MGT 103 BATES MIDTERM EXAM
QUESTIONS WITH VERIFIED ANSWERS
marketing - Answer-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 - Answer-1. production
2. sales era
3. marketing concept era
4. customer relationship era
need - Answer-precedes a want; underlying necessity
-basic physical and psychological needs
want - Answer--our preferred way of satisfying our needs
market - Answer--a group or groups of consumers that can be characterized by their
interests or buying habits
-desire and ability to buy an offering
industry - Answer--esists to serve a market
-collection of product and service providers positioned for a target audience
target market - Answer-the group or groups of consumers an organization directs in
marketing efforts to
4 p's - Answer--cant control
-product, price, promotion, place
product - Answer-functionality, brand, packaging, services, warranty and services after
ex/ red bull, skinny can to be different
price - Answer--list price, discounts, and credit terms
promotion - Answer--advertising, sales force, publicity, sales promotion
place - Answer--channel, inventory, logistics, distribution
uncontrollable forces - Answer--physical environment, economic, social aspects,
technology, competition, regulatory forces
value - Answer--either add more benefit or reduce cost
, -based on ones own perception
-benefits=price ratio
perceptual map - Answer-f
supermarket jam experiment - Answer-more jame options were more attractive
but with less James, more people bought something
great variety.. - Answer--greater expectation and greater opportunity cost
benefits vs features - Answer--consumers buy benefits, not features
-why how what
organizational structure - Answer-1. board of directors
2. corporate- level strategy
3. business unit level strategy
4. functional Lebel strategy
marketing myopia (downfall) - Answer--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 - Answer-specific, measurable, attainable, relevant, time based
marketing plan - Answer-focuses on the core offering, not looking at operations like a
buisness does
SWOT - Answer--strengths, weaknesses, opportunity, and threats
segmentation - Answer--most important part of marketing
-not best- time and money constraints
-use external things (age, race, educational level)
market segmentation - Answer--process of dividing a market into groups of similar
consumers
-who is our customer?
product positioning - Answer--relative position on where your product sits in the
consumers mind in comparison to others
-determines how best to communicate their products benefits to target consumers and
satisfy there needs and wants
increasing customer lifetime value - Answer--more often and larger purchases
-loyalty
-lower the cost to serve
-move loyal customers to lower cost channels
