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MGT 103 Questions and Answers (100% Pass)
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MGT 103 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Questions and Answers
(100% Pass)
Marketing
✓ the activity for creating, communicating, and delivering, and
exchanging offerings that benefit its customers, organization, steak
holders, and society at large
2 goals of marketing
✓ 1. to discover the needs and wants of prospective customers
✓ 2. to satisfy those wants and needs
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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
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
Marketing Concept
Master01 | October, 2024/2025 | Latest update
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✓ 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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumer
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
Master01 | October, 2024/2025 | Latest update
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