MGT 103 Quiz 1 (Chapters 1-5) Exam
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Solutions | Latest Updated 2026
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
occur? needs
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
Relationship Marketing linking an organization to its customers
employees,
suppliers, and other partners for their
mutual
benefit
Questions and Answers with Verified
Solutions | Latest Updated 2026
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
occur? needs
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
Relationship Marketing linking an organization to its customers
employees,
suppliers, and other partners for their
mutual
benefit
