MGT 103 BATES MIDTERM 2026 EXAM
QUESTIONS AND CORRECT ANSWER
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
Eras of marketing - correct answer-1. production
2. sales era
3. marketing concept era
4. customer relationship era
need - correct answer-precedes a want; underlying necessity
-basic physical and psychological needs
want - correct answer--our preferred way of satisfying our needs
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
industry - correct answer--esists to serve a market
-collection of product and service providers positioned for a target audience
1 |Page
,target market - correct answer-the group or groups of consumers an
organization directs in marketing efforts to
4 p's - correct answer--cant control
-product, price, promotion, place
product - correct answer-functionality, brand, packaging, services, warranty
and services after
ex/ red bull, skinny can to be different
price - correct answer--list price, discounts, and credit terms
promotion - correct answer--advertising, sales force, publicity, sales
promotion
place - correct answer--channel, inventory, logistics, distribution
uncontrollable forces - correct answer--physical environment, economic,
social aspects, technology, competition, regulatory forces
value - correct answer--either add more benefit or reduce cost
-based on ones own perception
-benefits=price ratio
perceptual map - correct answer-f
2 |Page
, supermarket jam experiment - correct answer-more jame options were
more attractive
but with less James, more people bought something
great variety.. - correct answer--greater expectation and greater opportunity
cost
benefits vs features - correct answer--consumers buy benefits, not features
-why how what
organizational structure - correct answer-1. board of directors
2. corporate- level strategy
3. business unit level strategy
4. functional Lebel strategy
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
SMART - correct answer-specific, measurable, attainable, relevant, time
based
marketing plan - correct answer-focuses on the core offering, not looking at
operations like a buisness does
SWOT - correct answer--strengths, weaknesses, opportunity, and threats
3 |Page
QUESTIONS AND CORRECT ANSWER
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
Eras of marketing - correct answer-1. production
2. sales era
3. marketing concept era
4. customer relationship era
need - correct answer-precedes a want; underlying necessity
-basic physical and psychological needs
want - correct answer--our preferred way of satisfying our needs
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
industry - correct answer--esists to serve a market
-collection of product and service providers positioned for a target audience
1 |Page
,target market - correct answer-the group or groups of consumers an
organization directs in marketing efforts to
4 p's - correct answer--cant control
-product, price, promotion, place
product - correct answer-functionality, brand, packaging, services, warranty
and services after
ex/ red bull, skinny can to be different
price - correct answer--list price, discounts, and credit terms
promotion - correct answer--advertising, sales force, publicity, sales
promotion
place - correct answer--channel, inventory, logistics, distribution
uncontrollable forces - correct answer--physical environment, economic,
social aspects, technology, competition, regulatory forces
value - correct answer--either add more benefit or reduce cost
-based on ones own perception
-benefits=price ratio
perceptual map - correct answer-f
2 |Page
, supermarket jam experiment - correct answer-more jame options were
more attractive
but with less James, more people bought something
great variety.. - correct answer--greater expectation and greater opportunity
cost
benefits vs features - correct answer--consumers buy benefits, not features
-why how what
organizational structure - correct answer-1. board of directors
2. corporate- level strategy
3. business unit level strategy
4. functional Lebel strategy
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
SMART - correct answer-specific, measurable, attainable, relevant, time
based
marketing plan - correct answer-focuses on the core offering, not looking at
operations like a buisness does
SWOT - correct answer--strengths, weaknesses, opportunity, and threats
3 |Page
