Mgt 103 demill Midterm 1 Exam Questions And Answers
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Course
MGT 103
Institution
MGT 103
Mgt 103 demill Midterm 1 Exam Questions
And Answers
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 ...
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
, Mgt 103 demill Midterm 1 Exam Questions
And Answers
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
, Mgt 103 demill Midterm 1 Exam Questions
And Answers
Production era In the early 1900s, businesses refined production process and created
greater efficiencies
Sales era company emphasizes selling because of increased competition
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.
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