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Mgt 103 demill Midterm 1 Questions & answers
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Mgt 103 demill Midterm 1 Questions & answers
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Mgt 103 demill Midterm 1What is marketing - ANS-Delivering value to customers.
Seeks to:
Discover needs and wants of customers
Satisfy them
Exchange - ANS-Money for goods and services
Requirements for marketing to occur - ANS-1. Two or more parties with unsatisfied
needs
2. Desire and ability to satisfy these needs
3. A way for the parties to communicate
4. Something to exchange
How marketing discovers consumer needs - ANS-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; - ANS-"Focus on the consumer benefit"
"Learn from past mistakes"
Benefits is why we buy things and features use those benefits.
Target Market - ANS-A group of people or organizations for which an organization
designs, implements, and maintains a marketing mix intended to meet the needs of that
group, resulting in mutually satisfying exchanges
The Marketing Mix (the 4 P's) - ANS-These are Controllable marketing mix factors
-production
-promotion
-price
-place
,customer value proposition - ANS-a cluster of benefits that an organization promises
customers to satisfy their needs
Environmental Forces - ANS-the uncontrollable social, economic, technological,
competitive, and regulatory forces that affect the results of a marketing decision
Feature - ANS-Something that "it" does
Benefits - ANS-What matters to you. Why those features are important to you.
They make your life easier.
Value = - ANS-benefits/price
Customer Value - ANS-the unique combination of benefits received by targeted buyers.
Best price
Best service
Best product
relationship marketing - ANS-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 - ANS-a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
Marketing segments - ANS-relatively homogeneous groups of prospective buyers that
have common needs and will respond similarly to a marketing action
Production era - ANS-In the early 1900s, businesses refined production process and
created greater efficiencies
Sales era - ANS-company emphasizes selling because of increased competition
Marketing concept era - ANS-era that emphasized satisfying customer needs with a
carefully developed marketing mix. While achieving the org's goals.
, Customer relationship era - ANS-firms seek continuously to satisfy the high
expectations of customers
Market Orientation - ANS-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.
CRM (Consumer Relationship Management) - ANS-Process of identifying prospective
buyers, understanding them intimately, and developing favorable long-them perceptions
of the or and its offerings so that the buyer becomes an advocate.
Customer experience - ANS-What the firms Thinks they offer
Vs
What customers Say they receive
societal marketing concept - ANS-the idea that a company's marketing decisions should
consider consumers' wants, the company's requirements, consumers' long-run
interests, and society's long-run interests
Ethics - ANS-Companies develop their code of ethics
Social Responsibility - ANS-Orgs are accountable to a larger society
Who buys and uses what is marketed? - ANS-ultimate consumers and organizational
buyers
ultimate consumers - ANS-the people who use the products and services purchased for
a household
Organizational buyers - ANS-manufacturers, wholesalers, retailers, and government
agencies that buy products and services for their own use or for resale
Who benefits?
How consumers benefit: Utility - ANS-form utility,
place utility,
time utility,
possession utility
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