mgt 103 midterm Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
What is marketing the activity, set of institutions, and
processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, society at
large.
- discovery of, creation ofm,
communication of,
delivery of VALUE
Company cannot exist without... the customer
- consumer must value what the marketer
has and
the marketer must value the consumer
Requirements for a company - 2 or more parties with unsatisfied needs
- desire ad ability to satisfy these needs
- way for parties to communicate
- something to exchange
Marketing Mix/4 P's of Marketing 4 P's:
- Product:
Price:
Promotion:
Place:
,Product what's being offered (goods, service, idea)
Price what's being exchanged for products
Promotion how it's communicated to customer
Place how product is getting to customer (store,
pop-up)
How to judge a product judge how it helps you do what you want,
makes
you feel, and how it gives you the
experience you
want
How to judge a product: Needs vs How to satisfy:
Wants Hunger
Social belonging
Communication
Want: shaped by person's knowledge,
culture, and
personality
What must both sides in a Value Both sides (company and customer) must
Proposition exchange? have
something to exchange and each must
value what
the other has.
, Is there one product that everyone No, there is not ONE product that
needs? EVERYONE
needs. ex. water brands and toilet paper
brands
Value Proposition Coca cola Diet Coke created, only drew in women
example because
men didn't want (silver design, diet in
cursive
letters). Coke 0 launched after (more
"manly",
different branding, "zero sugar" but same
product)
* OKAY if product doesn't satisfy everyone
Marketing Concept striving to satisfy the needs of consumers
while
also satisfying the needs of the
organization
Marketing Orientation business strategy prioritizing customer
needs and
desires to guide product development,
aiming for
higher customer satisfaction and long-term
profitability
Answers with Verified Solutions | Latest
Updated 2026
What is marketing the activity, set of institutions, and
processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, society at
large.
- discovery of, creation ofm,
communication of,
delivery of VALUE
Company cannot exist without... the customer
- consumer must value what the marketer
has and
the marketer must value the consumer
Requirements for a company - 2 or more parties with unsatisfied needs
- desire ad ability to satisfy these needs
- way for parties to communicate
- something to exchange
Marketing Mix/4 P's of Marketing 4 P's:
- Product:
Price:
Promotion:
Place:
,Product what's being offered (goods, service, idea)
Price what's being exchanged for products
Promotion how it's communicated to customer
Place how product is getting to customer (store,
pop-up)
How to judge a product judge how it helps you do what you want,
makes
you feel, and how it gives you the
experience you
want
How to judge a product: Needs vs How to satisfy:
Wants Hunger
Social belonging
Communication
Want: shaped by person's knowledge,
culture, and
personality
What must both sides in a Value Both sides (company and customer) must
Proposition exchange? have
something to exchange and each must
value what
the other has.
, Is there one product that everyone No, there is not ONE product that
needs? EVERYONE
needs. ex. water brands and toilet paper
brands
Value Proposition Coca cola Diet Coke created, only drew in women
example because
men didn't want (silver design, diet in
cursive
letters). Coke 0 launched after (more
"manly",
different branding, "zero sugar" but same
product)
* OKAY if product doesn't satisfy everyone
Marketing Concept striving to satisfy the needs of consumers
while
also satisfying the needs of the
organization
Marketing Orientation business strategy prioritizing customer
needs and
desires to guide product development,
aiming for
higher customer satisfaction and long-term
profitability
