MGT 103 Exam 1 | Questions & Answers (100 %Score) Latest Updated 2024/2025
Comprehensive Questions A+ Graded Answers | With Expert Solutions
What state in today's United States has had 6 different country flags fly over it? - Spain
France
Mexico
The Republic of Texas
United States of America
Confederate States of America
Tag line:
Minnesota
Texas
UCSD - We like it here
Dont mess with Texas
Break Things Better
* Marketing is - the activity for creating, communicating, delivering, and exchanging offerings that
benefits its customers, the organization, its stakeholders, and society at large
- creating
- communicating
- delivering,
- exchanging
* Marketing definition (simplify) - 1. to discover the needs and wants of prospective customers
2. satisfy them
,Is selling on price a good strategy? - No. because someone will always sell it for less
A want is - a need that is shaped by a person's knowledge, culture, and personality
- Need
- Knowledge, culture, and personality
A marketing department relates to - many people, organizations, and environmental forces
The organization and its departments
(marketing) - Human resources department
<<<ownerships (shareholders (owners))
Information systems department
ownerships >>> (shareholders (owners))
<<< relationships (customers)
Marketing department
>>> Relationships (customers)
Finance department
>>> Partnerships (suppliers)
Manufacturing department
<<< Partnerships (suppliers)
>>> Alliances (other organizations)
Research and development department
,<<< Alliances (Other organizations)
(see 1)
Environmental forces - social
economic
technological
competitive
regulatory
Commercial is - Marketing and Sales
and support services of that
Commercial-centric View - CEO CMO
Marketing and Sales
Customers
- Strategic arms of commercial efforts
- technical exclusion of the marketing plan
What's needed for marketing to occur? - 1. Two or more parties with UNSATISFIED needs
2. A desire and ability to their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
Marketing seeks to - discover consumer needs through research and then satisfy them with a marketing
program
see 2
, Potential customers: - The market
4P - Product
Price
Promotion
Place
The four P's: - Controlling MARKETING MIX factors
Product (4P) - A good, service, or idea to satisfy the customer's needs
Price (4P) - What is exchanged for the product
Promotion (4P) - A means of communication between the seller and buyer
Place (4P) - A means for getting the product to the customer
Example of Price/Operational Excellence
(Customer Value Prop) - Walmart
Organization's marketing department - Potential consumers: The market
>>>
Information about needs
>>>
Discovering consumer needs by researching what consumers needs are
Comprehensive Questions A+ Graded Answers | With Expert Solutions
What state in today's United States has had 6 different country flags fly over it? - Spain
France
Mexico
The Republic of Texas
United States of America
Confederate States of America
Tag line:
Minnesota
Texas
UCSD - We like it here
Dont mess with Texas
Break Things Better
* Marketing is - the activity for creating, communicating, delivering, and exchanging offerings that
benefits its customers, the organization, its stakeholders, and society at large
- creating
- communicating
- delivering,
- exchanging
* Marketing definition (simplify) - 1. to discover the needs and wants of prospective customers
2. satisfy them
,Is selling on price a good strategy? - No. because someone will always sell it for less
A want is - a need that is shaped by a person's knowledge, culture, and personality
- Need
- Knowledge, culture, and personality
A marketing department relates to - many people, organizations, and environmental forces
The organization and its departments
(marketing) - Human resources department
<<<ownerships (shareholders (owners))
Information systems department
ownerships >>> (shareholders (owners))
<<< relationships (customers)
Marketing department
>>> Relationships (customers)
Finance department
>>> Partnerships (suppliers)
Manufacturing department
<<< Partnerships (suppliers)
>>> Alliances (other organizations)
Research and development department
,<<< Alliances (Other organizations)
(see 1)
Environmental forces - social
economic
technological
competitive
regulatory
Commercial is - Marketing and Sales
and support services of that
Commercial-centric View - CEO CMO
Marketing and Sales
Customers
- Strategic arms of commercial efforts
- technical exclusion of the marketing plan
What's needed for marketing to occur? - 1. Two or more parties with UNSATISFIED needs
2. A desire and ability to their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
Marketing seeks to - discover consumer needs through research and then satisfy them with a marketing
program
see 2
, Potential customers: - The market
4P - Product
Price
Promotion
Place
The four P's: - Controlling MARKETING MIX factors
Product (4P) - A good, service, or idea to satisfy the customer's needs
Price (4P) - What is exchanged for the product
Promotion (4P) - A means of communication between the seller and buyer
Place (4P) - A means for getting the product to the customer
Example of Price/Operational Excellence
(Customer Value Prop) - Walmart
Organization's marketing department - Potential consumers: The market
>>>
Information about needs
>>>
Discovering consumer needs by researching what consumers needs are
