MGT 103 - [Eberhard] UPDATED ACTUAL
Questions and CORRECT Answers
Marketing - CORRECT ANSWER - to discover the needs and wants of prospective
customers and to satisfy them
A want is a need that is shaped by....? - CORRECT ANSWER - a person's knowledge,
culture, and personality
What's needed for marketing to occur? - CORRECT ANSWER - Two or more parties with
unsatisfied needs
A desire + ability on their part to have their needs satisfied
A way for the parties to communicate
Something to exchange
Marketing seeks to discover consumer needs through... and then satisfy them with a ... -
CORRECT ANSWER - research; marketing program
The four P's (marketing mix) - CORRECT ANSWER - Product, price, promotion, place
Customer value prop - CORRECT ANSWER - stand for something: operational excellence
customer service product innovation
Target Marketing - CORRECT ANSWER - one or more specific groups of potential
consumers toward which an organization directs its marketing program
Visionary organizations: - CORRECT ANSWER - foundation + direction = strategy
5 things visionary organizations do - CORRECT ANSWER - anticipate future events +
respond quickly
,specify its foundation
set direction
formulate strategies
execute on these strategies
Organizational foundations are... - CORRECT ANSWER - core values, mission or vision,
organizational culture
Company culture: - CORRECT ANSWER - the fabric or essence of the company
Organizational directions are... - CORRECT ANSWER - goals or objectives (think smart)
What does SMART stand for - CORRECT ANSWER - specific, measurable, attainable,
relevant, time-based
The planning phase of the strategic marketing process is... - CORRECT ANSWER - swot
analysis
SWOT analysis focuses on a company's? - CORRECT ANSWER - strengths, weaknesses,
opportunities, and threats
A marketing department relates to many ____________, ____________, and __________ -
CORRECT ANSWER - people, organizations, and environmental forces
, Environmental forces affect what? List the 5 environmental forces - CORRECT
ANSWER - they affect the organization, its suppliers, and its customers. They are social,
economic, technological, competitive, and regulatory
Social forces = - CORRECT ANSWER - demographic shifts, cultural changes
Economic forces = - CORRECT ANSWER - gross income, disposable income,
discretionary income, savings
technological forces = - CORRECT ANSWER - changing technology, technology's impact
on customer value, technology enabled data analytics
competitive forces = - CORRECT ANSWER - alternative forms of competition, small
businesses, barriers to entry
regulatory forces = - CORRECT ANSWER - laws protecting competition, laws affecting
marketing mix actions, self-regulation
barriers to entry are - CORRECT ANSWER - business practices or conditions that make it
difficult for new firms to enter the market
the competitive forces of barriers to entry are - CORRECT ANSWER - capital
requirements, advertising expenditures, product identity, distribution access, cost to switch
regulation consists of the restrictions that - CORRECT ANSWER - state and federal laws
place on a business with regard to the conduct of its activities
Customer buying factors - CORRECT ANSWER - features and capabilities,
visceral/emotional connection, quality, company image, price, recommendation, product
warranty
Questions and CORRECT Answers
Marketing - CORRECT ANSWER - to discover the needs and wants of prospective
customers and to satisfy them
A want is a need that is shaped by....? - CORRECT ANSWER - a person's knowledge,
culture, and personality
What's needed for marketing to occur? - CORRECT ANSWER - Two or more parties with
unsatisfied needs
A desire + ability on their part to have their needs satisfied
A way for the parties to communicate
Something to exchange
Marketing seeks to discover consumer needs through... and then satisfy them with a ... -
CORRECT ANSWER - research; marketing program
The four P's (marketing mix) - CORRECT ANSWER - Product, price, promotion, place
Customer value prop - CORRECT ANSWER - stand for something: operational excellence
customer service product innovation
Target Marketing - CORRECT ANSWER - one or more specific groups of potential
consumers toward which an organization directs its marketing program
Visionary organizations: - CORRECT ANSWER - foundation + direction = strategy
5 things visionary organizations do - CORRECT ANSWER - anticipate future events +
respond quickly
,specify its foundation
set direction
formulate strategies
execute on these strategies
Organizational foundations are... - CORRECT ANSWER - core values, mission or vision,
organizational culture
Company culture: - CORRECT ANSWER - the fabric or essence of the company
Organizational directions are... - CORRECT ANSWER - goals or objectives (think smart)
What does SMART stand for - CORRECT ANSWER - specific, measurable, attainable,
relevant, time-based
The planning phase of the strategic marketing process is... - CORRECT ANSWER - swot
analysis
SWOT analysis focuses on a company's? - CORRECT ANSWER - strengths, weaknesses,
opportunities, and threats
A marketing department relates to many ____________, ____________, and __________ -
CORRECT ANSWER - people, organizations, and environmental forces
, Environmental forces affect what? List the 5 environmental forces - CORRECT
ANSWER - they affect the organization, its suppliers, and its customers. They are social,
economic, technological, competitive, and regulatory
Social forces = - CORRECT ANSWER - demographic shifts, cultural changes
Economic forces = - CORRECT ANSWER - gross income, disposable income,
discretionary income, savings
technological forces = - CORRECT ANSWER - changing technology, technology's impact
on customer value, technology enabled data analytics
competitive forces = - CORRECT ANSWER - alternative forms of competition, small
businesses, barriers to entry
regulatory forces = - CORRECT ANSWER - laws protecting competition, laws affecting
marketing mix actions, self-regulation
barriers to entry are - CORRECT ANSWER - business practices or conditions that make it
difficult for new firms to enter the market
the competitive forces of barriers to entry are - CORRECT ANSWER - capital
requirements, advertising expenditures, product identity, distribution access, cost to switch
regulation consists of the restrictions that - CORRECT ANSWER - state and federal laws
place on a business with regard to the conduct of its activities
Customer buying factors - CORRECT ANSWER - features and capabilities,
visceral/emotional connection, quality, company image, price, recommendation, product
warranty
