MGT 103 Midterm (Bates) UPDATED
ACTUAL Questions and CORRECT
Answers
marketing - CORRECT ANSWER - interpret the needs and wants of customers,
communicate solutions, facilitate change, decision making is messy and may not be "right"
answer
sales era - CORRECT ANSWER - 1930s-1970s
production era - CORRECT ANSWER - 1850-1930s
marketing concept era - CORRECT ANSWER - 1950s-2000s
customer relationship era - CORRECT ANSWER - 1980s-present
marketing concept - CORRECT ANSWER - identifies needs and wants of the customer
and provides it to them better than the competition can
need - CORRECT ANSWER - a physiological or psychological necessity, doesn't have to
be daily
want - CORRECT ANSWER - the way you would best like to satisfy the need
market segmentation - CORRECT ANSWER - dividing the market into more similar
groups of consumers
product positioning - CORRECT ANSWER - how you place an object in the mind of the
consumer
, market - CORRECT 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 - CORRECT ANSWER - exists to serve a market; a collection of products and
service providers positioned for a target audience
target market - CORRECT ANSWER - the group(s) of consumers an organization directs
its marketing efforts to
marketing mix - CORRECT ANSWER - product, price, promotion, place
perceptual map - CORRECT ANSWER - a subjective map from the mind of the consumer
variety - CORRECT 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 - CORRECT ANSWER - greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - CORRECT ANSWER - why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
ACTUAL Questions and CORRECT
Answers
marketing - CORRECT ANSWER - interpret the needs and wants of customers,
communicate solutions, facilitate change, decision making is messy and may not be "right"
answer
sales era - CORRECT ANSWER - 1930s-1970s
production era - CORRECT ANSWER - 1850-1930s
marketing concept era - CORRECT ANSWER - 1950s-2000s
customer relationship era - CORRECT ANSWER - 1980s-present
marketing concept - CORRECT ANSWER - identifies needs and wants of the customer
and provides it to them better than the competition can
need - CORRECT ANSWER - a physiological or psychological necessity, doesn't have to
be daily
want - CORRECT ANSWER - the way you would best like to satisfy the need
market segmentation - CORRECT ANSWER - dividing the market into more similar
groups of consumers
product positioning - CORRECT ANSWER - how you place an object in the mind of the
consumer
, market - CORRECT 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 - CORRECT ANSWER - exists to serve a market; a collection of products and
service providers positioned for a target audience
target market - CORRECT ANSWER - the group(s) of consumers an organization directs
its marketing efforts to
marketing mix - CORRECT ANSWER - product, price, promotion, place
perceptual map - CORRECT ANSWER - a subjective map from the mind of the consumer
variety - CORRECT 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 - CORRECT ANSWER - greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - CORRECT ANSWER - why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
