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MGT 103 Midterm 1 Study Guide with complete solutions
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MGT 103 Midterm 1 Study Guide
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MGT 103: Midterm 1 Study GuideThe Marketing Mix - Answers -product, price, promotion, place
Value - Answers -how it benefits consumers, and the price of the item dictates the value
Need - Answers -essential necessity, psychological or physiological
Want - Answers -something that is wanted to satisfy the person
Organizational Foundation - Answers -The WHY, core values/mission
Organizational Direction - Answers -The WHAT, business goals
Organizational Strategies - Answers -The HOW, organized by level or by product
SMART - Answers -Specific, Measurable, Attainable, Relevant, Time Based
Stars - Answers -high market growth rates with high relative market share
Question Marks - Answers -high market growth rates with low relative market share
Cash Cows - Answers -low market growth rate, high relative market share
Dogs - Answers -low market growth rate, low relative market share
Awareness Set - Answers -brands you have heard of
Evoked Set - Answers -top of mind
Consideration Set - Answers -acceptable for future consideration
Cognitive Dissonance - Answers -uneasy feeling when you second guess yourself
Enduring Involvement - Answers -feels like an extension of yourself/your personality
(clothes, music, sports)
Situational Involvement - Answers -feels like it is helping your current situation (when
you're sick, medicine helps, when it rains, an umbrella helps you stay dry)
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