MGT 103 MIDTERM (BAT ES) QUESTIONS
AND ANSWERS 100% COR RECT
Question : marketing
CORRECT ANSWER: started production based; engineers
the activity, set of institutions, and processes for creating, communicating, deliver- ing, and exchanging offerings that have value for customers, clients, partners, and society at large
Question : Eras of marketing
CORRECT ANSWER: 1. production
- sales era
- marketing concept era
- customer relationship era
Question : need
CORRECT ANSWER: precedes a want; underlying
necessity -basic physical and psychological needs
Question : want
CORRECT ANSWER: -our preferred way of satisfying our
needs
Question : market
CORRECT ANSWER: -a group or groups of consumers
that can be characterized by their interests or buying habits -desire and ability to buy an offering
Question : industry
CORRECT ANSWER: -esists to serve a market
-collection of product and service providers positioned for a target audience
Question : target market
CORRECT ANSWER: the group or groups of consumers
an organization directs in marketing efforts to
Question : 4 p's
CORRECT ANSWER: -cant control
-product, price, promotion, place
Question : product
CORRECT ANSWER: functionality, brand, packaging,
services, warranty and services after ex/ red bull, skinny can to be different
Question : price
CORRECT ANSWER: -list price, discounts, and credit
terms
Question : promotion
CORRECT ANSWER: -advertising, sales force, publicity,
sales promotion
Question : place
CORRECT ANSWER: -channel, inventory, logistics,
distribution
Question : uncontrollable forces
CORRECT ANSWER: -physical environment, economic,
social aspects, technology, competition, regulatory forces
Question : value
CORRECT ANSWER: -either add more benefit or reduce
cost -based on ones own perception -benefits=price ratio
Question : perceptual map
CORRECT ANSWER: f
Question : supermarket jam experiment
CORRECT ANSWER: more jame options were more
attractive but with less James, more people bought something
Question : great variety..
CORRECT ANSWER: -greater expectation and greater
opportunity cost
Question : benefits vs features
CORRECT ANSWER: -consumers buy benefits, not
features -why how what
Question : organizational structure
CORRECT ANSWER: 1. board of directors
- corporate- level strategy
- business unit level strategy
- functional Lebel strategy
Question : marketing myopia (downfall)
CORRECT ANSWER: -companies think of themselves as
what the become to narrow and dont see big picture ex/ railroad, only for mail, didn't think bout transportation
Question : SMART
CORRECT ANSWER: specific, measurable, attainable,
relevant, time based
