MGT 103 EVALUATION EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔What are some challenges of Market Research? - ✔✔-Do consumers really know
what they want?
-Will they divulge personal information truthfully (e.g. financial status, spending habits,
personal hygiene, sexual encounters/experiences)
-Will consumers(humans) actually do what they say they will do (what's really real)?
✔✔Difference of Secondary and Primary research? What are some examples you
would ask for the Chevy Bolt? - ✔✔*Primary*: When you collect (new) data (e.g. student
survey)
EX:
-What are you people considering EV's?
-What are your current unmet need(s)?
-Prioritization of current offerings?
-3-5-10 year outlook (economic--vehicle purchases)
-Millennials -rent vs. own (housing)-- impact on vehicle purchase? (e.g. sole electric
source)
*Secondary*: External data (e.g. 5 mile radius on-site discovery, Google searches,
published reviews)
EX:
-Market Share of Plug-in Vehicles to Date in USA. -Market Share of Hybrid & Pure
Electric Car Volume
✔✔You have to ________ money, to get money? - ✔✔Spend
✔✔You don't sell on price, you sell on _________. - ✔✔What is *value*???
✔✔What does WD40 stand for? - ✔✔Water Displacement (40th try)
✔✔in 1993 WD40 was in _____% of homes? - ✔✔80%
, ✔✔3 points to marketing WD40. - ✔✔1. Do you need me?
2. DO you know me?
3. Can you buy me?
✔✔What was WD40's culture created by Garry Ridge? - ✔✔Tribal (Family) culture-- "In
the end, all we really all have is memories"
-Helps to lower turnover
*But they do care about profit still* "profit is the applause of doing good work and having
engage employees" - G. Ridge
✔✔How much does it cost to be in the fortune 500? - ✔✔5.1B Revenue
✔✔Top 3 Fortune 500 and how is this determined? - ✔✔Walmart $482B
Exxon $246B
Apple $233B
This is determined by revenue
✔✔80/20 Rule 80% of the _____ is generated by 20% of your ________. - ✔✔Business
(Sales Revenue); Customers
✔✔What are 8 CEO traits including 4 added by Garry Ridge? - ✔✔1. IQ
2. EQ
3. Stamina
4. Resilience
Garry Ridge (WD40 CEO)"adds"
5. Visionary - simple big picture, positive vision of the future
6. Exemplar - Calm/courage under pressure
7. Mentor/Learner/Teacher (focus on others)
8. Generosity with success (to/for others)
✔✔What do these three things mean?
Customer Segmentation
Market Segmentation
Consumer Markets - ✔✔All words Synonymous (Same thing)
:"Means we decided who we want to spend our money against."
Market segmentation is a marketing term referring to the aggregating of prospective
buyers into groups, or segments, that have common needs and respond similarly to a
marketing action.
QUESTIONS SET A+
✔✔What are some challenges of Market Research? - ✔✔-Do consumers really know
what they want?
-Will they divulge personal information truthfully (e.g. financial status, spending habits,
personal hygiene, sexual encounters/experiences)
-Will consumers(humans) actually do what they say they will do (what's really real)?
✔✔Difference of Secondary and Primary research? What are some examples you
would ask for the Chevy Bolt? - ✔✔*Primary*: When you collect (new) data (e.g. student
survey)
EX:
-What are you people considering EV's?
-What are your current unmet need(s)?
-Prioritization of current offerings?
-3-5-10 year outlook (economic--vehicle purchases)
-Millennials -rent vs. own (housing)-- impact on vehicle purchase? (e.g. sole electric
source)
*Secondary*: External data (e.g. 5 mile radius on-site discovery, Google searches,
published reviews)
EX:
-Market Share of Plug-in Vehicles to Date in USA. -Market Share of Hybrid & Pure
Electric Car Volume
✔✔You have to ________ money, to get money? - ✔✔Spend
✔✔You don't sell on price, you sell on _________. - ✔✔What is *value*???
✔✔What does WD40 stand for? - ✔✔Water Displacement (40th try)
✔✔in 1993 WD40 was in _____% of homes? - ✔✔80%
, ✔✔3 points to marketing WD40. - ✔✔1. Do you need me?
2. DO you know me?
3. Can you buy me?
✔✔What was WD40's culture created by Garry Ridge? - ✔✔Tribal (Family) culture-- "In
the end, all we really all have is memories"
-Helps to lower turnover
*But they do care about profit still* "profit is the applause of doing good work and having
engage employees" - G. Ridge
✔✔How much does it cost to be in the fortune 500? - ✔✔5.1B Revenue
✔✔Top 3 Fortune 500 and how is this determined? - ✔✔Walmart $482B
Exxon $246B
Apple $233B
This is determined by revenue
✔✔80/20 Rule 80% of the _____ is generated by 20% of your ________. - ✔✔Business
(Sales Revenue); Customers
✔✔What are 8 CEO traits including 4 added by Garry Ridge? - ✔✔1. IQ
2. EQ
3. Stamina
4. Resilience
Garry Ridge (WD40 CEO)"adds"
5. Visionary - simple big picture, positive vision of the future
6. Exemplar - Calm/courage under pressure
7. Mentor/Learner/Teacher (focus on others)
8. Generosity with success (to/for others)
✔✔What do these three things mean?
Customer Segmentation
Market Segmentation
Consumer Markets - ✔✔All words Synonymous (Same thing)
:"Means we decided who we want to spend our money against."
Market segmentation is a marketing term referring to the aggregating of prospective
buyers into groups, or segments, that have common needs and respond similarly to a
marketing action.
