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MGT 103 Midterm (Bates) Exam Questions and Answers (100% Pass)
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MGT 103 Midterm (Bates) Exam Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 Midterm (Bates) Exam Questions and
Answers (100% Pass)
marketing - ✔️✔️interpret the needs and wants of customers, communicate solutions, facilitate
change, decision making is messy and may not be "right" answer
sales era - ✔️✔️1930s-1970s
production era - ✔️✔️1850-1930s
marketing concept era - ✔️✔️1950s-2000s
customer relationship era - ✔️✔️1980s-present
marketing concept - ✔️✔️identifies needs and wants of the customer and provides it to them better
than the competition can
need - ✔️✔️a physiological or psychological necessity, doesn't have to be daily
want - ✔️✔️the way you would best like to satisfy the need
market segmentation - ✔️✔️dividing the market into more similar groups of consumers
product positioning - ✔️✔️how you place an object in the mind of the consumer
market - ✔️✔️group(s) of consumers that can be characterized by their interests or buying habits;
have the desire and ability to buy an offering
industry - ✔️✔️exists to serve a market; a collection of products and service providers positioned
for a target audience
target market - ✔️✔️the group(s) of consumers an organization directs its marketing efforts to
marketing mix - ✔️✔️product, price, promotion, place
perceptual map - ✔️✔️a subjective map from the mind of the consumer
variety - ✔️✔️in theory: having options increases the chances to find the perfect flavor/style/etc
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
in practice: having too many options/variety requires too much cognitive ability
paradox of choice - ✔️✔️greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - ✔️✔️why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
marketing myopia - ✔️✔️ex: RRs failing due to a limited market view
bcg growth matrix - ✔️✔️
SMART direction for setting goals - ✔️✔️Specific
Measurements
Attainable
Relevant
Time based
SWOT analysis - ✔️✔️BUILD on a strength
EXPLOIT an opportunity
CORRECT a weakness
AVOID DISASTER laden threat
moral idealists - ✔️✔️personal moral philosophy that considers certain individual rights or duties
as universal, regardless of outcome
utilitarianism - ✔️✔️focuses on greatest good for the greatest number, assess costs and benefits. if
the benefits outweigh the cost, it's an ethical path
awareness set - ✔️✔️brands you have heard of
evoked set - ✔️✔️brands that you can name off the top of your head
consideration set - ✔️✔️acceptable for further consideration (like schools you were accepted to)
consumer lifetime value (CLTV) - ✔️✔️a way to look at a consumer
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