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Exam (elaborations)

Mgt 103 demill Midterm 1 Exam Questions And Answers

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  • Course
  • MGT 103
  • Institution
  • MGT 103

Mgt 103 demill Midterm 1 Exam Questions And Answers How marketing discovers consumer needs Marketers need to ask the right questions and learn from the past; consumers may not always know what they want or need. Most new products fail The Challenge; "Focus on the consumer benefit" "Learn ...

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  • October 23, 2024
  • 53
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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Mgt 103 demill Midterm 1 Exam Questions
And Answers

How marketing discovers consumer needs Marketers need to ask the right questions and

learn from the past; consumers may not always know what they want or need.




Most new products fail




The Challenge; "Focus on the consumer benefit"


"Learn from past mistakes"




Benefits is why we buy things and features use those benefits.




Target Market A group of people or organizations for which an organization designs,

implements, and maintains a marketing mix intended to meet the needs of that group, resulting in

mutually satisfying exchanges




The Marketing Mix (the 4 P's) These are Controllable marketing mix factors




-production

, Mgt 103 demill Midterm 1 Exam Questions
And Answers
-promotion

-price

-place




customer value proposition a cluster of benefits that an organization promises customers

to satisfy their needs




Environmental Forces the uncontrollable social, economic, technological, competitive,

and regulatory forces that affect the results of a marketing decision




Feature Something that "it" does




Benefits What matters to you. Why those features are important to you.




They make your life easier.




Value = benefits/price

, Mgt 103 demill Midterm 1 Exam Questions
And Answers
Customer Value the unique combination of benefits received by targeted buyers.




Best price

Best service

Best product




relationship marketing Easy to understand


Hard to do

—> a strategy that focuses on keeping and improving relationships with current customers




They but from you, they're happy and they come back.




Marketing program a plan that integrates the marketing mix to provide a good, service, or

idea to prospective buyers




Marketing segments relatively homogeneous groups of prospective buyers that have

common needs and will respond similarly to a marketing action

, Mgt 103 demill Midterm 1 Exam Questions
And Answers
Production era In the early 1900s, businesses refined production process and created

greater efficiencies




Sales era company emphasizes selling because of increased competition




Marketing concept era era that emphasized satisfying customer needs with a carefully

developed marketing mix. While achieving the org's goals.




Customer relationship era firms seek continuously to satisfy the high expectations of

customers




Market Orientation The tendency of an economic activity to locate close to its market; a

reflection of large and variable distribution costs.




Ex - production era, sales era etc.

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