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MGT 103 Exam Questions and Answers (100% Pass)
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MGT 103 Exam Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 Exam 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*.
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.
Marketing is the activity for creating, communicating, __________ offerings that benefit
customers, the organization, its stakeholders, and society at large. - ✔️✔️delivering, and
exchanging
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
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.
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
EX: Paradox inc. in *2017*, will achieve a *5% increase* in *market share* within the
*automated car segment* in the U.S.
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