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MGT 103 Midterm (Bates) Exam Questions and Answers 100% Pass £10.47
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MGT 103 Midterm (Bates) Exam Questions and Answers 100% Pass

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MGT 103 Midterm (Bates) Exam Questions and Answers 100% Pass marketing - interpret the needs and wants of customers, communicate solutions, facilitate change, decision making is messy and may not be "right" answer sales era - 1930s-1970s production era - s marketing concept era - 1950s-2000s ...

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  • January 8, 2025
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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MGT 103 Midterm (Bates) Exam
Questions and Answers 100% Pass

marketing - ✔✔interpret the needs and wants of customers, communicate solutions, facilitate change,

decision making is messy and may not be "right" answer


sales era - ✔✔1930s-1970s


production era - ✔✔1850-1930s


marketing concept era - ✔✔1950s-2000s


customer relationship era - ✔✔1980s-present


marketing concept - ✔✔identifies needs and wants of the customer and provides it to them better than

the competition can


need - ✔✔a physiological or psychological necessity, doesn't have to be daily


want - ✔✔the way you would best like to satisfy the need


market segmentation - ✔✔dividing the market into more similar groups of consumers


product positioning - ✔✔how you place an object in the mind of the consumer


market - ✔✔group(s) of consumers that can be characterized by their interests or buying habits; have the

desire and ability to buy an offering


industry - ✔✔exists to serve a market; a collection of products and service providers positioned for a

target audience



Author. Barrett, ©2025 All Rights Reserved.

, 2|Page


target market - ✔✔the group(s) of consumers an organization directs its marketing efforts to


marketing mix - ✔✔product, price, promotion, place


perceptual map - ✔✔a subjective map from the mind of the consumer


variety - ✔✔in theory: having options increases the chances to find the perfect flavor/style/etc




in practice: having too many options/variety requires too much cognitive ability


paradox of choice - ✔✔greater:


-opportunity cost


-consumer autonomy


-expectations


-chance of dissatisfaction


-consumer paralysis


foundational purpose - ✔✔why + what = how




ppl don't buy WHAT you do, they buy WHY you do it


marketing myopia - ✔✔ex: RRs failing due to a limited market view


bcg growth matrix - ✔✔


SMART direction for setting goals - ✔✔Specific


Measurements




Author. Barrett, ©2025 All Rights Reserved.

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