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MGT 103 Midterm (Bates) Exam Questions and Answers
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MGT 103 Midterm (Bates) Exam Questions and Answers
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MGT 103 Midterm (Bates) ExamQuestions and Answers
marketing - Answers -interpret the needs and wants of customers, communicate
solutions, facilitate change, decision making is messy and may not be "right" answer
sales era - Answers -1930s-1970s
production era - Answers -1850-1930s
marketing concept era - Answers -1950s-2000s
customer relationship era - Answers -1980s-present
marketing concept - Answers -identifies needs and wants of the customer and provides
it to them better than the competition can
need - Answers -a physiological or psychological necessity, doesn't have to be daily
want - Answers -the way you would best like to satisfy the need
market segmentation - Answers -dividing the market into more similar groups of
consumers
product positioning - Answers -how you place an object in the mind of the consumer
market - Answers -group(s) of consumers that can be characterized by their interests or
buying habits; have the desire and ability to buy an offering
industry - Answers -exists to serve a market; a collection of products and service
providers positioned for a target audience
target market - Answers -the group(s) of consumers an organization directs its
marketing efforts to
marketing mix - Answers -product, price, promotion, place
perceptual map - Answers -a subjective map from the mind of the consumer
variety - Answers -in theory: having options increases the chances to find the perfect
flavor/style/etc
, in practice: having too many options/variety requires too much cognitive ability
paradox of choice - Answers -greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - Answers -why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
marketing myopia - Answers -ex: RRs failing due to a limited market view
bcg growth matrix - Answers -
SMART direction for setting goals - Answers -Specific
Measurements
Attainable
Relevant
Time based
SWOT analysis - Answers -BUILD on a strength
EXPLOIT an opportunity
CORRECT a weakness
AVOID DISASTER laden threat
moral idealists - Answers -personal moral philosophy that considers certain individual
rights or duties as universal, regardless of outcome
utilitarianism - Answers -focuses on greatest good for the greatest number, assess
costs and benefits. if the benefits outweigh the cost, it's an ethical path
awareness set - Answers -brands you have heard of
evoked set - Answers -brands that you can name off the top of your head
consideration set - Answers -acceptable for further consideration (like schools you were
accepted to)
consumer lifetime value (CLTV) - Answers -a way to look at a consumer
prediction of the net profit attributed to the entire future relationship with a customer
use value - Answers -functional utility
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