MGT 103 Quiz 1 (Chapters 1-5) Questions,
Correct Answers, and Complete Solutions | 2026
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Practice questions for this set
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Terms in this set (61)
Marketing the process of creating, communicating,
delivering, and exchanging offerings that have
value for customers, clients, partners, and society
at large--seeks to discover the needs of the
customer and satisfy those needs
Exchange the trade of things so that each party is better off
than before
, What is needed for marketing to 1. Two or more parties with unsatisfied needs
occur? 2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
How are consumer needs surveys, concept tests, and other research
discovered? strategies
Needs vs. Wants Need: life would be substantially worse without it
Want: something that may benefit you but isn't
necessary
The 4 P's/Marketing Mix Product, Price, Promotion, Place (distribution)
Environmental Forces factors not under the control of a marketer that
affects a marketing decision--i.e. social trends,
laws, etc.
Customer Value the benefits received by a targeted buyer
3 Unique Strategies of Firms best price (Target), best product (Starbucks),
best service (Nordstrom)--companies cannot be
all things to all people, so these strategies help
narrow their direction
Correct Answers, and Complete Solutions | 2026
Update | UCSD
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Terms in this set (61)
Marketing the process of creating, communicating,
delivering, and exchanging offerings that have
value for customers, clients, partners, and society
at large--seeks to discover the needs of the
customer and satisfy those needs
Exchange the trade of things so that each party is better off
than before
, What is needed for marketing to 1. Two or more parties with unsatisfied needs
occur? 2. Desire and ability to satisfy those needs
3. A way for the parties to communicate
4. Something to exchange
How are consumer needs surveys, concept tests, and other research
discovered? strategies
Needs vs. Wants Need: life would be substantially worse without it
Want: something that may benefit you but isn't
necessary
The 4 P's/Marketing Mix Product, Price, Promotion, Place (distribution)
Environmental Forces factors not under the control of a marketer that
affects a marketing decision--i.e. social trends,
laws, etc.
Customer Value the benefits received by a targeted buyer
3 Unique Strategies of Firms best price (Target), best product (Starbucks),
best service (Nordstrom)--companies cannot be
all things to all people, so these strategies help
narrow their direction
