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MGT 103 LO Chapter 1-4 Exam Questions and Answers
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MGT 103 LO Chapter 1-4 Exam Questions and Answers
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MGT 103 LO Chapter 1-4 ExamQuestions and Answers
Two primary goals of marketing - Answers -1) discovering the needs of customers
2) Satisfying them
Customer Value - Answers -Customer value is the unique combination of benefits
received by targeted buyers that usually include quality, price, convenience, on time
delievry and both before and after sale service.
Three value strategies - Answers -Best price, best product, best service
Marketing era's - Answers -Production era- byers were willing to accept virtually any
goods that were available
Sales era-manufactures found they could produce more goods than buyers could
consume, competition grew. solution was to hire more sales people to find new buyers
Marketing concept era-marketing into each phase of their business
Customer relationship era-organizations continue to satisfy the high expectations of
customers-alot done through social media
Chapter 2 - Answers -
Organization - Answers -Is a legal entity that consists of people who share a common
mission
It develops offerings (goods, services, and ideas) that create value for both organization
and customers
Three types of organizations - Answers -1) For profit organization serves its customers
to earn a profit so that it can survive.
2) Non-profit organization is a non gov. organization that serves its customers but does
not have profit as an goal. Goals may be client satisfaction
3)Government Agencies is a federal, state, county or city unit that provides a specific
service to its constituents
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