MGT 3806- Midterm Exam Guide - Comprehensive Notes for the exam ( 19 pages long!)
Document Summary
Content of work: physical labour, customer service. Offer an existing product to a different market. Offer a product or service similar to those existing in the same market. Manger is a leader ensures quality work and buy in of employees. Flexibility (due to high growth, cyclical demand and perishable products) Services that appeal to parents with children. Surveys: mail surveys, telephone surveys, personal interviews, focus groups test marketing. Step one - calculate the market potential. Determine the market area and its population. Obtain revenue , (sales) statistics for the product or service in the area. Adjust the market potential total as necessary. Step two - calculate the market share. Estimate the total amount of selling space in the market devoted to the merchandise the new business will sell. Calculate the market share based on selling space. Make adjustments to reflect any competitor strengths and weaknesses regarding the proposed store.
