Exam (elaborations)
MGT 103 Final Exam Questions and Answers
- Course
- Institution
MGT 103 Final Exam Questions and Answers
[Show more]
Content preview
MGT 103 Final Exam Questions andAnswers
3 steps for marketing yourself - Answers -A) playing your strengths
B) separating self from (also strong) competition
C) "we have to get this person on our team"
Tagline - Answers -short external statements (3-6 words) intended to brand a positive
image in the consumer's mind
- created both for the company or their product/service
- tone and purpose
There's always the opportunity for what? - Answers -MORE
- money
- business
- success
- growth
Successful companies focus on their - Answers -strengths
Marketing definition - Answers -1. to discover the needs and wants of prospective
customers
2. satisfy them
Need - Answers -- Air
- Water
- Food
- Shelter
- Clothing
- Medical care
- Other (Love, Companionship, Friends, Parking spot on campus)
Want - Answers -a need that is shaped by a person's knowledge, culture, and
personality
What's needed for marketing to occur? - Answers -1. two or more parties with
unsatisfied needs
2. a desire and ability on their part to have their needs satisfied
3. a way for the parties to communicate
4. something to exchange
,The 4 P's - Answers -Product, Price, Place, Promotion
Product - Answers -a good, service, or idea to satisfy the consumer's needs
Price - Answers -what is exchanged for the product
Promotion - Answers -a means of communication between the seller and buyer
Place - Answers -a means for getting the product to the customer
Which of the 4 P's is most important? - Answers -product
Customer Value "prop" - Answers -operational excellence, product innovation, customer
service
For a company to succeed, it has to be - Answers -great at 2, excellent at 1 (everyone
needs all 3, got to be great at 1)
Opperational excellence - Answers -you know what you are getting, any location you go
- Walmart, McDonalds
product innovation - Answers -Tesla, Apple, Samsung
customer service - Answers -Chick-fil-A, Nordstrom
Visionary Organizations - Answers -1. Anticipate future events (and oppurtunities),
respond quickly
(>> company that is a little bit a head, a little bit more creative, set clear directions, and
have people to execute on that. Hard to do but get rewarded.)
2. Specify its foundation (why exist)
(>> Why are we here.)
3. Set direction (what do)
>> leaderships
4. Formulate strategies (how to)
>> In our world, this class, thats marketing
>> We don't decide how to build it, we decide how to comunicate it.
>> *Identify the target that has a want and need, and then satisfy them
, 5. Execute on these strategies (tactics)
6. Acknowledge and reward team and individual success
culture: who are we? - Answers -something you can't measure, ask those who are
successful at the company, not those who got fired
Company culture - Answers -The "fabric" or "essence" of the company
- it's the "heartbeat" of the company (not "brain")
- something that is pre-existing in a company's genetic code
Strategy in Visionary Organizations - Answers -Goals or Objectives: profit; sales;
customer satisfaction; employee welfare; market share; social responsibility; quality;
efficiency
SMART - Answers -Specific, Measurable, Attainable, Relevant, Time-Based
SWOT - Answers -Strengths, Weaknesses, Opportunities, Threats
Strength - Answers -Build on a strength
Weakness - Answers -Correct/ neutralize a weakness
Opportunity - Answers -Exploit an Opportunity
Threat - Answers -Avoid a disaster- laden a threat
Internal (control) of SWOT - Answers -Strengths and Weaknesses
External (no control) of SWOT - Answers -Opportunity and Threats
Tech Journal Summary points - Answers -- Too late in expanding beyond the "wedge"
of High-octane/action sports enthusiasts (to SoccerMom's/Dad's)
- Karma - the drone. "They drop from the sky"
- 1 trick (product) pony (GoPro camera)
- Sold technology (secret sauce, golden goose) to Chinese competitors (CE: and that
my friends may be the final"nail in the coffin")
Customer segments - Answers -Age
Race
Gender
Geography (country, state, "neighborhood")
Income
Education level
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now