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MGT 103 Midterm Demill Exam Questions and Answers
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MGT 103 Midterm Demill Exam Questions and Answers
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MGT 103 Midterm Demill ExamQuestions and Answers
Marketing Seeks to:
1. Discover consumer needs through research
2. Satisfy them with a marketing program by having the right combination of
product, price, promotion, place
Requirements for marketing to occur
Two+ parties with unsatisfied needs
A desire and ability to be satisfied
A way for the parties to communicate and make purchase
Something to exchange
Relationship marketing
Developing and maintaining effective customer relationships
Links organization to individual customers, employees, and suppliers for mutual
long term benefit
Marketing segments
Similar groups of prospective buyers who 1. Have a common need and 2. Will
respond similarly to a marketing action
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 and become advocates after
their purchase.
Customer experience
What firms THINK they offer customer
What customers SAY they receive
form utility
production of the product or service
Place utility
having the offering available where consumers need it
Time utility
having it available when needed
Possession utility
value of making an item easy to purchase through the provision of credit cards or
financial arrangements
Utility
the benefits or customer value received by users of the product
Business Portfolio Analysis (BCG Matrix) - Question Marks
Low share of high-growth market
Business Portfolio Analysis (BCG Matrix) - Stars
,High share of high-growth markets
Business Portfolio Analysis (BCG Matrix) - Cash Cows
Generates large amounts of cash
Business Portfolio Analysis (BCG Matrix) - Dogs
Low share of slow-growth markets
BCG business portfolio analysis for Apple's consumer SBU
question marks - apple watch
stars - iphones
cash cows - ipad/ipad mini
dogs - ipod
Business Portfolio Analysis (BCG Matrix) product lifecycle
Question mark --> Star --> cash cow --> dog
four market-product strategies in diversification analysis: Market penetration
increase sales of current product in current markets
four market-product strategies in diversification analysis - Market development:
sell current products to new markets
four market-product strategies in diversification analysis - Product development
sell new products to current markets
four market-product strategies in diversification analysis - Diversification
develop new products to sell in new markets
SWOT Analysis stands for
strengths, weaknesses, opportunities, threats
SWOT Analysis Favorable
, strengths and opportunities
SWOT Analysis Unfavorable
Weaknesses and threats
SWOT analysis internal
strengths and weaknesses
SWOT analysis external
opportunities and threats
The strategic marketing process - The planning phase
1. SWOT analysis
2. Market-product focus and goal setting
3. Marketing program
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