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MGT 103 Exam 1 Questions and Answers (100% Pass)
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MGT 103 Exam 1 Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 Exam 1 Questions and Answers (100% Pass)
What state in today's United States has had 6 different country flags fly over it? - ✔️✔️Spain
France
Mexico
The Republic of Texas
United States of America
Confederate States of America
Tag line:
Minnesota
Texas
UCSD - ✔️✔️We like it here
Dont mess with Texas
Break Things Better
* Marketing is - ✔️✔️the activity for creating, communicating, delivering, and exchanging
offerings that benefits its customers, the organization, its stakeholders, and society at large
- creating
- communicating
- delivering,
- exchanging
* Marketing definition (simplify) - ✔️✔️1. to discover the needs and wants of prospective
customers
2. satisfy them
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Is selling on price a good strategy? - ✔️✔️No. because someone will always sell it for less
A want is - ✔️✔️a need that is shaped by a person's knowledge, culture, and personality
- Need
- Knowledge, culture, and personality
A marketing department relates to - ✔️✔️many people, organizations, and environmental forces
The organization and its departments
(marketing) - ✔️✔️Human resources department
<<<ownerships (shareholders (owners))
Information systems department
ownerships >>> (shareholders (owners))
<<< relationships (customers)
Marketing department
>>> Relationships (customers)
Finance department
>>> Partnerships (suppliers)
Manufacturing department
<<< Partnerships (suppliers)
>>> Alliances (other organizations)
Research and development department
<<< Alliances (Other organizations)
(see 1)
Environmental forces - ✔️✔️social
economic
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technological
competitive
regulatory
Commercial is - ✔️✔️Marketing and Sales
and support services of that
Commercial-centric View - ✔️✔️CEO CMO
Marketing and Sales
Customers
- Strategic arms of commercial efforts
- technical exclusion of the marketing plan
What's needed for marketing to occur? - ✔️✔️1. Two or more parties with UNSATISFIED needs
2. A desire and ability to their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
Marketing seeks to - ✔️✔️discover consumer needs through research and then satisfy them with a
marketing program
see 2
Potential customers: - ✔️✔️The market
4P - ✔️✔️Product
Price
Promotion
Place
The four P's: - ✔️✔️Controlling MARKETING MIX factors
Product (4P) - ✔️✔️A good, service, or idea to satisfy the customer's needs
Price (4P) - ✔️✔️What is exchanged for the product
Promotion (4P) - ✔️✔️A means of communication between the seller and buyer
Place (4P) - ✔️✔️A means for getting the product to the customer
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Example of Price/Operational Excellence
(Customer Value Prop) - ✔️✔️Walmart
Organization's marketing department - ✔️✔️Potential consumers: The market
>>>
Information about needs
>>>
Discovering consumer needs by researching what consumers needs are
>>> (Concepts for products)
Satisfy customer needs by designing a marketing program having the right combination of:
- Product
- Price
- Promotion
- Place
see 2
Example of Product Innovation
(Customer Value Prop) - ✔️✔️Apple
Example of customer service
(Customer Value Prop) - ✔️✔️Nordstorm
Best Marketer/Sales Person portrayed all time (TV)? - ✔️✔️Don Draper
(MADE MEN)
Target Marketing - ✔️✔️One or more specific groups of potential consumers toward which an
organization directs its marketing program
V.P., Marketing at Ballast Point Brewery - ✔️✔️Hilary Cocalis
Percent of female CEO - ✔️✔️5%
--- - ✔️✔️---
Dawn Zier - ✔️✔️CEO, Nutrisystem
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