MGT 103 - Chapters 1-4 Exam Questions with Correct Answers
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Course
MGT103
Institution
MGT103
Marketing - Answer-The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Market Seeks to - Answer-- Discover the needs and wants of prospective customers
- Satisfy...
MGT 103 - Chapters 1-4 Exam Questions
with Correct Answers
Marketing - Answer-The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Market Seeks to - Answer-- Discover the needs and wants of prospective customers
- Satisfy them
Marketing Occurs When - Answer-- Two or more parties with unsatisfied needs
- Desire and ability to satisfy these needs
- A way for parties to communicate
- Something to exchange
Need Occurs When - Answer-a person feels deprived of basic necessities such as food,
clothing, and shelter
Want is a - Answer-Need that is shaped by a person's knowledge, culture, and
personality
Marketing Mix Element - Answer-Are controllable factors because they are under the
control of the marketing department in an organization
Customer Value Proposition - Answer-A cluster of benefits that an organization
promises customers to satisfy their needs
Environmental Forces - Answer-The uncontrollable forces that affect a marketing
decision and consist of social, economic, technological, competitive, and regulatory
forces
Customer Value - Answer-The unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price
Relationship Marketing - Answer-Links the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefit
Marketing Program - Answer-A plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
Marketing creates - Answer-utilities by bridging space (place utility) and hours (time
utility) to provide products (form utility) for consumers to own and use (possession
utility)
, Possession Utility - Answer-The value of making an item easy to purchase through the
provision of credit cards or financial arrangements
Time Utility - Answer-Having it available when needed
Place Utility - Answer-Having the offering available where consumers need it
Form Utility - Answer-Production of the product or service
Marketing Segment - Answer-Relatively homogeneous groups of prospective buyers
that have common needs and will respond similarly to a marketing action
Utility - Answer-Benefits or customer value received by users of the product
Marketing Concept - Answer-The idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals
Organizational Buyers - Answer-Those manufacturers, wholesalers, retailers, and
government agencies that buy goods and services for their own use or for resale
Market Orientation - Answer-- continuously collecting information about customers'
needs
- sharing this information across departments
- using it to create customer value
Ultimate Consumers - Answer-The people who use the products and services
purchased for a household
Customer Relationship Management (CRM) - Answer-The process of identifying
prospective buyers, understanding them intimately, and developing favorable long-term
perceptions of the organization and its offerings so that buyers will choose them in the
marketplace
Product - Answer-A good, service, or idea consisting of a bundle of tangible and
intangible attributes that satisfies consumers' needs and is received in exchange for
money or something else of value
Customer Experience - Answer-The internal response that customers have to all
aspects of an organization and its offering
Societal Marketing Concept - Answer-The view that organizations should satisfy the
needs of consumers in a way that provides for society's well-being
Strategy - Answer-An organization's long-term course of action designed to deliver a
unique customer experience while achieving its goals
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