Mgt 103 Demill Midterm 1; Questions and Answers 100% Pass
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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.
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