MGT 103 Midterm (Bates) questions and
answers 100% correct
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 1850-1930s
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 greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - answer why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
marketing myopia - answer ex: RRs failing due to a limited market view
bcg growth matrix - answer
SMART direction for setting goals - answer Specific
Measurements
Attainable
Relevant
Time based
SWOT analysis - answer BUILD on a strength
EXPLOIT an opportunity
CORRECT a weakness
AVOID DISASTER laden threat
moral idealists - answer personal moral philosophy that considers certain individual
rights or duties as universal, regardless of outcome
utilitarianism - answer 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 - answer brands you have heard of
evoked set - answer brands that you can name off the top of your head
consideration set - answer acceptable for further consideration (like schools you
were accepted to)
consumer lifetime value (CLTV) - answer a way to look at a consumer
prediction of the net profit attributed to the entire future relationship with a customer
use value - answer functional utility
sign value - answer emotional or symbolic value
answers 100% correct
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 1850-1930s
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 greater:
-opportunity cost
-consumer autonomy
-expectations
-chance of dissatisfaction
-consumer paralysis
foundational purpose - answer why + what = how
ppl don't buy WHAT you do, they buy WHY you do it
marketing myopia - answer ex: RRs failing due to a limited market view
bcg growth matrix - answer
SMART direction for setting goals - answer Specific
Measurements
Attainable
Relevant
Time based
SWOT analysis - answer BUILD on a strength
EXPLOIT an opportunity
CORRECT a weakness
AVOID DISASTER laden threat
moral idealists - answer personal moral philosophy that considers certain individual
rights or duties as universal, regardless of outcome
utilitarianism - answer 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 - answer brands you have heard of
evoked set - answer brands that you can name off the top of your head
consideration set - answer acceptable for further consideration (like schools you
were accepted to)
consumer lifetime value (CLTV) - answer a way to look at a consumer
prediction of the net profit attributed to the entire future relationship with a customer
use value - answer functional utility
sign value - answer emotional or symbolic value
