MGT 103 ACTUAL EXAM 2026 QUESTIONS
WITH CORRECT ANSWERS GRADED A+
◉ Notes. Answer:
◉ Most important definition of Marketing. Answer: To discover the
NEEDS and WANTS of prospective customers.
AND
To Satisfy them.
◉ What are the four P's? *On midterm & Final*. Answer: Product,
Price, Promotion, Place
◉ Want VS Need. Answer: A *want* is a *need* this is shaped by a
person's *knowledge, culture*, and *personality*.
◉ What's needed for Marketing to Occur? Answer: 1. Two or more
parties with *unsatisfied* needs
2. A desire and ability on their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
,◉ Product. Answer: A good, service, or idea to satisfy the customer's
needs
◉ Price. Answer: What is exchanged for the product
◉ Promotion. Answer: A means of communication between the seller
and buyer
◉ Place. Answer: A means for getting the product to the customer
◉ Target Marketing. Answer: One or more specific groups of potential
consumers toward which an organization directs its marketing program.
◉ Marketing is the activity for creating, communicating, __________
offerings that benefit customers, the organization, its stakeholders, and
society at large. Answer: delivering, and exchanging
◉ Maddie's mom needs a new tablet device, so you recommend that she
read the latest ComputerWorld magazine because it has reviews of
Apple's new iPad Air and Samsung's new Galaxy S 5. Maddie finds a
copy of the magazine in the student bookstore. What is needed next in
order for marketing to occur? Answer: She must check to see if she has
sufficient cash (or credit) to purchase the magazine at the bookstore.
, ◉ A proposed law in New Jersey would ban the use of tanning beds by
anyone under the age of 18. This restriction would be an example of
which environmental force? Answer: Regulatory
◉ The essence of successful marketing and gaining loyal customers is
for firms to focus on __________. Answer: providing customer value
◉ Social responsibility refers to.. Answer: the belief that organizations
are accountable to a larger society for their actions.
◉ Customer Value Propositon. Answer: (Stand for something) The
cluster of benefits that an organization promises customers to satisfy
their needs.
EX: Walmart CVP can be described as "everyday low prices for a broad
range of products that are always in stock in convenient locations. "
Michelin's customer value proposition can be summed up as "providing
safety-conscious parents greater security in tires at a premium price."
◉ What makes up company culture? Answer: - The *fabric* or
*essence* of the company
-It's the *heartbeat* of the company (not "brain*)
-Something that is pre-existing in a company's genetic code.
WITH CORRECT ANSWERS GRADED A+
◉ Notes. Answer:
◉ Most important definition of Marketing. Answer: To discover the
NEEDS and WANTS of prospective customers.
AND
To Satisfy them.
◉ What are the four P's? *On midterm & Final*. Answer: Product,
Price, Promotion, Place
◉ Want VS Need. Answer: A *want* is a *need* this is shaped by a
person's *knowledge, culture*, and *personality*.
◉ What's needed for Marketing to Occur? Answer: 1. Two or more
parties with *unsatisfied* needs
2. A desire and ability on their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
,◉ Product. Answer: A good, service, or idea to satisfy the customer's
needs
◉ Price. Answer: What is exchanged for the product
◉ Promotion. Answer: A means of communication between the seller
and buyer
◉ Place. Answer: A means for getting the product to the customer
◉ Target Marketing. Answer: One or more specific groups of potential
consumers toward which an organization directs its marketing program.
◉ Marketing is the activity for creating, communicating, __________
offerings that benefit customers, the organization, its stakeholders, and
society at large. Answer: delivering, and exchanging
◉ Maddie's mom needs a new tablet device, so you recommend that she
read the latest ComputerWorld magazine because it has reviews of
Apple's new iPad Air and Samsung's new Galaxy S 5. Maddie finds a
copy of the magazine in the student bookstore. What is needed next in
order for marketing to occur? Answer: She must check to see if she has
sufficient cash (or credit) to purchase the magazine at the bookstore.
, ◉ A proposed law in New Jersey would ban the use of tanning beds by
anyone under the age of 18. This restriction would be an example of
which environmental force? Answer: Regulatory
◉ The essence of successful marketing and gaining loyal customers is
for firms to focus on __________. Answer: providing customer value
◉ Social responsibility refers to.. Answer: the belief that organizations
are accountable to a larger society for their actions.
◉ Customer Value Propositon. Answer: (Stand for something) The
cluster of benefits that an organization promises customers to satisfy
their needs.
EX: Walmart CVP can be described as "everyday low prices for a broad
range of products that are always in stock in convenient locations. "
Michelin's customer value proposition can be summed up as "providing
safety-conscious parents greater security in tires at a premium price."
◉ What makes up company culture? Answer: - The *fabric* or
*essence* of the company
-It's the *heartbeat* of the company (not "brain*)
-Something that is pre-existing in a company's genetic code.
