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MGT 103 - [Eberhard] Exam Questions
and Answers 100% Pass
Marketing - ✔✔to discover the needs and wants of prospective customers and to satisfy them
A want is a need that is shaped by....? - ✔✔a person's knowledge, culture, and personality
What's needed for marketing to occur? - ✔✔Two or more parties with unsatisfied needs
A desire + ability on their part to have their needs satisfied
A way for the parties to communicate
Something to exchange
Marketing seeks to discover consumer needs through... and then satisfy them with a ... - ✔✔research;
marketing program
The four P's (marketing mix) - ✔✔Product, price, promotion, place
Customer value prop - ✔✔stand for something: operational excellence customer service product
innovation
Target Marketing - ✔✔one or more specific groups of potential consumers toward which an organization
directs its marketing program
Visionary organizations: - ✔✔foundation + direction = strategy
5 things visionary organizations do - ✔✔anticipate future events + respond quickly
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specify its foundation
set direction
formulate strategies
execute on these strategies
Organizational foundations are... - ✔✔core values, mission or vision, organizational culture
Company culture: - ✔✔the fabric or essence of the company
Organizational directions are... - ✔✔goals or objectives (think smart)
What does SMART stand for - ✔✔specific, measurable, attainable, relevant, time-based
The planning phase of the strategic marketing process is... - ✔✔swot analysis
SWOT analysis focuses on a company's? - ✔✔strengths, weaknesses, opportunities, and threats
A marketing department relates to many ____________, ____________, and __________ - ✔✔people,
organizations, and environmental forces
Environmental forces affect what? List the 5 environmental forces - ✔✔they affect the organization, its
suppliers, and its customers. They are social, economic, technological, competitive, and regulatory
Social forces = - ✔✔demographic shifts, cultural changes
Economic forces = - ✔✔gross income, disposable income, discretionary income, savings
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technological forces = - ✔✔changing technology, technology's impact on customer value, technology
enabled data analytics
competitive forces = - ✔✔alternative forms of competition, small businesses, barriers to entry
regulatory forces = - ✔✔laws protecting competition, laws affecting marketing mix actions, self-
regulation
barriers to entry are - ✔✔business practices or conditions that make it difficult for new firms to enter the
market
the competitive forces of barriers to entry are - ✔✔capital requirements, advertising expenditures,
product identity, distribution access, cost to switch
regulation consists of the restrictions that - ✔✔state and federal laws place on a business with regard to
the conduct of its activities
Customer buying factors - ✔✔features and capabilities, visceral/emotional connection, quality, company
image, price, recommendation, product warranty
Market research is - ✔✔the process of defining a marketing problem and opportunity, systematically
collecting and analyzing information, and recommending actions
Market analysis - ✔✔secondary market research; a high level fact based historical on the market you are
entering; lay of the land
What factors are involved in market analysis - ✔✔market size, market growth, key competitors, economic
trends, new products technologies regulations w/in the industry
Secondary Market Research - ✔✔online searches and investigation
Primary Market Research - ✔✔information you need but can't find just by looking it up online; the info
you still don't have after secondary market research
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