Exam (elaborations)
MGT 103 Questions and Answers
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MGT 103 Questions and Answers
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MGT 103 Questions andAnswers
Positioning statement is _____________ (internal/external).
✓✓~ internal (you and your team)
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*.
,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
, ✓✓~ 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
The essence of successful marketing and gaining loyal customers is for firms to
focus on __________.
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