MGT 103 (up to Midterm) Exam Questions
and Answers with Verified Solutions | Latest
Updated 2026
Marketing the discovery of, creation of,
communication of and
delivery of value
Marketing vs consumer consumer must value what is marketed
relationship and
marketer must value the consumer
4 requirements of marketing 1. two or more parties with unsatisfied
needs
2. desire and ability to satisfy needs
3. way to communicate
4. exchange (money, time, energy)
4 Ps of marketing (internal factors) 1. Product - offered
2. Price - exchange
3. Promotion - communication
4. Place - distribution
Characteristics of a good product -extensive market research
-benefits that fulfill needs
,Needs vs Wants -shaped by personality, knowledge, culture
and
experience
ex) hunger (need food, want a donut),
social
belonging (need phone, want iphone)
Maslow's hierarchy of needs -can changed based on emotions
-different levels and marketers must meet
people
at different levels
customer value proposition -benefits that organizations promise to the
customer
-impossible to be all things to all people
(diet coke
ex)
marketing concept -striving to satisfy needs of consumers
while
satisfying needs of org
-goal to build a product that customers
value
(customer satisfaction)
Triple Bottom Line = corporate sustainability
-Profit, people, planet
Corporate level directs overall strategy to org (CEO, CFO)
, Strategic Business Unit (SBU) subgroup of org that targets specific
market - can
be segmented into various products
Functional Level specialists that serve specific functions
(departments)
Strategic plan -long-term plan for creating sustainable
value in a
changing environment
-guides decisions
core values -fundamental, passionate and enduring
principles
that guide conduct of org
-ex) customer excentric - decisions can be
made
to keep customer happy
Mission statement -the WHY
-formal declaration of overall purpose
4 Growth Strategies 1. Market Penetration (existing product &
market)
2. Market Development (existing product,
new
market)
3. Product Development (new product,
existing
market)
4. Diversification (new product & market)
and Answers with Verified Solutions | Latest
Updated 2026
Marketing the discovery of, creation of,
communication of and
delivery of value
Marketing vs consumer consumer must value what is marketed
relationship and
marketer must value the consumer
4 requirements of marketing 1. two or more parties with unsatisfied
needs
2. desire and ability to satisfy needs
3. way to communicate
4. exchange (money, time, energy)
4 Ps of marketing (internal factors) 1. Product - offered
2. Price - exchange
3. Promotion - communication
4. Place - distribution
Characteristics of a good product -extensive market research
-benefits that fulfill needs
,Needs vs Wants -shaped by personality, knowledge, culture
and
experience
ex) hunger (need food, want a donut),
social
belonging (need phone, want iphone)
Maslow's hierarchy of needs -can changed based on emotions
-different levels and marketers must meet
people
at different levels
customer value proposition -benefits that organizations promise to the
customer
-impossible to be all things to all people
(diet coke
ex)
marketing concept -striving to satisfy needs of consumers
while
satisfying needs of org
-goal to build a product that customers
value
(customer satisfaction)
Triple Bottom Line = corporate sustainability
-Profit, people, planet
Corporate level directs overall strategy to org (CEO, CFO)
, Strategic Business Unit (SBU) subgroup of org that targets specific
market - can
be segmented into various products
Functional Level specialists that serve specific functions
(departments)
Strategic plan -long-term plan for creating sustainable
value in a
changing environment
-guides decisions
core values -fundamental, passionate and enduring
principles
that guide conduct of org
-ex) customer excentric - decisions can be
made
to keep customer happy
Mission statement -the WHY
-formal declaration of overall purpose
4 Growth Strategies 1. Market Penetration (existing product &
market)
2. Market Development (existing product,
new
market)
3. Product Development (new product,
existing
market)
4. Diversification (new product & market)
