MGT103 Final Exam |Questions with
100% Correct Answers
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
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.
What is *Market Share*? - ✔ ✔ Market share represents the percentage of an industry or
market's total sales that is earned by a particular company over a specified time period.
Market share is calculated by taking the company's sales over the period and dividing it by
the total sales of the industry over the same period.
We ___________ determine *Market Basket*. Which is a ____________ that enables
____________ and is intended to ___________. - ✔ ✔ We *(marketing in collaboration with
sales)* determine *Market Basket*. Which is a *Metric for both sales and marketing* that
enables *"apples to apples" comparison (to competition and OUR brand (product or
service)* and is intended to *be a "fluid" metric (are we gaining share, losing share, or "flat"
(no change)?*
What is the *consumer purchase decision process*? - ✔ ✔ -1.*Problem recognition*
(perceiving a need) -- "I need a car"
-2.*Information search* (seeking value)-- for a car based on Objective and Subjective data sets
-3.*Alternative evaluation* (assessing value)
-4.*Purchase decision* (Buying Value)-- I want/need this one -> now *who* to buy from and
*when* to buy -> Factors: On Sale, limited supply, gotta have, Store atmosphere,
salesperson assistance (influence)
, -5.*Post-purchase behavior* (realizing value) -- Satisfied buyers tell _____ people about their
experience
Dissatisfied buyers tell _____ people
*Cognitive dissonance* -- The feeling of post purchase psychological tension or anxiety (do
you like my new UGGS?)
What are 5 Psychological influences on consumer behavior? - ✔ ✔ Motivation: The
energizing force that stimulates behavior to satisfy a need.
Personality: A person's consistent behaviors or responses to recurring situations
Lifestyle: A mode of living that is identified by how people spend their time and resources ($)
Racial/ethnic subcultures: Cultures with unique values, ideas, and attitudes.
Geographical: Location?
Celebrity Endorsements *pros* & *cons* - ✔ ✔ Pros
America loves its "winners"
I want status. I want image. I want it
Grabs consumer attention in hectic (ad) world
What could go wrong???
Cons
Are "newer" generations influenced?
They ain't cheap
Could back-fire if not aligned (product/celebrity)
I mean, what could go wrong? How bad could it be?
100% Correct Answers
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
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.
What is *Market Share*? - ✔ ✔ Market share represents the percentage of an industry or
market's total sales that is earned by a particular company over a specified time period.
Market share is calculated by taking the company's sales over the period and dividing it by
the total sales of the industry over the same period.
We ___________ determine *Market Basket*. Which is a ____________ that enables
____________ and is intended to ___________. - ✔ ✔ We *(marketing in collaboration with
sales)* determine *Market Basket*. Which is a *Metric for both sales and marketing* that
enables *"apples to apples" comparison (to competition and OUR brand (product or
service)* and is intended to *be a "fluid" metric (are we gaining share, losing share, or "flat"
(no change)?*
What is the *consumer purchase decision process*? - ✔ ✔ -1.*Problem recognition*
(perceiving a need) -- "I need a car"
-2.*Information search* (seeking value)-- for a car based on Objective and Subjective data sets
-3.*Alternative evaluation* (assessing value)
-4.*Purchase decision* (Buying Value)-- I want/need this one -> now *who* to buy from and
*when* to buy -> Factors: On Sale, limited supply, gotta have, Store atmosphere,
salesperson assistance (influence)
, -5.*Post-purchase behavior* (realizing value) -- Satisfied buyers tell _____ people about their
experience
Dissatisfied buyers tell _____ people
*Cognitive dissonance* -- The feeling of post purchase psychological tension or anxiety (do
you like my new UGGS?)
What are 5 Psychological influences on consumer behavior? - ✔ ✔ Motivation: The
energizing force that stimulates behavior to satisfy a need.
Personality: A person's consistent behaviors or responses to recurring situations
Lifestyle: A mode of living that is identified by how people spend their time and resources ($)
Racial/ethnic subcultures: Cultures with unique values, ideas, and attitudes.
Geographical: Location?
Celebrity Endorsements *pros* & *cons* - ✔ ✔ Pros
America loves its "winners"
I want status. I want image. I want it
Grabs consumer attention in hectic (ad) world
What could go wrong???
Cons
Are "newer" generations influenced?
They ain't cheap
Could back-fire if not aligned (product/celebrity)
I mean, what could go wrong? How bad could it be?
