MGT 103 - [Eberhard] Questions with
Complete Answers
Marketing - Answer-to discover the needs and wants of prospective customers and to
satisfy them
A want is a need that is shaped by....? - Answer-a person's knowledge, culture, and
personality
What's needed for marketing to occur? - Answer-Two or more parties with unsatisfied
needs
A desire + ability on their part to have their needs satisfied
A way for the parties to communicate
Something to exchange
Marketing seeks to discover consumer needs through... and then satisfy them with a ... -
Answer-research; marketing program
The four P's (marketing mix) - Answer-Product, price, promotion, place
Customer value prop - Answer-stand for something: operational excellence customer
service product innovation
Target Marketing - Answer-one or more specific groups of potential consumers toward
which an organization directs its marketing program
Visionary organizations: - Answer-foundation + direction = strategy
5 things visionary organizations do - Answer-anticipate future events + respond quickly
specify its foundation
set direction
formulate strategies
execute on these strategies
Organizational foundations are... - Answer-core values, mission or vision, organizational
culture
Company culture: - Answer-the fabric or essence of the company
Organizational directions are... - Answer-goals or objectives (think smart)
, What does SMART stand for - Answer-specific, measurable, attainable, relevant, time-
based
The planning phase of the strategic marketing process is... - Answer-swot analysis
SWOT analysis focuses on a company's? - Answer-strengths, weaknesses,
opportunities, and threats
A marketing department relates to many ____________, ____________, and
__________ - Answer-people, organizations, and environmental forces
Environmental forces affect what? List the 5 environmental forces - Answer-they affect
the organization, its suppliers, and its customers. They are social, economic,
technological, competitive, and regulatory
Social forces = - Answer-demographic shifts, cultural changes
Economic forces = - Answer-gross income, disposable income, discretionary income,
savings
technological forces = - Answer-changing technology, technology's impact on customer
value, technology enabled data analytics
competitive forces = - Answer-alternative forms of competition, small businesses,
barriers to entry
regulatory forces = - Answer-laws protecting competition, laws affecting marketing mix
actions, self-regulation
barriers to entry are - Answer-business practices or conditions that make it difficult for
new firms to enter the market
the competitive forces of barriers to entry are - Answer-capital requirements, advertising
expenditures, product identity, distribution access, cost to switch
regulation consists of the restrictions that - Answer-state and federal laws place on a
business with regard to the conduct of its activities
Customer buying factors - Answer-features and capabilities, visceral/emotional
connection, quality, company image, price, recommendation, product warranty
Market research is - Answer-the process of defining a marketing problem and
opportunity, systematically collecting and analyzing information, and recommending
actions
