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Mgt 103 demill Midterm 1 Questions and Answers (100% Pass)
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Mgt 103 demill Midterm 1 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+Mgt 103 demill Midterm 1 Questions
and Answers (100% Pass)
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
Master01 | October, 2024/2025 | Latest update
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✓ 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)
Master01 | October, 2024/2025 | Latest update
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✓ 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
Master01 | October, 2024/2025 | Latest update
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✓ 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
Master01 | October, 2024/2025 | Latest update
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