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MGT 103 Questions and Answers (100% Pass)
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MGT 103 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Questions and Answers
(100% Pass)
Positioning statement is _____________ (internal/external).
✓ internal (you and your team)
Notes
✓
Most important definition of Marketing.
✓ To discover the NEEDS and WANTS of prospective customers.
✓ AND
✓ To Satisfy them.
What are the four P's? *On midterm & Final*
✓ Product, Price, Promotion, Place
Want VS Need
✓ A *want* is a *need* this is shaped by a person's *knowledge, culture*,
and *personality*.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ One or more specific groups of potential consumers toward which an
organization directs its marketing program.
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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
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.
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?
Master01 | October, 2024/2025 | Latest update
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