Prelim Exam

ABM 400

Instruction. Type your answer (only) in word and turn in to assignment.

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

Test 11 ESSAY. Discuss/Explain the following:

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.

2. Can you determine the relationship of supplies and services?

- Thinking about procurement in terms other than the technicalities of buy
agreements and contracts is necessary for building solid relationships with suppliers.
The emphasis on how you engage with suppliers differs from supply chain
management's logistical focus. It's rarely as simple as signing a contract and sitting
back while a procedure takes care of itself. People management and the added value
that human aspects of business may provide to operations are at the heart of supplier
management. Keeping this side of things going well will guarantee that both parties
work fast to fix concerns, search for ways to improve operations, and assist each other
in reaping the benefits of the connection. Communication, respect, oppeness, fairness,
trust and many more are one of the things you have to understand.
3. How would you analyze a marketing process?

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.

4. Explain the principles of marketing with specific reference to its marketing

process.
- Companies employ four original marketing principles known as the 4Ps or 4P
marketing Matrix for their marketing strategy. Product, Price, Place, and Promotion are
the four main marketing elements that are interconnected and work together to form the
Marketing Mix. These helps on identifying your needs in your business. Without these
yu wouldn’t be able to fully market your business to you consumers. These are
important ingredients on establishing a successful business.

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.

7. Give your best idea “Marketing is everything”.

- 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?

- to present information to targeted consumers and business customers, this first

objective is to know you target consumers and be able to deliver to them what
you have for them in store or what you offer to them. Because these information
are essential for them to be knowledgable of what type of product or services that
you have. Next is, To increase demand among the target market, its objective is
to have more people buy your product, but how, of course by marketing your
 products to your customer, we all know that an increase in demand is what all
businesses wants. Last is to differentiate a product and create a brand identity,
this is where you build your business to the minds of your customers, being able
to be acknowledgeable by everyone in the world or even you own community
first. For me the best strategy to promote a product is through social media
platforms, why? It is because social media are one that has a wide range of
audience. You can reach a lot of people, may it be they are form different places.

9. In marketing, how do you value every relationship?

- we all know that your relationship with your customer is one of the important
thing in business. Creating good relationship with your customer is one way of also
marketing your business. It is also free, because with the power of words given by those
customers that you have, will result to more people liking your product. Building
relationship with your cutomer, will produce loyalty. By giving them you 100% on your
products will give your customer the satisfaction it needs. As long as you satisfy or even
surpass the satisfaction of your customer by your product or services, they will continue
to go back to your business and purchase you product or services that you offer to
them. In addition by ebing consistent with everything is one way to get the hearts of
your customers
10. How do you build strong brands?

- A brand's success depends on its foundation in research and alignment with

company strategy. The greatest method to establish (and maintain) a successful brand
is from within, which begins with enterprise-level marketing research. It is where
businesses first step on building their own business. By being knowledgable of their
community, what their community needs, who their target markets are. Having a strong
research will help you determin what products or services you need in order to fully
know your community.