MGT 103 MIDTERM 1 DEMILL QUESTIONS
AND ANSWERS 100% COR RECT
Question : What is marketing
Correct Answer: Delivering value to customers. Seeks
to:Discover needs and wants of customers Satisfy them
Question : Exchange
Correct Answer: Money for goods and services
Question : Requirements for marketing to occur
Correct Answer: 1. Two or more parties with unsatisfied
needs
- Desire and ability to satisfy these needs
- A way for the parties to communicate
- Something to exchange
Question : How marketing discovers consumer needs
Correct Answer: Marketers need to ask the right questions
and learn from the past; consumers may not always know what they want or need. Most new products fail
Question : The Challenge;
Correct Answer: "Focus on the consumer benefit" "Learn
from past mistakes"Benefits is why we buy things and features use those benefits.
Question : Target Market
Correct Answer: A group of people or organizations for
which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Question : The Marketing Mix (the 4 P's)
Correct Answer: These are Controllable marketing mix
factors-production-promotion-price-place
Question : customer value proposition
Correct Answer: a cluster of benefits that an organization
promises customers to satisfy their needs
Question : Environmental Forces
Correct Answer: the uncontrollable social, economic,
technological, competitive, and regulatory forces that affect the results of a marketing decision
Question : Feature
Correct Answer: Something that "it" does
Question : Benefits
Correct Answer: What matters to you. Why those features
are important to you. They make your life easier.
Question : Value =
Correct Answer: benefits/price
Question : Customer Value
Correct Answer: the unique combination of benefits
received by targeted buyers. Best priceBest service Best product
Question : relationship marketing
Correct Answer: Easy to understand Hard to do —> a
strategy that focuses on keeping and improving relationships with current customersThey but from you, they're happy and they come back.
Question : Marketing program
Correct Answer: a plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers
Question : Marketing segments
Correct Answer: relatively homogeneous groups of
prospective buyers that have common needs and will respond similarly to a marketing action
Question : Production era
Correct Answer: In the early 1900s, businesses refined
production process and created greater efficiencies
Question : Sales era
Correct Answer: company emphasizes selling because of
increased competition
Question : Marketing concept era
Correct Answer: era that emphasized satisfying customer
needs with a carefully developed marketing mix. While achieving the org's goals.
Question : Customer relationship era
Correct Answer: firms seek continuously to satisfy the high
expectations of customers
Question : Market Orientation
Correct Answer: The tendency of an economic activity to
locate close to its market; a reflection of large and variable distribution costs.Ex - production era, sales era etc.
Question : CRM (Consumer Relationship Management)
Correct Answer: Process of identifying prospective buyers,
understanding them intimately, and developing favorable long-them perceptions of the or and its offerings so that the buyer becomes an advocate.
