Mgt 103 demill Midterm 1 Exam Questions And Answers
2 views 0 purchase
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 ...
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.99. You're not tied to anything after your purchase.