MGT 103 Quiz 1 (Chapters 1-5) Questions with Latest Update
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Course
MGT103
Institution
MGT103
Marketing - Answer-the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large--seeks to discover the needs of the customer and satisfy those needs
Exchange - Answer-the trade of things so that each party is ...
MGT 103 Quiz 1 (Chapters 1-5)
Questions with Latest Update
Marketing - Answer-the process of creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large--seeks to
discover the needs of the customer and satisfy those needs
Exchange - Answer-the trade of things so that each party is better off than before
What is needed for marketing to occur? - Answer-1. Two or more parties with
unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
How are consumer needs discovered? - Answer-surveys, concept tests, and other
research strategies
Needs vs. Wants - Answer-Need: life would be substantially worse without it
Want: something that may benefit you but isn't necessary
The 4 P's/Marketing Mix - Answer-Product, Price, Promotion, Place (distribution)
Environmental Forces - Answer-factors not under the control of a marketer that affects a
marketing decision--i.e. social trends, laws, etc.
Customer Value - Answer-the benefits received by a targeted buyer
3 Unique Strategies of Firms - Answer-best price (Target), best product (Starbucks),
best service (Nordstrom)--companies cannot be all things to all people, so these
strategies help narrow their direction
Relationship Marketing - Answer-linking an organization to its customers employees,
suppliers, and other partners for their mutual benefit
Marketing Program - Answer-a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
Market Segments - Answer-homogenous groups of buyers that have common needs
and will respond similarly to a product feature, promotion, or price--i.e. rich teenage
boys
Marketing Concept - Answer-the philosophy that an organization should strive to satisfy
the needs of the customer while also achieving their own goals
, Customer Relationship Management (CRM) - Answer-the processes of developing a
favorable relationship with customers so that they become loyal and good advocates for
your company
Customer Experience - Answer-the response that customers have to all aspects of an
organization
Market - Answer-people with both the desire and the ability to buy a specific offering
Target Market - Answer-one or more specific groups of potential customers that a
marketing program directs its attention to
Customer Value Proposition - Answer-a cluster of benefits that an organization
promises customers to satisfy their needs
Social Marketing Concept - Answer-the belief that organizations should satisfy
customers needs in a way that also benefits society
Ultimate Consumers - Answer-the people who use the products and services purchased
for a household
Organizational Buyers - Answer-manufacturers, wholesalers, retailers, and government
agencies that buy products and services for their own use or for resale
Utility - Answer-the benefits or customer value received by users of the product--there
are 4 Types of Utility
Form Utility - Answer-the production of the product or service
Place Utility - Answer-having the product available where the customer wants it
Time Utility - Answer-having the product available when the customer wants it
Possession Utility - Answer-having the product be easy to purchase by accepting the
use of credit cards or financial arrangements
For Profit Organization - Answer-serves customers with the intent of profiting--AKA
business firm--i.e. Nike
Profit - Answer-the money left after a for-profit organization subtracts its total expenses
from its total revenues
Non Profit Organization - Answer-non governmental organization that serves customers
but does not have profit as an organizational goal--goals may be client satisfaction or
operational efficiency--i.e. Teach for America
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