MGT 103 Midterm (Bates) | 80 Questions and Verified Solutions Latest Update 2024

MGT 103 Midterm (Bates) | 80 Questions and Verified Solutions Latest Update 2024 marketing - Answer - interpret the needs and wants of customers, communicate solutions, facilitate change, decision making is messy and may not be "right" answer sales era - Answer - 1930s-1970s production era - Answer - s marketing concept era - Answer - 1950s-2000s customer relationship era - Answer - 1980s-present marketing concept - Answer - identifies needs and wants of the customer and provides it to them better than the competition can need - Answer - a physiological or psychological necessity, doesn't have to be daily want - Answer - the way you would best like to satisfy the need market segmentation - Answer - dividing the market into more similar groups of consumers product positioning - Answer - how you place an object in the mind of the consumer market - Answer - group(s) of consumers that can be characterized by their interests or buying habits; have the desire and ability to buy an offering industry - Answer - exists to serve a market; a collection of products and service providers positioned for a target audience target market - Answer - the group(s) of consumers an organization directs its marketing efforts to marketing mix - Answer - product, price, promotion, place perceptual map - Answer - a subjective map from the mind of the consumer variety - Answer - 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 - Answer - g