MGT 103 - Chapters 1-4 Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
Marketing The activity, set of institutions, and
processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at
large
Market Seeks to - Discover the needs and wants of
prospective
customers
- Satisfy them
Marketing Occurs When - Two or more parties with unsatisfied
needs
- Desire and ability to satisfy these needs
- A way for parties to communicate
- Something to exchange
Need Occurs When a person feels deprived of basic
necessities such
as food, clothing, and shelter
Want is a Need that is shaped by a person's
knowledge,
culture, and personality
,Marketing Mix Element Are controllable factors because they are
under
the control of the marketing department in
an
organization
Customer Value Proposition A cluster of benefits that an organization
promises
customers to satisfy their needs
Environmental Forces The uncontrollable forces that affect a
marketing
decision and consist of social, economic,
technological, competitive, and regulatory
forces
Customer Value The unique combination of benefits
received by
targeted buyers that includes quality,
convenience,
on-time delivery, and both before-sale and
after-
sale service at a specific price
Relationship Marketing Links the organization to its individual
customers,
employees, suppliers, and other partners
for their
mutual long-term benefit
, Marketing Program A plan that integrates the marketing mix to
provide
a good, service, or idea to prospective
buyers
Marketing creates utilities by bridging space (place utility) and
hours
(time utility) to provide products (form
utility) for
consumers to own and use (possession
utility)
Possession Utility The value of making an item easy to
purchase
through the provision of credit cards or
financial
arrangements
Time Utility Having it available when needed
Place Utility Having the offering available where
consumers
need it
Form Utility Production of the product or service
Marketing Segment Relatively homogeneous groups of
prospective
buyers that have common needs and will
respond
similarly to a marketing action
Answers with Verified Solutions | Latest
Updated 2026
Marketing The activity, set of institutions, and
processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at
large
Market Seeks to - Discover the needs and wants of
prospective
customers
- Satisfy them
Marketing Occurs When - Two or more parties with unsatisfied
needs
- Desire and ability to satisfy these needs
- A way for parties to communicate
- Something to exchange
Need Occurs When a person feels deprived of basic
necessities such
as food, clothing, and shelter
Want is a Need that is shaped by a person's
knowledge,
culture, and personality
,Marketing Mix Element Are controllable factors because they are
under
the control of the marketing department in
an
organization
Customer Value Proposition A cluster of benefits that an organization
promises
customers to satisfy their needs
Environmental Forces The uncontrollable forces that affect a
marketing
decision and consist of social, economic,
technological, competitive, and regulatory
forces
Customer Value The unique combination of benefits
received by
targeted buyers that includes quality,
convenience,
on-time delivery, and both before-sale and
after-
sale service at a specific price
Relationship Marketing Links the organization to its individual
customers,
employees, suppliers, and other partners
for their
mutual long-term benefit
, Marketing Program A plan that integrates the marketing mix to
provide
a good, service, or idea to prospective
buyers
Marketing creates utilities by bridging space (place utility) and
hours
(time utility) to provide products (form
utility) for
consumers to own and use (possession
utility)
Possession Utility The value of making an item easy to
purchase
through the provision of credit cards or
financial
arrangements
Time Utility Having it available when needed
Place Utility Having the offering available where
consumers
need it
Form Utility Production of the product or service
Marketing Segment Relatively homogeneous groups of
prospective
buyers that have common needs and will
respond
similarly to a marketing action
