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MGT 103 Questions And Answers
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MGT 103 Questions And Answers What's needed for Marketing to Occur? 1. Two or more parties with *unsatisfied* needs 2. A desire and ability on their part to have their needs satisfied 3. A way for the parties to communicate 4. Something to exchange Product A good, service, or idea to satisfy t...

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  • October 23, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 questions and answers

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  • MGT 103
  • MGT 103

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MGT 103 Questions And Answers

What's needed for Marketing to Occur? 1. Two or more parties with *unsatisfied* needs


2. A desire and ability on their part to have their needs satisfied

3. A way for the parties to communicate

4. Something to exchange




Product A good, service, or idea to satisfy the customer's needs




Price What is exchanged for the product




Promotion A means of communication between the seller and buyer




Place A means for getting the product to the customer




Target Marketing One or more specific groups of potential consumers toward which an

organization directs its marketing program.

, MGT 103 Questions And Answers
Marketing is the activity for creating, communicating, __________ offerings that benefit

customers, the organization, its stakeholders, and society at large. delivering, and

exchanging




Maddie's mom needs a new tablet device, so you recommend that she read the latest

ComputerWorld magazine because it has reviews of Apple's new iPad Air and Samsung's new

Galaxy S 5. Maddie finds a copy of the magazine in the student bookstore. What is needed next

in order for marketing to occur? She must check to see if she has sufficient cash (or credit)

to purchase the magazine at the bookstore.




A proposed law in New Jersey would ban the use of tanning beds by anyone under the age of 18.

This restriction would be an example of which environmental force? Regulatory




The essence of successful marketing and gaining loyal customers is for firms to focus on

__________. providing customer value




Social responsibility refers to... the belief that organizations are accountable to a larger

society for their actions.

, MGT 103 Questions And Answers
Customer Value Propositon (Stand for something) The cluster of benefits that an

organization promises customers to satisfy their needs.




EX: Walmart CVP can be described as "everyday low prices for a broad range of products that

are always in stock in convenient locations. "




Michelin's customer value proposition can be summed up as "providing safety-conscious parents

greater security in tires at a premium price."




What makes up company culture? - The *fabric* or *essence* of the company


-It's the *heartbeat* of the company (not "brain*)

-Something that is pre-existing in a company's genetic code.




What are *S.M.A.R.T* goals? What is an example? S: Specific


M: Measurable

A: Attainable

R: Relevant

T: Time-Based

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