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
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
