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MGT 103 Quiz 1 (ch. 1-5 & readings) Questions and Answers (100% Pass)
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MGT 103 Quiz 1 (ch. 1-5 & readings) Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Quiz 1 (ch. 1-5 & readings)
Questions and Answers (100% Pass)
marketing
✓ the activity, set of institutions, and process for creating,
communicating, delivering and exchanging offerings that have value
for customers, clients, partners, and society at large
marketing is all about ___
✓ Consumers
Most new products fail. Why?
✓ bad marketing
marketing
✓ the discovering of, creation if, communication of, and finally, deivery of
value
4 Ps of marketing
✓ Product, price, promotion, place
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
product
✓ what is being offered (good, service, idea)
Price
✓ what is being exchanged for the product
Promotion
✓ How is this being communicated to the consuner
Place
✓ How is the product getting to the consumer
value proposition
✓ benefits that an organization promises to the costumer: there must be
a belief that this promised value will be delivered and experience; both
consumer and company must have something to exchange (ie,
money, time, effort)
Marketing concept
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Customer needs —> integrated marketing —> profits through customer
satisfaction
Evolution of the marketing concept
✓ production, sales, relationship, triple bottom line (corporate
sustainability)
Market research
✓ Analyze market opportunities, select target audience, formulate the
marketing mix, implementation and control
Types of organizations
✓ for-profit, nonprofit, government agencies
Organization structure
✓ Corporate level, strategic business unit (SBU), functional level
Strategy
✓ An organization's long term course of action designed to deliver a
unique customer experience while achieving its goal
Master01 | October, 2024/2025 | Latest update
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