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MGT 103 Quiz 1 (Chapters 1-5) Questions with Latest Update
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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 ...

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  • October 23, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 quiz 1 chapters 1 5 questions with lates
  • marketing answer the process of creating commun

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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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