Exam (elaborations)
MGT 103 exam prep (Demill) Questions & answers
- Course
- Institution
MGT 103 exam prep (Demill) Questions & answers
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
MGT 103 exam prep (Demill)needed for marketing to occur - ANS-1. Two+ Parties with Unsatisfied Needs
2. A Desire and Ability to Be Satisfied
3. A Way for the Parties to Communicate
4. Something to Exchange
marketing - ANS--Seeks to:
• Discover Needs and Wants of Customers
• Satisfy Them
-Exchange
• Money for goods and servicesoh
how marketing discovers consumers needs - ANS--Consumers May Not Know or
Cannot Describe What They Need or Want
-Most New Products Fail
-The Challenge:
• "Focus on the Consumer Benefit"• "Learn From Past Mistakes"t
target market (the four P's) - ANS-Controllable Marketing Mix Factors
• Product
• Promotion
• Price
• Place
customer value proposition - ANS-a cluster of benefits that an organization promises
customers to satisfy their needs
uncontrollable environmental forces - ANS-social, economic, technological, competitive,
regulatory
Customer Value - ANS-the unique combination of benefits received by targeted buyers
that includes quality, convenience, on-time delivery, and both before-sale and after-sale
service at a specific price
customer value strategies - ANS-• Best Price: Target
• Best Service: Nordstrom
• Best Product: Starbucks
,relationship marketing - ANS-- easy to understand and hard to do
links the organization to its individual customers, employees, suppliers, and other
partners for their mutual long-term benefit
marketing program - ANS-a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
marketing segment - ANS-relatively homogeneous groups of prospective buyers that
have common needs and will respond similarly to a marketing action
marketing concept - ANS-the idea that an organization should strive to satisfy the needs
of consumers while also trying to achieve the organization's goals
market orientation - ANS-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) - ANS-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
a need - ANS-occurs when a person feels deprived of basic necessities such as food,
clothing, and shelter
a want - ANS-a need that is shaped by a person's knowledge, culture, and personality
customer experience - ANS-- the internal response that customers have to all aspects
of an organization and its offering
-What Firms Think They Offer Customers
- What Customers Say They Receive
societal marketing concept - ANS-the view that organizations should satisfy the needs
of consumers in a way that provides for society's well-being
Ethics - ANS-- the principles of right and wrong that guide an individual in making
decisions
- companies develop a code of ethics
,Social Responsibility - ANS-organizations are part of a larger society and are
accountable to that society for their actions
ultimate consumers - ANS-the people who use the products and services purchased for
a household
organizational buyers - ANS-manufacturers, wholesalers, retailers, and government
agencies that buy products and services for their own use or for resale
utility - ANS-the benefits or customer value received by users of the product
- form, place, time, possession
product mission - ANS-To make, distribute and sell a quality product at a reasonable
price and with continual customer service
economic mission - ANS-To operate the company for sustainable financial growth
social mission - ANS-to operate the company in ways that make the world a better place
profit - ANS-total revenue minus total cost
- reward for the risk it undertakes in marketing its offerings
strategy - ANS-an organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
core values - ANS-the fundamental, passionate, and enduring principles of an
organization that guide its conduct over time
mission statement - ANS-a statement of the organization's function in society that often
identifies its customers, markets, products, and technologies
organizational culture - ANS-the set of values, ideas, attitudes, and norms of behavior
that is learned and shared among the members of an organization
Goals or Objectives: Types - ANS-Profit
Sales ($ or #)
Market Share
Quality
Customer Satisfaction
Employee Welfare
, Social Responsibility
Efficiency
market share - ANS-the ratio of sales revenue of the firm to the total sales revenue of all
firms in the industry, including the firm itself
variation by level in an organization - ANS-- corporate: at the corporate level, top
managers create a portfolio of market-product businesses (SBUs) that is consistent with
the mission statement
- SBU: at the strategic business unit level managers focus on specific value-creation
activities such as improving quality, lowering cost, or adding services
- functional: at the functional level the issue is who makes the tomorrow's sales call
Variation by Product - ANS-strategy will be far different when marketing a very tangible
physical good, a service, or an idea
marketing plan - ANS-a road map for the marketing actions of an organization for a
specified future time period, such as one year or five years
marketing dashboard - ANS-the visual display of the essential information related to
achieving a marketing objective
marketing metric - ANS-a measure of the quantitative value or trend of a marketing
action or result
data visualization - ANS-presents information about an organization's marketing metrics
graphically so marketers can quickly (1) spot deviations from plans during the
evaluation phase and (2) take corrective actions
dollar sales - ANS-Average Price x Quantity Sold
dollar market share - ANS-company sales/total industry sales
competencies - ANS-Individual capabilities that can be linked to enhanced performance
by individuals or teams
- competitive advantage, customers, competitors
Business Portfolio Analysis (BCG Matrix) - ANS-A technique that managers use to
quantify performance measures and growth targets to analyze their firms' strategic
business units (SBUs) as though they were a collection of separate investments.
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 EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now