MGT 103 Exam Bundle (Complete Solutions)

services - Answer-intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value Four I's of Services - Answer-intangibility, inconsistency, inseparability, inventory intangibility - Answer-The characteristic t...

· Product Adoption Stages - Answer-1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption Types of Product Adopters - Answer-1. Innovators 2.Early Adopters 3.Early Majority 4.Late Majority 5.Laggards · Product Life Cycle - Answer-introduction, growth, maturity, decline Goods...

Services - Answer-the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value 4 I's of Services - Answer-Four unique elements to services: intangibility, inconsistency, inseparability, and inventory 7 P...

needed for marketing to occur - Answer-1. Two+ Parties with Unsatisfied Needs 2. A Desire and Ability to Be Satisfied 3. A Way for the Parties to Communicate 4. Something to Exchange marketing - Answer--Seeks to: • Discover Needs and Wants of Customers • Satisfy Them -Exchange • Mone...

price - Answer-money or other considerations exchanged for the ownership or use of a product or service barter - Answer-practice of exchanging products and service for other products or services rather than for money price equation - Answer-list price -incentives and allowances + extra fees ...

Market segmentation involves aggregating prospective buyers into groups that have two key characteristics, what are they? - Answer-common needs and similar response to marketing action in terms of market segments and products, what are the three market segmentation strategies? - Answer-1 one prod...

The 4 C's - Answer-1. customer solution 2. customer cost 3. convenience 4. communication 4 P's - Answer-1. product 2. price 3. place 4. promotion what is the marketing environment - Answer-the six forces that surround the customer and effect the marketing mix 6 forces of the mar...

Direct marketing - Answer-efforts to gain a direct response from individual consumers advantages- more targeted disadvantages- disliked bu customers, higher cost per contact personal selling - Answer-direct interaction between a company representative and a customer, two way flow of informati...

4 P's of Marketing - Answer-Product, Price, Place, Promotion SWOT analysis - Answer-strengths, weaknesses, opportunities, threats Market needs to Marketing Program - Answer-identify market needs, link needs to actions, execute marketing program actions Seven stages of the new-product pro...

Four P's - Answer-PRODUCT - features, brand name, packaging, service, warranty PRICE - list price, discounts, allowances, credit terms, payment period PLACE - advertising, personal selling, public relations, sales promotion, direct marketing PROMOTION - outlets, channels, coverage, transporta...

How to calculate net worth? - Answer-total assets - total liabilities Median income for households? - Answer-$56,000 Why do companies acquire other companies? - Answer-1. products (revenue driver today) 2. R&D, technology (revenue for tomorrow, synergy w/ today's capabilities) 3. people c...

Lecture 11 - Answer-Mon Nov 5 The "path" to promotional materials/message - Answer-Product/service concept Product/service design Market Analysis Market Research (primary) SWOT Positioning Statement Launch Plan Launch plan includes - Answer-Promotional materials & message: Product...

marketing - Answer-interpret the needs and wants of customers, communicate solutions, facilitate change, decision making is messy and may not be "right" answer sales era - Answer-1930s-1970s production era - Answer-s marketing concept era - Answer-1950s-2000s customer relationship ...

Tagline - Answer-Short statements intended to brand a positive image in the consumer's mind Marketing - Answer-To discover and satisfy the needs and wants of prospective customers How does marketing occur? - Answer-- Two or more unsatisfied parties - Desire and ability to have their needs ...

5 categories (including %) of product adopters - Answer-Innovators - 2.5% Early Adopters - 13.5 % Early Majority - 34% Late Majority - 34% Laggards - 16% most important group of product adopters - Answer-early majority 4 things majority adopters ARE - Answer-1. more cost averse 2. less ...

1) _____ can be defined as a set of activities directed at an organization's resources, with the aim of achieving organizational goals in an efficient and effective manner. A) Economics B) Job de-skilling C) Management D) Self-dealing E) Divestment - Answer-C 2) Which of the following hel...

Which of the following model of change proposed the sequence of "Unfreeze, Move, Refreeze"? - Answer-Lewin's Change Model Which term describes a system for accomplishing and connecting activities that occur within a work organization? - Answer-Organizational Structure Which of the fol...

Which one of the following is NOT a purpose of goals? A. Goals provide an effective mechanism for evaluation and control. B. Goals can serve as a source of motivation for an organization's employees. C. Goals are used to forecast potential issues D. They provide guidance and unified direction...

Credence Attributes? - Answer-Can never really be confidently evaluated, even after purchase. (Pet food, physical training, psycho-therapy) Product (Item/Line/Mix)? - Answer-Item: Specific product with a unique brand, size, or price Line: A group of products or services that satisfy a class of...

6 Steps in setting price - Answer-(1) identify pricing objectives and constraints, (2) estimate demand and revenue, (3) determine cost, volume, and profit relationships, (4) select an approimate price level, (5) set list or quoted price, (6) make special adjustments to list or quoted price Fundam...

CHAPTER 17 advertising - Answer-any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor all-you-can-afford budgeting - Answer-money given to promotion after all other budget items are dealt with channel of communication - Answer-...

What is market segmentation? - Answer-aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action 5 steps of segmenting and targeting markets - Answer-1. Group potential buyers into segments 2. Group products to be sold into categories 3. D...

importance of price to marketers - Answer-only variable that can be changed quickly; related to total revenue and profit price - Answer-the assignment of value, or the amount the consumer must exchange to receive the offering profit formula - Answer-total revenue - total costs OR (price x quan...

marketing - Answer-the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large a solution to a problem - Answer-what makes a good product? product, price, promotion, pl...

Marketing - Answer-the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large--seeks to discover the needs of the customer and satisfy those needs Exchange - Answer-the trade of things so that each party is b...

Marketing Taglines - Answer-short external statements (3-6 words) intended to brand a positive image* in the consumer's mind Marketing - Answer-is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and ...

The Marketing Mix - Answer-product, price, promotion, place Value - Answer-how it benefits consumers, and the price of the item dictates the value Need - Answer-essential necessity, psychological or physiological Want - Answer-something that is wanted to satisfy the person Organizational...

What is the first stage in the consumer purchase decision process? (5-1) - Answer-problem recognition The brands a consumer considers buying out of the set of brands in a product class of which the consumer is aware are collectively called the _______. (5-2) - Answer-consideration set What is ...