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MGT 103 BATES MIDTERM Questions and Answers
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MGT 103 BATES MIDTERM Questions and Answers
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MGT 103 BATES MIDTERMQuestions and Answers
marketing
✓✓~ 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
✓✓~ 1. production
2. sales era
3. marketing concept era
4. customer relationship era
need
✓✓~ precedes a want; underlying necessity
-basic physical and psychological needs
,want
✓✓~ -our preferred way of satisfying our needs
market
✓✓~ -a group or groups of consumers that can be characterized by
their interests or buying habits
-desire and ability to buy an offering
industry
✓✓~ -esists to serve a market
-collection of product and service providers positioned for a target audience
target market
✓✓~ the group or groups of consumers an organization directs in
marketing efforts to
4 p's
✓✓~ -cant control
-product, price, promotion, place
, product
✓✓~ functionality, brand, packaging, services, warranty and services
after
ex/ red bull, skinny can to be different
price
✓✓~ -list price, discounts, and credit terms
promotion
✓✓~ -advertising, sales force, publicity, sales promotion
place
✓✓~ -channel, inventory, logistics, distribution
uncontrollable forces
✓✓~ -physical environment, economic, social aspects, technology,
competition, regulatory forces
value
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