MGT 103 Quiz 1 (Chapters 1-5) Questions,
Correct Answers, and Complete Solutions | 2026
Update | UCSD
Marketing - ANSWERS the process of creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
at large--seeks to discover the needs of the customer and satisfy those needs
Exchange - ANSWERS the trade of things so that each party is better off than
before
What is needed for marketing to occur? - ANSWERS 1. Two or more parties
with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
How are consumer needs discovered? - ANSWERS surveys, concept tests, and
other research strategies
Needs vs. Wants - ANSWERS Need: life would be substantially worse without it
Want: something that may benefit you but isn't necessary
The 4 P's/Marketing Mix - ANSWERS Product, Price, Promotion, Place
(distribution)
, Environmental Forces - ANSWERS factors not under the control of a marketer
that affects a marketing decision--i.e. social trends, laws, etc.
Customer Value - ANSWERS the benefits received by a targeted buyer
3 Unique Strategies of Firms - ANSWERS best price (Target), best product
(Starbucks), best service (Nordstrom)--companies cannot be all things to all
people, so these strategies help narrow their direction
Relationship Marketing - ANSWERS linking an organization to its customers
employees, suppliers, and other partners for their mutual benefit
Marketing Program - ANSWERS a plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers
Market Segments - ANSWERS homogenous groups of buyers that have
common needs and will respond similarly to a product feature, promotion, or
price--i.e. rich teenage boys
Marketing Concept - ANSWERS the philosophy that an organization should
strive to satisfy the needs of the customer while also achieving their own goals
Customer Relationship Management (CRM) - ANSWERS the processes of
developing a favorable relationship with customers so that they become loyal and
good advocates for your company
Correct Answers, and Complete Solutions | 2026
Update | UCSD
Marketing - ANSWERS the process of creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
at large--seeks to discover the needs of the customer and satisfy those needs
Exchange - ANSWERS the trade of things so that each party is better off than
before
What is needed for marketing to occur? - ANSWERS 1. Two or more parties
with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
How are consumer needs discovered? - ANSWERS surveys, concept tests, and
other research strategies
Needs vs. Wants - ANSWERS Need: life would be substantially worse without it
Want: something that may benefit you but isn't necessary
The 4 P's/Marketing Mix - ANSWERS Product, Price, Promotion, Place
(distribution)
, Environmental Forces - ANSWERS factors not under the control of a marketer
that affects a marketing decision--i.e. social trends, laws, etc.
Customer Value - ANSWERS the benefits received by a targeted buyer
3 Unique Strategies of Firms - ANSWERS best price (Target), best product
(Starbucks), best service (Nordstrom)--companies cannot be all things to all
people, so these strategies help narrow their direction
Relationship Marketing - ANSWERS linking an organization to its customers
employees, suppliers, and other partners for their mutual benefit
Marketing Program - ANSWERS a plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers
Market Segments - ANSWERS homogenous groups of buyers that have
common needs and will respond similarly to a product feature, promotion, or
price--i.e. rich teenage boys
Marketing Concept - ANSWERS the philosophy that an organization should
strive to satisfy the needs of the customer while also achieving their own goals
Customer Relationship Management (CRM) - ANSWERS the processes of
developing a favorable relationship with customers so that they become loyal and
good advocates for your company
