MGT 103 MIDTERM 1 ERXAM QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026
Marketing - Answers The process of creating communicating delivering and exchanging value for
customers and society
Customer value - Answers The difference between perceived benefits and perceived costs
Market orientation - Answers An organization focus on customer needs competitor actions and
internal coordination
4Ps - Answers Product Price Place Promotion
Needs wants demands - Answers Needs are basic wants are shaped by culture demands are wants
backed by buying power
Strategic planning - Answers The process of setting goals and determining how to achieve them
SWOT analysis - Answers Strengths Weaknesses Opportunities Threats
Internal factors - Answers Strengths and weaknesses within the company
External factors - Answers Opportunities and threats outside the company
Growth strategies - Answers Market penetration market development product development
diversification
Levels of strategy - Answers Corporate business and functional levels
Marketing ethics - Answers Moral principles guiding marketing decisions
Corporate social responsibility CSR - Answers A company commitment to consider social and
environmental impacts
Sustainability - Answers Meeting present needs without compromising future generations
Triple bottom line - Answers Profit people planet
Market research - Answers The process of collecting and analyzing data for decision making
Research process steps - Answers Problem plan collect analyze report
Primary data - Answers Data collected firsthand for a specific purpose
Secondary data - Answers Existing data previously collected
Qualitative research - Answers Non numerical data such as opinions and insights
Quantitative research - Answers Numerical data used for statistical analysis
Consumer behavior - Answers The study of how individuals make purchasing decisions
Buying decision process - Answers Problem recognition information search evaluation purchase post
purchase
Cognitive dissonance - Answers Post purchase doubt or discomfort
Psychological influences - Answers Factors like motivation perception and beliefs
Social influences - Answers Factors like family culture and social class
Business to business B2B marketing - Answers Selling products or services to other businesses
Derived demand - Answers Demand based on demand for another product
B2B characteristics - Answers Fewer buyers larger purchases more complex decisions
Buying center - Answers A group of people involved in business purchasing decisions
Segmentation - Answers Dividing a market into smaller groups
Segmentation types - Answers Demographic geographic psychographic behavioral
Targeting - Answers Selecting which market segment to focus on
Positioning - Answers How a product is perceived in the customers mind
Product - Answers Anything that satisfies a need or want
Product levels - Answers Core actual augmented
Product life cycle - Answers Stages a product goes through over time
PLC stages - Answers Introduction growth maturity decline
Branding - Answers Creating a name symbol or design that identifies a product
New product development - Answers Process of creating and launching new products
NPD steps - Answers Idea screening analysis development testing launch commercialization
Test marketing - Answers Introducing a product in a limited market before full launch
Adopter categories - Answers Innovators early adopters early majority late majority laggards
Marketing plan - Answers A document outlining marketing strategy and execution
Marketing plan components - Answers Executive summary SWOT objectives strategy financials
implementation
SMART objectives - Answers Specific measurable achievable realistic time bound
Marketing - Answers The process of creating communicating delivering and exchanging value for
customers and society
Customer value - Answers The difference between perceived benefits and perceived costs
Market orientation - Answers An organization focus on customer needs competitor actions and
internal coordination
4Ps - Answers Product Price Place Promotion
Needs wants demands - Answers Needs are basic wants are shaped by culture demands are wants
backed by buying power
Strategic planning - Answers The process of setting goals and determining how to achieve them
SWOT analysis - Answers Strengths Weaknesses Opportunities Threats
Internal factors - Answers Strengths and weaknesses within the company
External factors - Answers Opportunities and threats outside the company
Growth strategies - Answers Market penetration market development product development
diversification
Levels of strategy - Answers Corporate business and functional levels
Marketing ethics - Answers Moral principles guiding marketing decisions
Corporate social responsibility CSR - Answers A company commitment to consider social and
environmental impacts
Sustainability - Answers Meeting present needs without compromising future generations
Triple bottom line - Answers Profit people planet
Market research - Answers The process of collecting and analyzing data for decision making
Research process steps - Answers Problem plan collect analyze report
Primary data - Answers Data collected firsthand for a specific purpose
Secondary data - Answers Existing data previously collected
Qualitative research - Answers Non numerical data such as opinions and insights
Quantitative research - Answers Numerical data used for statistical analysis
Consumer behavior - Answers The study of how individuals make purchasing decisions
Buying decision process - Answers Problem recognition information search evaluation purchase post
purchase
Cognitive dissonance - Answers Post purchase doubt or discomfort
Psychological influences - Answers Factors like motivation perception and beliefs
Social influences - Answers Factors like family culture and social class
Business to business B2B marketing - Answers Selling products or services to other businesses
Derived demand - Answers Demand based on demand for another product
B2B characteristics - Answers Fewer buyers larger purchases more complex decisions
Buying center - Answers A group of people involved in business purchasing decisions
Segmentation - Answers Dividing a market into smaller groups
Segmentation types - Answers Demographic geographic psychographic behavioral
Targeting - Answers Selecting which market segment to focus on
Positioning - Answers How a product is perceived in the customers mind
Product - Answers Anything that satisfies a need or want
Product levels - Answers Core actual augmented
Product life cycle - Answers Stages a product goes through over time
PLC stages - Answers Introduction growth maturity decline
Branding - Answers Creating a name symbol or design that identifies a product
New product development - Answers Process of creating and launching new products
NPD steps - Answers Idea screening analysis development testing launch commercialization
Test marketing - Answers Introducing a product in a limited market before full launch
Adopter categories - Answers Innovators early adopters early majority late majority laggards
Marketing plan - Answers A document outlining marketing strategy and execution
Marketing plan components - Answers Executive summary SWOT objectives strategy financials
implementation
SMART objectives - Answers Specific measurable achievable realistic time bound
