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MBC Study Questions with Answers (100%
Correct Answers)
Marketing Answer: the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the organization, its
stakeholders, and society at large
Marketing seeks to... Answer: Discover and Satisfy the needs of customers.
Exchange Answer: the trade of things of value between the buyer and the seller
so that each is better off as a result
What four factors are needed for marketingto occur? Answer: (1) Two or more
parties (2) a desire or ability to havetheir needs satisfied (3) a way of
communicationand (4) something to exchange
Need Answer: occurs when a person feels deprived of basic necessities such as
food, clothing, and shelter
Want Answer: a type of need that is shaped by a person's knowledge, culture,
and personality
What is a market? Answer: What potential customers make up.
Marketing 4 Ps Answer: Product, Price, Place, Promotion
What are the 4 Ps in Marketing commonly known as? Answer: The marketing
mix or controllable factors. All Ps are controllable. Enviornmental aspects are
not controllable.
What do marketers offer? Answer: Marketers offer a want, not a need.
What is a legal entity of people who share a common mission? Answer: An
organization.
An industry refers to... Answer: organizations that develop similar offerings.
MBC Study Questions with Answers (100%
Correct Answers)
Marketing Answer: the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the organization, its
stakeholders, and society at large
Marketing seeks to... Answer: Discover and Satisfy the needs of customers.
Exchange Answer: the trade of things of value between the buyer and the seller
so that each is better off as a result
What four factors are needed for marketingto occur? Answer: (1) Two or more
parties (2) a desire or ability to havetheir needs satisfied (3) a way of
communicationand (4) something to exchange
Need Answer: occurs when a person feels deprived of basic necessities such as
food, clothing, and shelter
Want Answer: a type of need that is shaped by a person's knowledge, culture,
and personality
What is a market? Answer: What potential customers make up.
Marketing 4 Ps Answer: Product, Price, Place, Promotion
What are the 4 Ps in Marketing commonly known as? Answer: The marketing
mix or controllable factors. All Ps are controllable. Enviornmental aspects are
not controllable.
What do marketers offer? Answer: Marketers offer a want, not a need.
What is a legal entity of people who share a common mission? Answer: An
organization.
An industry refers to... Answer: organizations that develop similar offerings.
