MGT 103: Ch 1-5, 8, 9, 12 Exam Questions
and Answers with Verified Solutions | Latest
Updated 2026
marketing activity, set of institutions, and processes
for
creating, communicating, delivering and
exchanging offerings that have value for
customers, clients, partners and society at
large
- creation of value; every step in marketing
create
value
4 Ps of Marketing product, price, promotion, and place
Product (what is being offered)
- good vs. service ==> tangible vs.
intangible
Price - what is being exchanged for the
product
Promotion - what is being exchanged for
the
product
Place - how is the product getting to the
consumer
also known as marketing mix and internal
controllable factors
,Maslow's Hierarchy of Needs 1. Self-actualization
2. Ego needs
3. Belongingness
4. Safety
5. Physiological
value proposition bundle of benefits that that the customer
believes
the company will provide to them when
they
receive the product
- you can't be all things to people
- there is no product that every one needs
- ex. everyone needs toilet paper, but
everyone
buys a different brand
Marketing Concept satisfying both customer and organization
needs
triple bottom line make a profit, take care of the planet, and
take care
of your people (employees and customers)
- take care of Profit, Planet, People
aka corporate sustainability: the ability of
the
corporation to be sustained
, types of orgs - profit organization: making profit and
taking care
of their people (business firm)
- nonprofit: non governmental org that
does not
have profit as its main goal
- government agency: in place to serve a
set of
constituents (federal, state, county, or city
org)
strategic planning long term plans that identify goals that we
want to
reach and how to reach them
core values fundamental, passionate, and enduring
principles
that guide the conduct of an organization
- ex. trust
organizational culture set of values, ideas, attitudes, and norms
of
behavior that occur in an organization
- ex. dress code at work place
and Answers with Verified Solutions | Latest
Updated 2026
marketing activity, set of institutions, and processes
for
creating, communicating, delivering and
exchanging offerings that have value for
customers, clients, partners and society at
large
- creation of value; every step in marketing
create
value
4 Ps of Marketing product, price, promotion, and place
Product (what is being offered)
- good vs. service ==> tangible vs.
intangible
Price - what is being exchanged for the
product
Promotion - what is being exchanged for
the
product
Place - how is the product getting to the
consumer
also known as marketing mix and internal
controllable factors
,Maslow's Hierarchy of Needs 1. Self-actualization
2. Ego needs
3. Belongingness
4. Safety
5. Physiological
value proposition bundle of benefits that that the customer
believes
the company will provide to them when
they
receive the product
- you can't be all things to people
- there is no product that every one needs
- ex. everyone needs toilet paper, but
everyone
buys a different brand
Marketing Concept satisfying both customer and organization
needs
triple bottom line make a profit, take care of the planet, and
take care
of your people (employees and customers)
- take care of Profit, Planet, People
aka corporate sustainability: the ability of
the
corporation to be sustained
, types of orgs - profit organization: making profit and
taking care
of their people (business firm)
- nonprofit: non governmental org that
does not
have profit as its main goal
- government agency: in place to serve a
set of
constituents (federal, state, county, or city
org)
strategic planning long term plans that identify goals that we
want to
reach and how to reach them
core values fundamental, passionate, and enduring
principles
that guide the conduct of an organization
- ex. trust
organizational culture set of values, ideas, attitudes, and norms
of
behavior that occur in an organization
- ex. dress code at work place
