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Exam (elaborations)

MGT 103 Questions And Answers

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  • MGT 103
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  • MGT 103

MGT 103 Questions And Answers Requirements for marketing to occur 1. two or more parties with unsatisfied needs 2. desire and ability to have their needs satisfied 3. a way for the parties to communicate 4. something to exchange market people with both the desire and ability to buy a specific ...

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  • October 23, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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UpperClass
MGT 103 Questions And Answers

Requirements for marketing to occur 1. two or more parties with unsatisfied needs


2. desire and ability to have their needs satisfied

3. a way for the parties to communicate

4. something to exchange




market people with both the desire and ability to buy a specific offering




4 Ps (Controllable factors) Make up the marketing mix


Product: Good, service or idea to satisfy a consumer need

Price: What is exchanged for the product

Promotion: means of communication between buyer and seller

Place: a means of getting the product to the consumer




Customer Value Proposition cluster of benefits that an organization promises customers to

satisfy their needs




3 value strategies best price, best product, or best service

, MGT 103 Questions And Answers

Marketing Concept 1. they should strive to satisfy the consumer's needs


2. they should achieve to the organization's goals




Analyze Market Opportunities, Select target Audience, create marketing mix, implementation

and control




Customer Relationship Management process of :


1.identifying prospective buyers,

2. understanding them intimately,

3. developing favorable long-term perceptions of the organization and its offerings -->

so that buyers will choose them in the marketplace




societal marketing concept the view that organizations should satisfy the needs of

consumers in a way that provides for societys well-being




product good, service, or idea consisting of a bundle of tangible and intangible attributes

that satisfies consumer

, MGT 103 Questions And Answers
The Business Cycle Prosperity, Recession, Recovery, Depression, Inflation




Consumer Behavior Reflects the totality of consumers'


decisions with respect to the ACQUISITION,

CONSUMPTION and DISPOSITION of goods, services, activities and ideas by (human)

decision-making units over time

-Combinations of people may be involved in a purchase

-Different People may play different roles (Buyer/End User/Influencer )




Consumer Decision Making Process 1. Problem Recognition


2. Information Search (Internal and External Search)

3. Evaluation of Alternatives

4. Purchase

5. Post-Purchase Evaluation




Brand the emotional


connection people have with

your business or product,

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