MGT 103 Midterm Bates Questions and Answers

MGT 103 Midterm Bates
Questions and Answers

marketing


✓✓~ interpret the needs and wants of customers, communicate

solutions, facilitate change, decision making is messy and may not be

"right" answer




sales era


✓✓~ 1930s-1970s




production era


✓✓~ 1850-1930s




marketing concept era


✓✓~ 1950s-2000s




customer relationship era

,✓✓~ 1980s-present




marketing concept


✓✓~ identifies needs and wants of the customer and provides it to them

better than the competition can




need


✓✓~ a physiological or psychological necessity, doesn't have to be daily




want


✓✓~ the way you would best like to satisfy the need




market segmentation


✓✓~ dividing the market into more similar groups of consumers




product positioning


✓✓~ how you place an object in the mind of the consumer




market

, ✓✓~ group(s) of consumers that can be characterized by their

interests or buying habits; have the desire and ability to buy an offering




industry


✓✓~ exists to serve a market; a collection of products and service

providers positioned for a target audience




target market


✓✓~ the group(s) of consumers an organization directs its marketing

efforts to




marketing mix


✓✓~ product, price, promotion, place




perceptual map


✓✓~ a subjective map from the mind of the consumer




variety