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MGT 103 Midterm Exam Questions & Revised Correct Answers. Guarantee Pass!!

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MGT 103 Midterm Exam Questions & Revised Correct Answers. Guarantee Pass!! Definition of Marketing - ANSWER : 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. Exchange - ANSWER : Marketing Concept - ANSWER : Analyze Market Opportunities → Select Target Audience → Market Research → Formulate the Marketing Mix → Implement & Control. Needs vs. Wants - ANSWER : Needs - Basic human requirements (shelter, clothes, food, etc.) Wants - Non-permanent, aren't essential for survival. Evolution of the Marketing Concept - ANSWER : Production Era → Sales Era → Relationship Era → Triple Bottom Line 4 Eras of the Marketing Concept - ANSWER : Production Era, Sales Era, Relationship Era, Triple Bottom Line Triple Bottom Line - ANSWER : Profit, People, Planet: Financial, Social, and Environmental consequences of business decisions. The Value of Proposition - ANSWER : Helps summarize why a consumer should buy a product or use a service. Marketing Mix, 4Ps - ANSWER : Product, Price, Promotion, PLacement

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