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Mgt 103 demill Midterm 1 Questions and Answers $13.49   Add to cart

Exam (elaborations)

Mgt 103 demill Midterm 1 Questions and Answers

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  • Course
  • MGT 103
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  • MGT 103

Mgt 103 demill Midterm 1 Questions and Answers

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  • August 4, 2024
  • 59
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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Mgt 103 demill Midterm 1
Questions and Answers

What is marketing


✓✓~ Delivering value to customers.

Seeks to:

Discover needs and wants of customers

Satisfy them




Exchange


✓✓~ Money for goods and services




Requirements for marketing to occur

,✓✓~ 1. Two or more parties with unsatisfied needs

2. Desire and ability to satisfy these needs

3. A way for the parties to communicate

4. Something to exchange




How marketing discovers consumer needs


✓✓~ Marketers need to ask the right questions and learn from the

past; consumers may not always know what they want or need.




Most new products fail




The Challenge;


✓✓~ "Focus on the consumer benefit"

"Learn from past mistakes"




Benefits is why we buy things and features use those benefits.




Target Market

,✓✓~ A group of people or organizations for which an organization

designs, implements, and maintains a marketing mix intended to meet the

needs of that group, resulting in mutually satisfying exchanges




The Marketing Mix (the 4 P's)


✓✓~ These are Controllable marketing mix factors




-production

-promotion

-price

-place




customer value proposition


✓✓~ a cluster of benefits that an organization promises customers to

satisfy their needs




Environmental Forces


✓✓~ the uncontrollable social, economic, technological, competitive, and

regulatory forces that affect the results of a marketing decision

, Feature


✓✓~ Something that "it" does




Benefits


✓✓~ What matters to you. Why those features are important to you.




They make your life easier.




Value =


✓✓~ benefits/price




Customer Value


✓✓~ the unique combination of benefits received by targeted buyers.




Best price

Best service

Best product




relationship marketing

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