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MGT 103 - [Eberhard] Exam Questions and Answers
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MGT 103 - [Eberhard] Exam Questions and Answers
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MGT 103 - [Eberhard] Exam Questionsand Answers
Marketing - Answers -to discover the needs and wants of prospective customers and to
satisfy them
A want is a need that is shaped by....? - Answers -a person's knowledge, culture, and
personality
What's needed for marketing to occur? - Answers -Two or more parties with unsatisfied
needs
A desire + ability on their part to have their needs satisfied
A way for the parties to communicate
Something to exchange
Marketing seeks to discover consumer needs through... and then satisfy them with a ... -
Answers -research; marketing program
The four P's (marketing mix) - Answers -Product, price, promotion, place
Customer value prop - Answers -stand for something: operational excellence customer
service product innovation
Target Marketing - Answers -one or more specific groups of potential consumers toward
which an organization directs its marketing program
Visionary organizations: - Answers -foundation + direction = strategy
5 things visionary organizations do - Answers -anticipate future events + respond
quickly
specify its foundation
set direction
formulate strategies
execute on these strategies
Organizational foundations are... - Answers -core values, mission or vision,
organizational culture
, Company culture: - Answers -the fabric or essence of the company
Organizational directions are... - Answers -goals or objectives (think smart)
What does SMART stand for - Answers -specific, measurable, attainable, relevant, time-
based
The planning phase of the strategic marketing process is... - Answers -swot analysis
SWOT analysis focuses on a company's? - Answers -strengths, weaknesses,
opportunities, and threats
A marketing department relates to many ____________, ____________, and
__________ - Answers -people, organizations, and environmental forces
Environmental forces affect what? List the 5 environmental forces - Answers -they affect
the organization, its suppliers, and its customers. They are social, economic,
technological, competitive, and regulatory
Social forces = - Answers -demographic shifts, cultural changes
Economic forces = - Answers -gross income, disposable income, discretionary income,
savings
technological forces = - Answers -changing technology, technology's impact on
customer value, technology enabled data analytics
competitive forces = - Answers -alternative forms of competition, small businesses,
barriers to entry
regulatory forces = - Answers -laws protecting competition, laws affecting marketing mix
actions, self-regulation
barriers to entry are - Answers -business practices or conditions that make it difficult for
new firms to enter the market
the competitive forces of barriers to entry are - Answers -capital requirements,
advertising expenditures, product identity, distribution access, cost to switch
regulation consists of the restrictions that - Answers -state and federal laws place on a
business with regard to the conduct of its activities
Customer buying factors - Answers -features and capabilities, visceral/emotional
connection, quality, company image, price, recommendation, product warranty
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