MGT 103 Midterm (Bates) Exam
Questions and Answers
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
Questions and Answers
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
