MGT 103 Bates Midterm Questions, Correct
Answers, and Complete Solutions | 2026 Update
Marketing - ANSWERS Process of interpreting the needs and wants of
customers and creating/communicating solutions to them
Production Era (18** -1930) - ANSWERS Make great products, and people will
buy them
Sales Era (1920-1970) - ANSWERS Make great products, but theres a need to
promote and sell them to consumers
Marketing Concept Era (1950-2000) - ANSWERS Find out the needs and wants
of consumers, and create products for them
Customer Relationship Era (1985-) - ANSWERS Maintain good relationship
with a customer over time, (remember the 80/20 rule)
Need - ANSWERS Something a consumer needs
Want - ANSWERS Preferred means of satisfying a need
Organizations Marketing Department - ANSWERS Gets information about
consumer needs from research, then uses this information to create a
product/service/idea to satisfy those needs
,Market - ANSWERS A group of consumers that can be characterized by their
interests or buying habits. They have the desire and ability to buy an offering.
Industry - ANSWERS COLLECTION of sevice providers that exist to serve a
market (target audience)
Target Market - ANSWERS Group/Groups that an organization directs its
marketing efforts towards
Marketing Mix - ANSWERS Product, Price, Place, Promotion
Product - ANSWERS - Functionality
- Brand
- Packaging
- Services
PLace - ANSWERS -channels, inventory, distribution
Promotion - ANSWERS - Advertising
- Publicity
- Sales force
Price - ANSWERS - Listed Price
- Discounts
, - Bundling
- Credit Terms
Uncontrollable Factors/ Environmental Forces - ANSWERS Environmental
Forces that affect a consumers ability(or an organizations ability) or desire to buy a
product
Social/Economic/Technological/Competitive/Regulatory
Value - ANSWERS Benefit to Price Ratio a product provides
Supermarket Jam Experiment - ANSWERS More jam varieties attract more
attention, but significantly less people make a purchase. And less are satisfied by
this purchase
The Paradox of Choice - ANSWERS More variety= greater opportunity cost,
greater expectations, Consumer paralysis, etc
Perception - ANSWERS A customers benefit is derived from perception. (7-11
Wine example).
Benefits vs Features - ANSWERS Consumers buy benefits not features
(Mousetrap example)
Visonary Organization Pathway - ANSWERS Why (mission) - What (Goals) -
How (product offerings)
Answers, and Complete Solutions | 2026 Update
Marketing - ANSWERS Process of interpreting the needs and wants of
customers and creating/communicating solutions to them
Production Era (18** -1930) - ANSWERS Make great products, and people will
buy them
Sales Era (1920-1970) - ANSWERS Make great products, but theres a need to
promote and sell them to consumers
Marketing Concept Era (1950-2000) - ANSWERS Find out the needs and wants
of consumers, and create products for them
Customer Relationship Era (1985-) - ANSWERS Maintain good relationship
with a customer over time, (remember the 80/20 rule)
Need - ANSWERS Something a consumer needs
Want - ANSWERS Preferred means of satisfying a need
Organizations Marketing Department - ANSWERS Gets information about
consumer needs from research, then uses this information to create a
product/service/idea to satisfy those needs
,Market - ANSWERS A group of consumers that can be characterized by their
interests or buying habits. They have the desire and ability to buy an offering.
Industry - ANSWERS COLLECTION of sevice providers that exist to serve a
market (target audience)
Target Market - ANSWERS Group/Groups that an organization directs its
marketing efforts towards
Marketing Mix - ANSWERS Product, Price, Place, Promotion
Product - ANSWERS - Functionality
- Brand
- Packaging
- Services
PLace - ANSWERS -channels, inventory, distribution
Promotion - ANSWERS - Advertising
- Publicity
- Sales force
Price - ANSWERS - Listed Price
- Discounts
, - Bundling
- Credit Terms
Uncontrollable Factors/ Environmental Forces - ANSWERS Environmental
Forces that affect a consumers ability(or an organizations ability) or desire to buy a
product
Social/Economic/Technological/Competitive/Regulatory
Value - ANSWERS Benefit to Price Ratio a product provides
Supermarket Jam Experiment - ANSWERS More jam varieties attract more
attention, but significantly less people make a purchase. And less are satisfied by
this purchase
The Paradox of Choice - ANSWERS More variety= greater opportunity cost,
greater expectations, Consumer paralysis, etc
Perception - ANSWERS A customers benefit is derived from perception. (7-11
Wine example).
Benefits vs Features - ANSWERS Consumers buy benefits not features
(Mousetrap example)
Visonary Organization Pathway - ANSWERS Why (mission) - What (Goals) -
How (product offerings)
