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MGT 103 Midterm (Bates) Questions & answers
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MGT 103 Midterm (Bates)marketing - ANS-interpret the needs and wants of customers, communicate solutions,
facilitate change, decision making is messy and may not be "right" answer
sales era - ANS-1930s-1970s
production era - ANS-1850-1930s
marketing concept era - ANS-1950s-2000s
customer relationship era - ANS-1980s-present
marketing concept - ANS-identifies needs and wants of the customer and provides it to
them better than the competition can
need - ANS-a physiological or psychological necessity, doesn't have to be daily
want - ANS-the way you would best like to satisfy the need
market segmentation - ANS-dividing the market into more similar groups of consumers
product positioning - ANS-how you place an object in the mind of the consumer
market - ANS-group(s) of consumers that can be characterized by their interests or
buying habits; have the desire and ability to buy an offering
industry - ANS-exists to serve a market; a collection of products and service providers
positioned for a target audience
target market - ANS-the group(s) of consumers an organization directs its marketing
efforts to
marketing mix - ANS-product, price, promotion, place
perceptual map - ANS-a subjective map from the mind of the consumer
, variety - ANS-in theory: having options increases the chances to find the perfect
flavor/style/etc
in practice: having too many options/variety requires too much cognitive ability
paradox of choice - ANS-greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - ANS-why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
marketing myopia - ANS-ex: RRs failing due to a limited market view
bcg growth matrix - ANS-
SMART direction for setting goals - ANS-Specific
Measurements
Attainable
Relevant
Time based
SWOT analysis - ANS-BUILD on a strength
EXPLOIT an opportunity
CORRECT a weakness
AVOID DISASTER laden threat
moral idealists - ANS-personal moral philosophy that considers certain individual rights
or duties as universal, regardless of outcome
utilitarianism - ANS-focuses on greatest good for the greatest number, assess costs and
benefits. if the benefits outweigh the cost, it's an ethical path
awareness set - ANS-brands you have heard of
evoked set - ANS-brands that you can name off the top of your head
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