MGT 103 BATES MIDTERM 1 Exam | Questions with 100%
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HFT4754 Final Exam MKT 3050 Exam 2 BUSI 330 FINAL MK
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Terms in this set (98)
What is Marketing? Marketing seeks to discover consumers needs through research and then
satisfy those needs through execution of the marketing mix.
Marketing in Social Orientation an evolution of Market Orientation and Customer Relationship Building. It goes
beyond meeting customer needs by incorporating responsibility and
sustainability into marketing practices.
Needs versus wants Want gets triggered by the underlying need, look for underlying needs to
satisfy the future of new needs/wants.
Does marketing allow people to buy things they do not need?
Create brand loyalty
Industry it exists to serve a market. This is a collection of product and service providers
positioned for a target
audience.
Market a group or groups of consumers that can be characterized by their interests or
buying habits. They
have the desire and ability to buy an offering.
Target Market the group or groups of consumers an organization directs its marketing efforts
to.
,Marketing Plan A written statement for managing exchanges with customers that includes
goals, activities
needed to achieve goals, a timeline and budget for included activities, and
measures to evaluate the
Activities.
The Marketing Mix (4 Ps) Product, price, promotion, place. Professor prefers instead of product focus,
you want to create solutions. Allows someone to be more creative in what they
are
developing
Instead of price - creating value for customers, a lot of the time is
phycological, focusing less on the price and value based pricing.
Whether that's lower or raising the price.
Educate consumers on products instead of You don't need to satisfy everyone,
just someone.
Place and distribution you write ( accessibility )
Uncontrollable factors Marketers will execute the marketing strategy while continuously scanning and
assessing the potential
impact of uncontrollable environmental forces.
Environmental forces Key Components:
marketing system influenced by suppliers, organizations, and customers, all
shaped by environmental forces:
Social: Demographics and culture.
Economic: Income and market conditions.
Technological: Advances impacting value.
Competitive: Rivalry and small businesses.
Regulatory: Laws and self-regulation.
These forces guide how businesses adapt and interact with their environment.
What is Value? Marketing is the conduit by which organizations deliver their value proposition
to consumers .
My individual perception of the values I perceive. Most companies dont want
to lower price so we must increase perception of benefits
All psychological and not tangible value a lot of time. We can be more
involved with the branding due to psychological value.
Perception or reality: Finding benefits with perceptual mapping. Perception is reality to the viewer.
, variety More variety add to the value of your decision if you are know about the
product
If not it just brings noise.
Supermarket jam experiment- 6 flavors of jams and jelly versus 24 flavors on
the table.
When there were 24 flavors on the table 60 percent stopped. 6 on the table 40
percent of people tried it.
6 options 30 percent made a purchase
24 options 3 percent purchase
The paradox of choice More variety=
Greater opportunity costs
Greater consumer autonomy
Greater expectations
Greater chance of disaffection
Consumer paralysis
Perception -disconnect between what you see and what we say
Perception matters- and the experience in that moment. Try to change the
name of mouse trap no kill option and 90 percent effective. Wording and
meaning matters
benefits over features We buy benefits not features. Once you stop promoting features and focus on
benefits you will improve your company benefits and persuasion. What is the
consumer going to get out of that. The customer gets to always determine the
value.
visionary organizations operate by focusing on three Organizational Foundation (Why):
key components Core values, mission (vision), and culture define the organization's purpose and
identity.
Organizational Direction (What):
Business focus and goals (both long-term and short-term) provide a clear path
for the organization's objectives.
Organizational Strategies (How):
Strategies are implemented by level (corporate, SBU, functional) or by product
(goods, services, or ideas).
The organization follows a cycle to plan, implement, and evaluate its strategies
to achieve its vision and goals effectively.
Marketing Myopia not having awareness of what's going on around you and it can hinder your
growth.
Start slow and gradually grow and incorporate that in there.
SMART -stand for? In marketing, SMART stands for criteria used to set effective goals:
S: Specific - The goal is clear and well-defined.
M: Measurable - Progress and success can be tracked.
A: Achievable - The goal is realistic and attainable.
R: Relevant - Aligns with broader business objectives.
T: Time-bound - Includes a deadline or timeline for completion.
SMART goals help ensure focus, accountability, and successful execution in
marketing strategies.
How to also track progress besides SMART Dashboards can also help to keep track of progress. Dashboards make it easier
to stay organized, adapt strategies, and achieve marketing success.
Correct Answers | Verified | Latest Update 2026
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
HFT4754 Final Exam MKT 3050 Exam 2 BUSI 330 FINAL MK
Teacher 60 terms Teacher 32 terms Teacher 543 terms Te
EXTENSION123 Preview EXTENSION123 Preview muiajnr445 Preview
Terms in this set (98)
What is Marketing? Marketing seeks to discover consumers needs through research and then
satisfy those needs through execution of the marketing mix.
Marketing in Social Orientation an evolution of Market Orientation and Customer Relationship Building. It goes
beyond meeting customer needs by incorporating responsibility and
sustainability into marketing practices.
Needs versus wants Want gets triggered by the underlying need, look for underlying needs to
satisfy the future of new needs/wants.
Does marketing allow people to buy things they do not need?
Create brand loyalty
Industry it exists to serve a market. This is a collection of product and service providers
positioned for a target
audience.
Market a group or groups of consumers that can be characterized by their interests or
buying habits. They
have the desire and ability to buy an offering.
Target Market the group or groups of consumers an organization directs its marketing efforts
to.
,Marketing Plan A written statement for managing exchanges with customers that includes
goals, activities
needed to achieve goals, a timeline and budget for included activities, and
measures to evaluate the
Activities.
The Marketing Mix (4 Ps) Product, price, promotion, place. Professor prefers instead of product focus,
you want to create solutions. Allows someone to be more creative in what they
are
developing
Instead of price - creating value for customers, a lot of the time is
phycological, focusing less on the price and value based pricing.
Whether that's lower or raising the price.
Educate consumers on products instead of You don't need to satisfy everyone,
just someone.
Place and distribution you write ( accessibility )
Uncontrollable factors Marketers will execute the marketing strategy while continuously scanning and
assessing the potential
impact of uncontrollable environmental forces.
Environmental forces Key Components:
marketing system influenced by suppliers, organizations, and customers, all
shaped by environmental forces:
Social: Demographics and culture.
Economic: Income and market conditions.
Technological: Advances impacting value.
Competitive: Rivalry and small businesses.
Regulatory: Laws and self-regulation.
These forces guide how businesses adapt and interact with their environment.
What is Value? Marketing is the conduit by which organizations deliver their value proposition
to consumers .
My individual perception of the values I perceive. Most companies dont want
to lower price so we must increase perception of benefits
All psychological and not tangible value a lot of time. We can be more
involved with the branding due to psychological value.
Perception or reality: Finding benefits with perceptual mapping. Perception is reality to the viewer.
, variety More variety add to the value of your decision if you are know about the
product
If not it just brings noise.
Supermarket jam experiment- 6 flavors of jams and jelly versus 24 flavors on
the table.
When there were 24 flavors on the table 60 percent stopped. 6 on the table 40
percent of people tried it.
6 options 30 percent made a purchase
24 options 3 percent purchase
The paradox of choice More variety=
Greater opportunity costs
Greater consumer autonomy
Greater expectations
Greater chance of disaffection
Consumer paralysis
Perception -disconnect between what you see and what we say
Perception matters- and the experience in that moment. Try to change the
name of mouse trap no kill option and 90 percent effective. Wording and
meaning matters
benefits over features We buy benefits not features. Once you stop promoting features and focus on
benefits you will improve your company benefits and persuasion. What is the
consumer going to get out of that. The customer gets to always determine the
value.
visionary organizations operate by focusing on three Organizational Foundation (Why):
key components Core values, mission (vision), and culture define the organization's purpose and
identity.
Organizational Direction (What):
Business focus and goals (both long-term and short-term) provide a clear path
for the organization's objectives.
Organizational Strategies (How):
Strategies are implemented by level (corporate, SBU, functional) or by product
(goods, services, or ideas).
The organization follows a cycle to plan, implement, and evaluate its strategies
to achieve its vision and goals effectively.
Marketing Myopia not having awareness of what's going on around you and it can hinder your
growth.
Start slow and gradually grow and incorporate that in there.
SMART -stand for? In marketing, SMART stands for criteria used to set effective goals:
S: Specific - The goal is clear and well-defined.
M: Measurable - Progress and success can be tracked.
A: Achievable - The goal is realistic and attainable.
R: Relevant - Aligns with broader business objectives.
T: Time-bound - Includes a deadline or timeline for completion.
SMART goals help ensure focus, accountability, and successful execution in
marketing strategies.
How to also track progress besides SMART Dashboards can also help to keep track of progress. Dashboards make it easier
to stay organized, adapt strategies, and achieve marketing success.
