Exam (elaborations)
MGT 103 Midterm (Bates) Exam Questions and Answers (100% Pass)
- Course
- Institution
MGT 103 Midterm (Bates) Exam Questions and Answers (100% Pass)
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 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
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
1
, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
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
Attainable
Relevant
Time based
SWOT analysis - ✔️✔️BUILD on a strength
EXPLOIT an opportunity
CORRECT a weakness
AVOID DISASTER laden threat
moral idealists - ✔️✔️personal moral philosophy that considers certain individual rights or duties
as universal, regardless of outcome
utilitarianism - ✔️✔️focuses on greatest good for the greatest number, assess costs and benefits. if
the benefits outweigh the cost, it's an ethical path
awareness set - ✔️✔️brands you have heard of
evoked set - ✔️✔️brands that you can name off the top of your head
consideration set - ✔️✔️acceptable for further consideration (like schools you were accepted to)
consumer lifetime value (CLTV) - ✔️✔️a way to look at a consumer
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80467 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
