when they make use of
machines. Improvement in the quality and quantity of products, as a machine,
ensures high and large production rate.
- Everywhere you go you see marketing. You might not be fully aware of how and
where, but an example is every time you wake up you are already surrounded by
products. Those labels on your products have meaning. Just like, for example,
the toothpaste that you are going to use for brushing your teeth, it has a vibrant
color for your eyes to see. A bold word for you to maintain the word in your mind.
Next, have you ever thought why children always think that when you say
toothpaste, they immediately say Colgate? Well one of the reasons is through
commercials, right? I mean almost all of us have our own television at home and
most of us do watch our favorite television series, right? In between those
teleseryes that we watch, commercials are there right Infront of your eyes, where
in we may be attracted to buy what they offer because of how great the
commercials they have. Commercials are one way for businesses to fully market
their product or services to their customers because they have a wide range of
audience. And speaking of the audience, social media is not one to
underestimate because people are now in this new generation where technology
is essential. Social media is also one way to market your product, it can also be
free. The use of social media has given the businesses the opportunity to fully
market their product to their customers. Marketing is everything because it is one
of the most important things for a business. Businesses do not thrive by just
letting it. But rather businesses thrive because of the great marketing strategies
that they plan for their business.
8. Explain the three objectives of promotion. What do you think is the best strategy
to promote your product?