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Mgt 103 demill Midterm 1 Questions and Answers
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Mgt 103 demill Midterm 1 Questions and Answers
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Mgt 103 demill Midterm 1Questions and Answers
What is marketing
✓✓~ Delivering value to customers.
Seeks to:
Discover needs and wants of customers
Satisfy them
Exchange
✓✓~ Money for goods and services
Requirements for marketing to occur
,✓✓~ 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
✓✓~ 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;
✓✓~ "Focus on the consumer benefit"
"Learn from past mistakes"
Benefits is why we buy things and features use those benefits.
Target Market
,✓✓~ 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)
✓✓~ These are Controllable marketing mix factors
-production
-promotion
-price
-place
customer value proposition
✓✓~ a cluster of benefits that an organization promises customers to
satisfy their needs
Environmental Forces
✓✓~ the uncontrollable social, economic, technological, competitive, and
regulatory forces that affect the results of a marketing decision
, Feature
✓✓~ Something that "it" does
Benefits
✓✓~ What matters to you. Why those features are important to you.
They make your life easier.
Value =
✓✓~ benefits/price
Customer Value
✓✓~ the unique combination of benefits received by targeted buyers.
Best price
Best service
Best product
relationship marketing
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