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Mgt 103 demill Midterm 1 Exam Questions and Answers (100% Pass)
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Mgt 103 demill Midterm 1 Exam Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMgt 103 demill Midterm 1 Exam Questions and Answers (100% Pass)
What is marketing - ✔️✔️Delivering value to customers.
Seeks to:
Discover needs and wants of customers
Satisfy them
Exchange - ✔️✔️Money for goods and services
Requirements for marketing to occur - ✔️✔️1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy these needs
3. A way for the parties to communicate
4. Something to exchange
How marketing discovers consumer needs - ✔️✔️Marketers need to ask the right questions and
learn from the past; consumers may not always know what they want or need.
Most new products fail
The Challenge; - ✔️✔️"Focus on the consumer benefit"
"Learn from past mistakes"
Benefits is why we buy things and features use those benefits.
Target Market - ✔️✔️A group of people or organizations for which an organization designs,
implements, and maintains a marketing mix intended to meet the needs of that group, resulting in
mutually satisfying exchanges
The Marketing Mix (the 4 P's) - ✔️✔️These are Controllable marketing mix factors
-production
-promotion
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,©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
-price
-place
customer value proposition - ✔️✔️a cluster of benefits that an organization promises customers to
satisfy their needs
Environmental Forces - ✔️✔️the uncontrollable social, economic, technological, competitive, and
regulatory forces that affect the results of a marketing decision
Feature - ✔️✔️Something that "it" does
Benefits - ✔️✔️What matters to you. Why those features are important to you.
They make your life easier.
Value = - ✔️✔️benefits/price
Customer Value - ✔️✔️the unique combination of benefits received by targeted buyers.
Best price
Best service
Best product
relationship marketing - ✔️✔️Easy to understand
Hard to do
—> a strategy that focuses on keeping and improving relationships with current customers
They but from you, they're happy and they come back.
Marketing program - ✔️✔️a plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers
Marketing segments - ✔️✔️relatively homogeneous groups of prospective buyers that have
common needs and will respond similarly to a marketing action
Production era - ✔️✔️In the early 1900s, businesses refined production process and created greater
efficiencies
Sales era - ✔️✔️company emphasizes selling because of increased competition
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Marketing concept era - ✔️✔️era that emphasized satisfying customer needs with a carefully
developed marketing mix. While achieving the org's goals.
Customer relationship era - ✔️✔️firms seek continuously to satisfy the high expectations of
customers
Market Orientation - ✔️✔️The tendency of an economic activity to locate close to its market; a
reflection of large and variable distribution costs.
Ex - production era, sales era etc.
CRM (Consumer Relationship Management) - ✔️✔️Process of identifying prospective buyers,
understanding them intimately, and developing favorable long-them perceptions of the or and its
offerings so that the buyer becomes an advocate.
Customer experience - ✔️✔️What the firms Thinks they offer
Vs
What customers Say they receive
societal marketing concept - ✔️✔️the idea that a company's marketing decisions should consider
consumers' wants, the company's requirements, consumers' long-run interests, and society's long-
run interests
Ethics - ✔️✔️Companies develop their code of ethics
Social Responsibility - ✔️✔️Orgs are accountable to a larger society
Who buys and uses what is marketed? - ✔️✔️ultimate consumers and organizational buyers
ultimate consumers - ✔️✔️the people who use the products and services purchased for a
household
Organizational buyers - ✔️✔️manufacturers, wholesalers, retailers, and government agencies that
buy products and services for their own use or for resale
Who benefits?
How consumers benefit: Utility - ✔️✔️form utility,
place utility,
time utility,
possession utility
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