MGT 103 Midterm 1 with Verified Answers Graded A+
1. marketing stages of production, sales, marketing concept, customer rela-
life tionship
2. the 4 Ps product, price, promotion, place (or in Kenneth's
terms: solution, value, education, access)
3. perception maps where brands sit relative to others across quadrants
show...
4. marketing myopia getting too focused on the company vision and losing
(nearsightedness) sight of why you're doing it, lack of insight in what
the business is doing for the customers and focusing
instead on selling the product (bad for long term suc-
cess)
5. SMART objectives specific, measurable, attainable, relevant, time based
6. BCG growth matrix - high market share, high market growth rate
stars
10. means end chain buying things as a means to reaching a desired end
(everything is a tool for getting us where we want to
be)
11. instrumental value how you believe people should behave (ex. honesty,
ambition, responsibility, etc.)
12. terminal value a lifelong goal or objective that an individual seeks to
achieve (ex. true friendship, security, excitement, etc.)
13. expressed needs what customers tell us they need
1/6
, 14. latent needs what we presume customers are going to need (cus-
tomer is unaware of these so marketers have to antic-
ipate them)
15. industry group of providers/people making products and ser-
vices
16. market group of consumers who's buying what the industry is
selling
17. target market subgroups of overall market a company feels they can
best satisfy their needs and wants
18. marketing plan written strategy a company believes gives them the
best opportunity for success delivering the product
and serving the customer
19. opportunity cost what you have to give up to buy what you want
20. BCG growth matrix ratio of market share to growth potential
21. BCG growth matrix - # new customers entering the marketplace
growth potential
22. BCG growth matrix - proportion of sales in respective industry
market share
23. price fixing (pretty much illegal) agreement among competitors to
keep the price of a good or service constant across
brands
24. primary demand overall demand for a product
25. selective demand preference for a specific brand
26. moral idealism a personal moral philosophy that considers certain
individual rights or duties as universal, regardless of
the outcome
2/6
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