MGT 103 Exam Questions and Answers
Positioning iistatement iiis ii_____________ ii(internal/external). ii- iiAnswers ii-internal ii(you
iiand iiyour iiteam)
Notes ii- iiAnswers ii-
Most iiimportant iidefinition iiof iiMarketing. ii- iiAnswers ii-To iidiscover iithe iiNEEDS iiand
iiWANTS iiof iiprospective iicustomers. ii
AND ii
To iiSatisfy iithem.
What iiare iithe iifour iiP's? ii*On iimidterm ii& iiFinal* ii- iiAnswers ii-Product, iiPrice,
iiPromotion, iiPlace
Want iiVS iiNeed ii- iiAnswers ii-A ii*want* iiis iia ii*need* iithis iiis iishaped iiby iia iiperson's
ii*knowledge, iiculture*, iiand ii*personality*.
What's iineeded iifor iiMarketing iito iiOccur? ii- iiAnswers ii-1. iiTwo iior iimore iiparties iiwith
ii*unsatisfied* iineeds
2. iiA iidesire iiand iiability iion iitheir iipart iito iihave iitheir iineeds iisatisfied
3. iiA iiway iifor iithe iiparties iito iicommunicate
4. iiSomething iito iiexchange
Product ii- iiAnswers ii-A iigood, iiservice, iior iiidea iito iisatisfy iithe iicustomer's iineeds
Price ii- iiAnswers ii-What iiis iiexchanged iifor iithe iiproduct
Promotion ii- iiAnswers ii-A iimeans iiof iicommunication iibetween iithe iiseller iiand iibuyer
Place ii- iiAnswers ii-A iimeans iifor iigetting iithe iiproduct iito iithe iicustomer
Target iiMarketing ii- iiAnswers ii-One iior iimore iispecific iigroups iiof iipotential iiconsumers
iitoward iiwhich iian iiorganization iidirects iiits iimarketing iiprogram.
Marketing iiis iithe iiactivity iifor iicreating, iicommunicating, ii__________ iiofferings iithat
iibenefit iicustomers, iithe iiorganization, iiits iistakeholders, iiand iisociety iiat iilarge. ii-
iiAnswers ii-delivering, iiand iiexchanging
Maddie's iimom iineeds iia iinew iitablet iidevice, iiso iiyou iirecommend iithat iishe iiread iithe
iilatest iiComputerWorld iimagazine iibecause iiit iihas iireviews iiof iiApple's iinew iiiPad iiAir
iiand iiSamsung's iinew iiGalaxy iiS ii5. iiMaddie iifinds iia iicopy iiof iithe iimagazine iiin iithe
, iistudent iibookstore. iiWhat iiis iineeded iinext iiin iiorder iifor iimarketing iito iioccur? ii-
iiAnswers ii-She iimust iicheck iito iisee iiif iishe iihas iisufficient iicash ii(or iicredit) iito iipurchase
iithe iimagazine iiat iithe iibookstore.
A iiproposed iilaw iiin iiNew iiJersey iiwould iiban iithe iiuse iiof iitanning iibeds iiby iianyone
iiunder iithe iiage iiof ii18. iiThis iirestriction iiwould iibe iian iiexample iiof iiwhich iienvironmental
iiforce? ii- iiAnswers ii-Regulatory
The iiessence iiof iisuccessful iimarketing iiand iigaining iiloyal iicustomers iiis iifor iifirms iito
iifocus iion ii__________. ii- iiAnswers ii-providing iicustomer iivalue
Social iiresponsibility iirefers iito... ii- iiAnswers ii-the iibelief iithat iiorganizations iiare
iiaccountable iito iia iilarger iisociety iifor iitheir iiactions.
Customer iiValue iiPropositon ii- iiAnswers ii-(Stand iifor iisomething) iiThe iicluster iiof
iibenefits iithat iian iiorganization iipromises iicustomers iito iisatisfy iitheir iineeds. ii
EX: iiWalmart iiCVP iican iibe iidescribed iias ii"everyday iilow iiprices iifor iia iibroad iirange iiof
iiproducts iithat iiare iialways iiin iistock iiin iiconvenient iilocations. ii" ii
Michelin's iicustomer iivalue iiproposition iican iibe iisummed iiup iias ii"providing iisafety-
conscious iiparents iigreater iisecurity iiin iitires iiat iia iipremium iiprice."
What iimakes iiup iicompany iiculture? ii- iiAnswers ii-- iiThe ii*fabric* iior ii*essence* iiof iithe
iicompany
-It's iithe ii*heartbeat* iiof iithe iicompany ii(not ii"brain*)
-Something iithat iiis iipre-existing iiin iia iicompany's iigenetic iicode.
What iiare ii*S.M.A.R.T* iigoals? iiWhat iiis iian iiexample? ii- iiAnswers ii-S: iiSpecific ii
M: iiMeasurable ii
A: iiAttainable
R: iiRelevant
T: iiTime-Based
EX: iiParadox iiinc. iiin ii*2017*, iiwill iiachieve iia ii*5% iiincrease* iiin ii*market iishare* iiwithin
iithe ii*automated iicar iisegment* iiin iithe iiU.S. ii
*The iiexam iiwill iimake iius iiwrite iismart iigoals*
Goals iior iiobjectives ii(terms iiused iiinterchangeably) iiis iidefined iias iiand iiwhat iiare iithe
iidifferent iitypes? ii- iiAnswers ii-: iiStatements iiof iiaccomplishment iiof iia iitask iito iibe
iiachieved, iioften iiby iia iispecific iitime. ii
-Profit
-Sales
-Market iishare
-Quality
Positioning iistatement iiis ii_____________ ii(internal/external). ii- iiAnswers ii-internal ii(you
iiand iiyour iiteam)
Notes ii- iiAnswers ii-
Most iiimportant iidefinition iiof iiMarketing. ii- iiAnswers ii-To iidiscover iithe iiNEEDS iiand
iiWANTS iiof iiprospective iicustomers. ii
AND ii
To iiSatisfy iithem.
What iiare iithe iifour iiP's? ii*On iimidterm ii& iiFinal* ii- iiAnswers ii-Product, iiPrice,
iiPromotion, iiPlace
Want iiVS iiNeed ii- iiAnswers ii-A ii*want* iiis iia ii*need* iithis iiis iishaped iiby iia iiperson's
ii*knowledge, iiculture*, iiand ii*personality*.
What's iineeded iifor iiMarketing iito iiOccur? ii- iiAnswers ii-1. iiTwo iior iimore iiparties iiwith
ii*unsatisfied* iineeds
2. iiA iidesire iiand iiability iion iitheir iipart iito iihave iitheir iineeds iisatisfied
3. iiA iiway iifor iithe iiparties iito iicommunicate
4. iiSomething iito iiexchange
Product ii- iiAnswers ii-A iigood, iiservice, iior iiidea iito iisatisfy iithe iicustomer's iineeds
Price ii- iiAnswers ii-What iiis iiexchanged iifor iithe iiproduct
Promotion ii- iiAnswers ii-A iimeans iiof iicommunication iibetween iithe iiseller iiand iibuyer
Place ii- iiAnswers ii-A iimeans iifor iigetting iithe iiproduct iito iithe iicustomer
Target iiMarketing ii- iiAnswers ii-One iior iimore iispecific iigroups iiof iipotential iiconsumers
iitoward iiwhich iian iiorganization iidirects iiits iimarketing iiprogram.
Marketing iiis iithe iiactivity iifor iicreating, iicommunicating, ii__________ iiofferings iithat
iibenefit iicustomers, iithe iiorganization, iiits iistakeholders, iiand iisociety iiat iilarge. ii-
iiAnswers ii-delivering, iiand iiexchanging
Maddie's iimom iineeds iia iinew iitablet iidevice, iiso iiyou iirecommend iithat iishe iiread iithe
iilatest iiComputerWorld iimagazine iibecause iiit iihas iireviews iiof iiApple's iinew iiiPad iiAir
iiand iiSamsung's iinew iiGalaxy iiS ii5. iiMaddie iifinds iia iicopy iiof iithe iimagazine iiin iithe
, iistudent iibookstore. iiWhat iiis iineeded iinext iiin iiorder iifor iimarketing iito iioccur? ii-
iiAnswers ii-She iimust iicheck iito iisee iiif iishe iihas iisufficient iicash ii(or iicredit) iito iipurchase
iithe iimagazine iiat iithe iibookstore.
A iiproposed iilaw iiin iiNew iiJersey iiwould iiban iithe iiuse iiof iitanning iibeds iiby iianyone
iiunder iithe iiage iiof ii18. iiThis iirestriction iiwould iibe iian iiexample iiof iiwhich iienvironmental
iiforce? ii- iiAnswers ii-Regulatory
The iiessence iiof iisuccessful iimarketing iiand iigaining iiloyal iicustomers iiis iifor iifirms iito
iifocus iion ii__________. ii- iiAnswers ii-providing iicustomer iivalue
Social iiresponsibility iirefers iito... ii- iiAnswers ii-the iibelief iithat iiorganizations iiare
iiaccountable iito iia iilarger iisociety iifor iitheir iiactions.
Customer iiValue iiPropositon ii- iiAnswers ii-(Stand iifor iisomething) iiThe iicluster iiof
iibenefits iithat iian iiorganization iipromises iicustomers iito iisatisfy iitheir iineeds. ii
EX: iiWalmart iiCVP iican iibe iidescribed iias ii"everyday iilow iiprices iifor iia iibroad iirange iiof
iiproducts iithat iiare iialways iiin iistock iiin iiconvenient iilocations. ii" ii
Michelin's iicustomer iivalue iiproposition iican iibe iisummed iiup iias ii"providing iisafety-
conscious iiparents iigreater iisecurity iiin iitires iiat iia iipremium iiprice."
What iimakes iiup iicompany iiculture? ii- iiAnswers ii-- iiThe ii*fabric* iior ii*essence* iiof iithe
iicompany
-It's iithe ii*heartbeat* iiof iithe iicompany ii(not ii"brain*)
-Something iithat iiis iipre-existing iiin iia iicompany's iigenetic iicode.
What iiare ii*S.M.A.R.T* iigoals? iiWhat iiis iian iiexample? ii- iiAnswers ii-S: iiSpecific ii
M: iiMeasurable ii
A: iiAttainable
R: iiRelevant
T: iiTime-Based
EX: iiParadox iiinc. iiin ii*2017*, iiwill iiachieve iia ii*5% iiincrease* iiin ii*market iishare* iiwithin
iithe ii*automated iicar iisegment* iiin iithe iiU.S. ii
*The iiexam iiwill iimake iius iiwrite iismart iigoals*
Goals iior iiobjectives ii(terms iiused iiinterchangeably) iiis iidefined iias iiand iiwhat iiare iithe
iidifferent iitypes? ii- iiAnswers ii-: iiStatements iiof iiaccomplishment iiof iia iitask iito iibe
iiachieved, iioften iiby iia iispecific iitime. ii
-Profit
-Sales
-Market iishare
-Quality
