Mgt 103 Demill Midterm 1; Questions and Answers 100% Pass
7 views 0 purchase
Course
Mgt 103
Institution
Mgt 103
Mgt 103 Demill Midterm 1;
Questions and Answers 100% Pass
What is marketing Correct answer-Delivering value to customers.
Seeks to:
Discover needs and wants of customers
Satisfy them
Exchange Correct answer-Money for goods and services
Requirements for marketing to occur Correct answer-1. ...
Mgt 103 Demill Midterm 1 ; Questions and Answers 100% Pa ss What is marketing Correct answer -Delivering value to customers. Seeks to: Discover needs and wants of customers Satisfy them Exchange Correct answer -Money for goods and services Requirements for marketing to occur Correct answer -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 Correct answer -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; Correct answer -"Focus on the consumer benefit" "Learn from past mistakes" Mgt 103 Demill Midterm 1 ; Questions and Answers 100% Pa ss Benefits is why we buy things and features use those benefits. Target Market Correct answer -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) Correct answer -These are Controllable marketing mix factors -production -promotion -price -place customer value proposition Correct answer -a cluster of benefits that an organization promises customers to satisfy their needs Environmental Forces Correct answer -the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision Mgt 103 Demill Midterm 1 ; Questions and Answers 100% Pa ss Feature Correct answer -Something that "it" does Benefits Correct answer -What matters to you. Why those features are important to you. They make your life easier. Value = Correct answer -benefits/price Customer Value Correct answer -the unique combination of benefits received by targeted buyers. Best price Best service Best product relationship marketing Correct answer -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. Mgt 103 Demill Midterm 1 ; Questions and Answers 100% Pa ss Marketing program Correct answer -a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Marketing segments Correct answer -relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action Production era Correct answer -In the early 1900s, businesses refined production process and created greater efficiencies Sales era Correct answer -company emphasizes selling because of increased competition Marketing concept era Correct answer -era that emphasized satisfying customer needs with a carefully developed marketing mix. While achieving the org's goals. Customer relationship era Correct answer -firms seek continuously to satisfy the high expectations of customers Market Orientation Correct answer -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.
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 GOLDTUTORS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
