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MGT 103 Final Exam Questions and Answers
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MGT 103 Final Exam Questions and Answers
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MGT 103 Final Exam Questions andAnswers
3 steps for marketing yourself - Answers -A) playing your strengths
B) separating self from (also strong) competition
C) "we have to get this person on our team"
Tagline - Answers -short external statements (3-6 words) intended to brand a positive
image in the consumer's mind
- created both for the company or their product/service
- tone and purpose
There's always the opportunity for what? - Answers -MORE
- money
- business
- success
- growth
Successful companies focus on their - Answers -strengths
Marketing definition - Answers -1. to discover the needs and wants of prospective
customers
2. satisfy them
Need - Answers -- Air
- Water
- Food
- Shelter
- Clothing
- Medical care
- Other (Love, Companionship, Friends, Parking spot on campus)
Want - Answers -a need that is shaped by a person's knowledge, culture, and
personality
What's needed for marketing to occur? - Answers -1. two or more parties with
unsatisfied needs
2. a desire and ability on their part to have their needs satisfied
3. a way for the parties to communicate
4. something to exchange
,The 4 P's - Answers -Product, Price, Place, Promotion
Product - Answers -a good, service, or idea to satisfy the consumer's needs
Price - Answers -what is exchanged for the product
Promotion - Answers -a means of communication between the seller and buyer
Place - Answers -a means for getting the product to the customer
Which of the 4 P's is most important? - Answers -product
Customer Value "prop" - Answers -operational excellence, product innovation, customer
service
For a company to succeed, it has to be - Answers -great at 2, excellent at 1 (everyone
needs all 3, got to be great at 1)
Opperational excellence - Answers -you know what you are getting, any location you go
- Walmart, McDonalds
product innovation - Answers -Tesla, Apple, Samsung
customer service - Answers -Chick-fil-A, Nordstrom
Visionary Organizations - Answers -1. Anticipate future events (and oppurtunities),
respond quickly
(>> company that is a little bit a head, a little bit more creative, set clear directions, and
have people to execute on that. Hard to do but get rewarded.)
2. Specify its foundation (why exist)
(>> Why are we here.)
3. Set direction (what do)
>> leaderships
4. Formulate strategies (how to)
>> In our world, this class, thats marketing
>> We don't decide how to build it, we decide how to comunicate it.
>> *Identify the target that has a want and need, and then satisfy them
, 5. Execute on these strategies (tactics)
6. Acknowledge and reward team and individual success
culture: who are we? - Answers -something you can't measure, ask those who are
successful at the company, not those who got fired
Company culture - Answers -The "fabric" or "essence" of the company
- it's the "heartbeat" of the company (not "brain")
- something that is pre-existing in a company's genetic code
Strategy in Visionary Organizations - Answers -Goals or Objectives: profit; sales;
customer satisfaction; employee welfare; market share; social responsibility; quality;
efficiency
SMART - Answers -Specific, Measurable, Attainable, Relevant, Time-Based
SWOT - Answers -Strengths, Weaknesses, Opportunities, Threats
Strength - Answers -Build on a strength
Weakness - Answers -Correct/ neutralize a weakness
Opportunity - Answers -Exploit an Opportunity
Threat - Answers -Avoid a disaster- laden a threat
Internal (control) of SWOT - Answers -Strengths and Weaknesses
External (no control) of SWOT - Answers -Opportunity and Threats
Tech Journal Summary points - Answers -- Too late in expanding beyond the "wedge"
of High-octane/action sports enthusiasts (to SoccerMom's/Dad's)
- Karma - the drone. "They drop from the sky"
- 1 trick (product) pony (GoPro camera)
- Sold technology (secret sauce, golden goose) to Chinese competitors (CE: and that
my friends may be the final"nail in the coffin")
Customer segments - Answers -Age
Race
Gender
Geography (country, state, "neighborhood")
Income
Education level
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