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Exam (elaborations)

MGT 103 Questions and Answers (100% Pass)

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  • MGT 103
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  • MGT 103

MGT 103 Questions and Answers (100% Pass)

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  • October 29, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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1|Page | © copyright 2024/2025 | Grade A+




MGT 103 Questions and Answers
(100% Pass)
Positioning statement is _____________ (internal/external).


✓ internal (you and your team)




Notes







Most important definition of Marketing.


✓ To discover the NEEDS and WANTS of prospective customers.

✓ AND

✓ To Satisfy them.




What are the four P's? *On midterm & Final*


✓ Product, Price, Promotion, Place




Want VS Need


✓ A *want* is a *need* this is shaped by a person's *knowledge, culture*,

and *personality*.



Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

What's needed for Marketing to Occur?


✓ 1. Two or more parties with *unsatisfied* needs

✓ 2. A desire and ability on their part to have their needs satisfied

✓ 3. A way for the parties to communicate

✓ 4. Something to exchange




Product


✓ A good, service, or idea to satisfy the customer's needs




Price


✓ What is exchanged for the product




Promotion


✓ A means of communication between the seller and buyer




Place


✓ A means for getting the product to the customer




Target Marketing




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ One or more specific groups of potential consumers toward which an

organization directs its marketing program.




Marketing is the activity for creating, communicating, __________ offerings

that benefit customers, the organization, its stakeholders, and society at

large.


✓ delivering, and exchanging




Maddie's mom needs a new tablet device, so you recommend that she read

the latest ComputerWorld magazine because it has reviews of Apple's new

iPad Air and Samsung's new Galaxy S 5. Maddie finds a copy of the

magazine in the student bookstore. What is needed next in order for

marketing to occur?


✓ She must check to see if she has sufficient cash (or credit) to purchase

the magazine at the bookstore.




A proposed law in New Jersey would ban the use of tanning beds by anyone

under the age of 18. This restriction would be an example of which

environmental force?


✓ Regulatory




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

The essence of successful marketing and gaining loyal customers is for firms

to focus on __________.


✓ providing customer value




Social responsibility refers to...


✓ the belief that organizations are accountable to a larger society for

their actions.




Customer Value Propositon


✓ (Stand for something) The cluster of benefits that an organization

promises customers to satisfy their needs.



✓ EX: Walmart CVP can be described as "everyday low prices for a broad

range of products that are always in stock in convenient locations. "



✓ Michelin's customer value proposition can be summed up as "providing

safety-conscious parents greater security in tires at a premium price."




What makes up company culture?




Master01 | October, 2024/2025 | Latest update

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