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MGT 103 exam prep (Demill) Questions and Answers (100% Pass)
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MGT 103 exam prep (Demill) Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 exam prep (Demill) Questions and Answers (100% Pass)
needed for marketing to occur - ✔️✔️1. Two+ Parties with Unsatisfied Needs
2. A Desire and Ability to Be Satisfied
3. A Way for the Parties to Communicate
4. Something to Exchange
marketing - ✔️✔️-Seeks to:
• Discover Needs and Wants of Customers
• Satisfy Them
-Exchange
• Money for goods and servicesoh
how marketing discovers consumers needs - ✔️✔️-Consumers May Not Know or Cannot Describe
What They Need or Want
-Most New Products Fail
-The Challenge:
• "Focus on the Consumer Benefit"• "Learn From Past Mistakes"t
target market (the four P's) - ✔️✔️Controllable Marketing Mix Factors
• Product
• Promotion
• Price
• Place
customer value proposition - ✔️✔️a cluster of benefits that an organization promises customers to
satisfy their needs
uncontrollable environmental forces - ✔️✔️social, economic, technological, competitive,
regulatory
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Customer Value - ✔️✔️the unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price
customer value strategies - ✔️✔️• Best Price: Target
• Best Service: Nordstrom
• Best Product: Starbucks
relationship marketing - ✔️✔️- easy to understand and hard to do
links the organization to its individual customers, employees, suppliers, and other partners for
their mutual long-term benefit
marketing program - ✔️✔️a plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers
marketing segment - ✔️✔️relatively homogeneous groups of prospective buyers that have
common needs and will respond similarly to a marketing action
marketing concept - ✔️✔️the idea that an organization should strive to satisfy the needs of
consumers while also trying to achieve the organization's goals
market orientation - ✔️✔️focuses its efforts on (1) continuously collecting information about
customers' needs, (2) sharing this information across departments, and (3) using it to create
customer value
Customer Relationship Management (CRM) - ✔️✔️the process of identifying prospective buyers,
understanding them intimately, and developing favorable long-term perceptions of the
organization and its offerings so that buyers will choose them in the marketplace
a need - ✔️✔️occurs when a person feels deprived of basic necessities such as food, clothing, and
shelter
a want - ✔️✔️a need that is shaped by a person's knowledge, culture, and personality
customer experience - ✔️✔️- the internal response that customers have to all aspects of an
organization and its offering
-What Firms Think They Offer Customers
- What Customers Say They Receive
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societal marketing concept - ✔️✔️the view that organizations should satisfy the needs of
consumers in a way that provides for society's well-being
Ethics - ✔️✔️- the principles of right and wrong that guide an individual in making decisions
- companies develop a code of ethics
Social Responsibility - ✔️✔️organizations are part of a larger society and are accountable to that
society for their actions
ultimate consumers - ✔️✔️the people who use the products and services purchased for a
household
organizational buyers - ✔️✔️manufacturers, wholesalers, retailers, and government agencies that
buy products and services for their own use or for resale
utility - ✔️✔️the benefits or customer value received by users of the product
- form, place, time, possession
product mission - ✔️✔️To make, distribute and sell a quality product at a reasonable price and
with continual customer service
economic mission - ✔️✔️To operate the company for sustainable financial growth
social mission - ✔️✔️to operate the company in ways that make the world a better place
profit - ✔️✔️total revenue minus total cost
- reward for the risk it undertakes in marketing its offerings
strategy - ✔️✔️an organization's long-term course of action designed to deliver a unique customer
experience while achieving its goals
core values - ✔️✔️the fundamental, passionate, and enduring principles of an organization that
guide its conduct over time
mission statement - ✔️✔️a statement of the organization's function in society that often identifies
its customers, markets, products, and technologies
organizational culture - ✔️✔️the set of values, ideas, attitudes, and norms of behavior that is
learned and shared among the members of an organization
Goals or Objectives: Types - ✔️✔️Profit
Sales ($ or #)
Market Share
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Quality
Customer Satisfaction
Employee Welfare
Social Responsibility
Efficiency
market share - ✔️✔️the ratio of sales revenue of the firm to the total sales revenue of all firms in
the industry, including the firm itself
variation by level in an organization - ✔️✔️- corporate: at the corporate level, top managers create
a portfolio of market-product businesses (SBUs) that is consistent with the mission statement
- SBU: at the strategic business unit level managers focus on specific value-creation activities
such as improving quality, lowering cost, or adding services
- functional: at the functional level the issue is who makes the tomorrow's sales call
Variation by Product - ✔️✔️strategy will be far different when marketing a very tangible physical
good, a service, or an idea
marketing plan - ✔️✔️a road map for the marketing actions of an organization for a specified
future time period, such as one year or five years
marketing dashboard - ✔️✔️the visual display of the essential information related to achieving a
marketing objective
marketing metric - ✔️✔️a measure of the quantitative value or trend of a marketing action or result
data visualization - ✔️✔️presents information about an organization's marketing metrics
graphically so marketers can quickly (1) spot deviations from plans during the evaluation phase
and (2) take corrective actions
dollar sales - ✔️✔️Average Price x Quantity Sold
dollar market share - ✔️✔️company sales/total industry sales
competencies - ✔️✔️Individual capabilities that can be linked to enhanced performance by
individuals or teams
- competitive advantage, customers, competitors
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