Exam (elaborations)
MGT 103 BATES MIDTERM EXAM QUESTIONS AND ANSWERS
- Course
- Institution
MGT 103 BATES MIDTERM EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
MGT 103 BATES MIDTERM EXAMQUESTIONS AND ANSWERS
marketing - Answers -started production based; engineers
the activity, set of institutions, and processes for creating, communicating, deliver- ing,
and exchanging offerings that have value for customers, clients, partners, and society at
large
Eras of marketing - Answers -1. production
2. sales era
3. marketing concept era
4. customer relationship era
need - Answers -precedes a want; underlying necessity
-basic physical and psychological needs
want - Answers --our preferred way of satisfying our needs
market - Answers --a group or groups of consumers that can be characterized by their
interests or buying habits
-desire and ability to buy an offering
industry - Answers --esists to serve a market
-collection of product and service providers positioned for a target audience
target market - Answers -the group or groups of consumers an organization directs in
marketing efforts to
4 p's - Answers --cant control
-product, price, promotion, place
product - Answers -functionality, brand, packaging, services, warranty and services after
ex/ red bull, skinny can to be different
price - Answers --list price, discounts, and credit terms
promotion - Answers --advertising, sales force, publicity, sales promotion
place - Answers --channel, inventory, logistics, distribution
, uncontrollable forces - Answers --physical environment, economic, social aspects,
technology, competition, regulatory forces
value - Answers --either add more benefit or reduce cost
-based on ones own perception
-benefits=price ratio
perceptual map - Answers -f
supermarket jam experiment - Answers -more jame options were more attractive
but with less James, more people bought something
great variety.. - Answers --greater expectation and greater opportunity cost
benefits vs features - Answers --consumers buy benefits, not features
-why how what
organizational structure - Answers -1. board of directors
2. corporate- level strategy
3. business unit level strategy
4. functional Lebel strategy
marketing myopia (downfall) - Answers --companies think of themselves as what the
become to narrow and dont see big picture
ex/ railroad, only for mail, didn't think bout transportation
SMART - Answers -specific, measurable, attainable, relevant, time based
marketing plan - Answers -focuses on the core offering, not looking at operations like a
buisness does
SWOT - Answers --strengths, weaknesses, opportunity, and threats
segmentation - Answers --most important part of marketing
-not best- time and money constraints
-use external things (age, race, educational level)
market segmentation - Answers --process of dividing a market into groups of similar
consumers
-who is our customer?
product positioning - Answers --relative position on where your product sits in the
consumers mind in comparison to others
-determines how best to communicate their products benefits to target consumers and
satisfy there needs and wants
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 millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now