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MGT 103 Midterm 1 Study Guide Questions and Answers

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The Marketing Mix - Answer-product, price, promotion, place Value - Answer-how it benefits consumers, and the price of the item dictates the value Need - Answer-essential necessity, psychological or physiological Want - Answer-something that is wanted to satisfy the person Organizational Foundation - Answer-The WHY, core values/mission Organizational Direction - Answer-The WHAT, business goals Organizational Strategies - Answer-The HOW, organized by level or by product SMART - Answer-Specific, Measurable, Attainable, Relevant, Time Based Stars - Answer-high market growth rates with high relative market share Question Marks - Answer-high market growth rates with low relative market share Cash Cows - Answer-low market growth rate, high relative market share Dogs - Answer-low market growth rate, low relative market share Awareness Set - Answer-brands you have heard of Evoked Set - Answer-top of mind Consideration Set - Answer-acceptable for future consideration Cognitive Dissonance - Answer-uneasy feeling when you second guess yourself Enduring Involvement - Answer-feels like an extension of yourself/your personality (clothes, music, sports) Situational Involvement - Answer-feels like it is helping your current situation (when you're sick, medicine helps, when it rains, an umbrella helps you stay dry) Low Involvement - Answer-maintains product quality, avoid stockouts, ads targeted at reducing dissonance

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MGT 103 Midterm 1 Study Guide
Questions and Answers
The Marketing Mix - Answer-product, price, promotion, place

Value - Answer-how it benefits consumers, and the price of the item dictates the value

Need - Answer-essential necessity, psychological or physiological

Want - Answer-something that is wanted to satisfy the person

Organizational Foundation - Answer-The WHY, core values/mission

Organizational Direction - Answer-The WHAT, business goals

Organizational Strategies - Answer-The HOW, organized by level or by product

SMART - Answer-Specific, Measurable, Attainable, Relevant, Time Based

Stars - Answer-high market growth rates with high relative market share

Question Marks - Answer-high market growth rates with low relative market share

Cash Cows - Answer-low market growth rate, high relative market share

Dogs - Answer-low market growth rate, low relative market share

Awareness Set - Answer-brands you have heard of

Evoked Set - Answer-top of mind

Consideration Set - Answer-acceptable for future consideration

Cognitive Dissonance - Answer-uneasy feeling when you second guess yourself

Enduring Involvement - Answer-feels like an extension of yourself/your personality
(clothes, music, sports)

Situational Involvement - Answer-feels like it is helping your current situation (when
you're sick, medicine helps, when it rains, an umbrella helps you stay dry)

Low Involvement - Answer-maintains product quality, avoid stockouts, ads targeted at
reducing dissonance

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