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MGT 103 Midterm 1: Questions With Verified Answers
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MGT 103 Midterm 1: Questions With Verified Answers
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MGT 103 Midterm 1: Questions With Verified Answers Customer experience Right Ans - The internal response that customers have to all aspects of an organization and its offering.Customer relationship management (CRM) Right Ans - The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase.
Customer value Right Ans - The unique combination of benefits received by
targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
Environmental forces Right Ans - The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive,
and regulatory forces.
Exchange Right Ans - The trade of things of value between buyer and seller so that each is better off after the trade.
Market Right Ans - People with both the desire and the ability to buy a specific offering.
Market orientation Right Ans - organization that focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.
Market segments Right Ans - The relatively same groups of buyers who (1) have common needs and (2) will respond similarly to a marketing action.
Marketing Right Ans - The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing concept Right Ans - The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals. Marketing mix Right Ans - The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.
Marketing program Right Ans - A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Organizational buyers Right Ans - Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.
Product Right Ans - A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.
Relationship marketing Right Ans - Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-
term benefit.
Societal marketing concept Right Ans - The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
Target market Right Ans - One or more specific groups of potential consumers toward which an organization directs its marketing program.
Ultimate consumers Right Ans - The people who use the products and services purchased for a household. Also called consumers, buyers, or customers.
Utility Right Ans - The benefits or customer value received by users of the product.
Marketing seeks Right Ans - To discover the need and wants of prospective
customers satisfy them
First objective is discovering the needs of prospective customers Right Ans - 1. Use customer surveys and tests 2. Crowdsourcing and innovation tournaments to evaluate ideas from customers
need occurs when Right Ans - a person feels deprived of basic necessities like food, water, shelter
want is a Right Ans - need that is shaped by a person's knowledge, culture, and personality
The four P's (Elements of marketing mix): Right Ans - Product - good idea to satisfy the consumers needs
Price - exchanged for the product
Promotion - communication between seller and buyer
Place - getting the product to the consumer
controllable factors Right Ans - are Marketing mix elements
forces serve as accelerator or brakes on marketing Right Ans - Technology, state of the economy, actions of competitors, and government restrictions
Market orientation focuses on Right Ans - 1. Continuously collecting information about customers needs
2. Sharing information across departments
3. Using it to create customer value
Social responsibility Right Ans - the idea that organizations are accountable to a larger society
Social marketing concept Right Ans - the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being
Ultimate consumers Right Ans - are the people who use the products and services purchased for a household
Organizational buyers Right Ans - are those manufacturers, wholesalers, retailers, service companies etc.
Form utility Right Ans - the production of the product or service
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