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MGT 103 - [Eberhard] Questions and Answers (100% Pass)
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MGT 103 - [Eberhard] Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 - [Eberhard] Questions and
Answers (100% Pass)
Marketing
✓ to discover the needs and wants of prospective customers and to
satisfy them
A want is a need that is shaped by....?
✓ a person's knowledge, culture, and personality
What's needed for marketing to occur?
✓ Two or more parties with unsatisfied needs
✓ A desire + ability on their part to have their needs satisfied
✓ A way for the parties to communicate
✓ Something to exchange
Marketing seeks to discover consumer needs through... and then satisfy them
with a ...
✓ research; marketing program
The four P's (marketing mix)
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Product, price, promotion, place
Customer value prop
✓ stand for something: operational excellence customer service product
innovation
Target Marketing
✓ one or more specific groups of potential consumers toward which an
organization directs its marketing program
Visionary organizations:
✓ foundation + direction = strategy
5 things visionary organizations do
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ anticipate future events + respond quickly
✓
✓ specify its foundation
✓
✓ set direction
✓
✓ formulate strategies
✓
✓ execute on these strategies
Organizational foundations are...
✓ core values, mission or vision, organizational culture
Company culture:
✓ the fabric or essence of the company
Organizational directions are...
✓ goals or objectives (think smart)
What does SMART stand for
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ specific, measurable, attainable, relevant, time-based
The planning phase of the strategic marketing process is...
✓ swot analysis
SWOT analysis focuses on a company's?
✓ strengths, weaknesses, opportunities, and threats
A marketing department relates to many ____________, ____________, and
__________
✓ people, organizations, and environmental forces
Environmental forces affect what? List the 5 environmental forces
✓ they affect the organization, its suppliers, and its customers. They are
social, economic, technological, competitive, and regulatory
Social forces =
✓ demographic shifts, cultural changes
Economic forces =
Master01 | October, 2024/2025 | Latest update
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