MGT 103 quiz Exam Questions and Answers
with Verified Solutions | Latest Updated 2026
Marketing Mix (4 P's) Product, Price, Place, Promotion
Marketing the activity, set of institutions, and
processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at
large
4 factors for marketing to occur 1) 2+ parties with unsatisfied needs
2) a desire & ability on their part to be
satisfied
3) a way for the parties to communicate
4) something to exchange
Chracteristics of market 1. strive to satisfy customer needs
orientations/ 2. Achieve the orgs goal(s)
what an org should do
Describe the 3 kinds of 1. for-profit org
organizations 2. non- profit org
3. Gov. agency
profit the money left over after all costs have
been paid
, Core Values the fundamental, passionate, and enduring
principles of an organization that guide its
conduct
over time
organizational strategies variation by level, variation by product
Mission Statement a statement of the organization's purpose -
what it
wants to accomplish in the larger
environment
marketing dashboard the visual display of the essential
information
related to achieving a marketing objective
SWOT analysis strengths, weaknesses, opportunities,
threats
Planning Process 1. SWOT analysis
2. develop market product focus, customer
value
proposition, and goals.
3. design a marketing program
point of difference characteristics of a product that make it
superior to
competitive substitutes
Highest risk growth strategy Diversification Strategy
with Verified Solutions | Latest Updated 2026
Marketing Mix (4 P's) Product, Price, Place, Promotion
Marketing the activity, set of institutions, and
processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at
large
4 factors for marketing to occur 1) 2+ parties with unsatisfied needs
2) a desire & ability on their part to be
satisfied
3) a way for the parties to communicate
4) something to exchange
Chracteristics of market 1. strive to satisfy customer needs
orientations/ 2. Achieve the orgs goal(s)
what an org should do
Describe the 3 kinds of 1. for-profit org
organizations 2. non- profit org
3. Gov. agency
profit the money left over after all costs have
been paid
, Core Values the fundamental, passionate, and enduring
principles of an organization that guide its
conduct
over time
organizational strategies variation by level, variation by product
Mission Statement a statement of the organization's purpose -
what it
wants to accomplish in the larger
environment
marketing dashboard the visual display of the essential
information
related to achieving a marketing objective
SWOT analysis strengths, weaknesses, opportunities,
threats
Planning Process 1. SWOT analysis
2. develop market product focus, customer
value
proposition, and goals.
3. design a marketing program
point of difference characteristics of a product that make it
superior to
competitive substitutes
Highest risk growth strategy Diversification Strategy
