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MGT 103 (Eberhard) Questions And Answers
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MGT 103 (Eberhard) Questions And Answers What's needed for marketing to occur? 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 (marketing mix facto...

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  • October 23, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 eberhard questions and answers

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  • MGT 103
  • MGT 103

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MGT 103 (Eberhard) Questions And
Answers

What's needed for marketing to occur? 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 (marketing mix factors) 1. Product (most important!!): a good, service, or idea to

satisfy

2. Price: what is exchanged for the product

3. Promotion: a means of communication b/w the buyer and seller

4. Place: a means for getting the product to the customer.




Customer Value Proposition 1. operational excellence


2. product innovation

3. customer service




visionary organizations 1. establish a foundation


2. set a direction

, MGT 103 (Eberhard) Questions And
Answers
3. create strategies to successfully develop and market their offerings




strategies in visionary organization -core values: stakeholders


-mission or vision: mission statement

-organizational culture




company culture -the "fabric" or "essence" of the company.


-the "heartbeat" of the company (not the brain).

-something that is pre-existing in a company's genetic code.




SMART Goals Specific


Measurable

Attainable

Realistic

Timely




Most important goal? profit.

, MGT 103 (Eberhard) Questions And
Answers

SWOT strength (build on)


weakness (correct)

opportunity (exploit)

threat (avoid)




market cap stock price x # of outstanding shares




customer (market) segments examples -religion


-personality

-risk-tolerance

-age

-race

-gender

-income

-education level

ETC.

, MGT 103 (Eberhard) Questions And
Answers

Economic forces -gross income: income before taxes


-disposable income: "necessities"

discretionary income: income after taxes and "necessities"




competitive forces barriers to entry: business practices or conditions that make it difficult

for new firms to enter the market

- capital requirements

- advertising expenditures

- product identity

- distribution access

- purchasing power

- cost to switch




regulation consists of restrictions state and federal laws place on business with regard to

the conduct of its activities




what drives a company? head of marketing and sales

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