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MGT 103 BATES MIDTERM EXAM QUESTIONS AND ANSWERS (SUCCESS)
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MGT 103 BATES MIDTERM EXAM QUESTIONS AND ANSWERS (SUCCESS)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 BATES MIDTERM EXAM
QUESTIONS AND ANSWERS (SUCCESS)
marketing - ✔️✔️started production based; engineers
the activity, set of institutions, and processes for creating, communicating, deliver- ing, and
exchanging offerings that have value for customers, clients, partners, and society at large
Eras of marketing - ✔️✔️1. production
2. sales era
3. marketing concept era
4. customer relationship era
need - ✔️✔️precedes a want; underlying necessity
-basic physical and psychological needs
want - ✔️✔️-our preferred way of satisfying our needs
market - ✔️✔️-a group or groups of consumers that can be characterized by their interests or
buying habits
-desire and ability to buy an offering
industry - ✔️✔️-esists to serve a market
-collection of product and service providers positioned for a target audience
target market - ✔️✔️the group or groups of consumers an organization directs in marketing efforts
to
4 p's - ✔️✔️-cant control
-product, price, promotion, place
product - ✔️✔️functionality, brand, packaging, services, warranty and services after
ex/ red bull, skinny can to be different
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
price - ✔️✔️-list price, discounts, and credit terms
promotion - ✔️✔️-advertising, sales force, publicity, sales promotion
place - ✔️✔️-channel, inventory, logistics, distribution
uncontrollable forces - ✔️✔️-physical environment, economic, social aspects, technology,
competition, regulatory forces
value - ✔️✔️-either add more benefit or reduce cost
-based on ones own perception
-benefits=price ratio
perceptual map - ✔️✔️f
supermarket jam experiment - ✔️✔️more jame options were more attractive
but with less James, more people bought something
great variety.. - ✔️✔️-greater expectation and greater opportunity cost
benefits vs features - ✔️✔️-consumers buy benefits, not features
-why how what
organizational structure - ✔️✔️1. board of directors
2. corporate- level strategy
3. business unit level strategy
4. functional Lebel strategy
marketing myopia (downfall) - ✔️✔️-companies think of themselves as what the become to
narrow and dont see big picture
ex/ railroad, only for mail, didn't think bout transportation
SMART - ✔️✔️specific, measurable, attainable, relevant, time based
marketing plan - ✔️✔️focuses on the core offering, not looking at operations like a buisness does
SWOT - ✔️✔️-strengths, weaknesses, opportunity, and threats
segmentation - ✔️✔️-most important part of marketing
-not best- time and money constraints
-use external things (age, race, educational level)
market segmentation - ✔️✔️-process of dividing a market into groups of similar consumers
-who is our customer?
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