MGT 103 (CHAPTERS 1-4) EXAM QUESTIONS WELL ANSWERED LATEST UPDATE 2026
marketing - Answers The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that provide value.
marketing is NOT - Answers Social media, advertising, sales, or just promotion.
purpose of marketing - Answers The discovery, creation, communication, and delivery of value.
who is at the center of marketing decisions? - Answers the customer
does "customer first" mean the customer is always right? - Answers no, it means companies shape
decisions around customer needs and wants
why companies exist - Answers because of their target customers and the value they provide them
target customers - Answers The specific group of consumers a company focuses on serving.
why companies should focus on target customers - Answers to avoid wasting resources marketing to
people who are unlikely to buy
requirements for marketing to occur - Answers 1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way to communicate
4. Something to exchange
typical exchange in marketing - Answers customers give money and companies provide a product or
service
marketing mix - Answers the set of controllable marketing tools used by a company
4 Ps of Marketing - Answers product, price, promotion, place
product (4Ps) - Answers what is being offered to customers (good, services or ideas)
price (4Ps) - Answers what customers exchange for the product, usually money
promotion (4Ps) - Answers how the company communicates with consumers
place (4Ps) - Answers how the product gets to the consumer (distribution)
environmental factors - Answers external influences on marketing that companies cannot control
why most new products fail - Answers they do not solve a real consumer problem
consumer motivation - Answers most consumers are looking for solutions to problems
needs - Answers basic necessities required for survival or well-being
wants - Answers the ways people choose to satisfy their needs
value proposition - Answers a bundle of benefits a company promises to deliver that the customer
believes will be fulfilled
Poor targeting example - Answers marketing lamborghinis to someone who cannot afford one
why does targeting matter? - Answers it ensures companies use resources wisely and market to
people likely to buy
factors customers value - Answers quality, accessibility, aesthetics, prestige, convenience, and
affordability
EXAMPLE: diet coke vs. coke zero - Answers Different branding targeted different markets; Coke Zero
attracted more male consumers.
Marketing Concept - Answers Achieving profits by satisfying customer needs through integrated
marketing.
Marketing Concept Formula - Answers Customer Needs → Integrated Marketing → Profits through
Customer Satisfaction.
for-profit organization - Answers A business whose primary goal is to earn profits for owners or
shareholders.
Nonprofit organization - Answers An organization whose primary goal is to benefit society or a
specific group rather than generate profit.
Organizational Structure - Answers The system that outlines how roles, responsibilities, and authority
are organized within a company.
marketing - Answers The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that provide value.
marketing is NOT - Answers Social media, advertising, sales, or just promotion.
purpose of marketing - Answers The discovery, creation, communication, and delivery of value.
who is at the center of marketing decisions? - Answers the customer
does "customer first" mean the customer is always right? - Answers no, it means companies shape
decisions around customer needs and wants
why companies exist - Answers because of their target customers and the value they provide them
target customers - Answers The specific group of consumers a company focuses on serving.
why companies should focus on target customers - Answers to avoid wasting resources marketing to
people who are unlikely to buy
requirements for marketing to occur - Answers 1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way to communicate
4. Something to exchange
typical exchange in marketing - Answers customers give money and companies provide a product or
service
marketing mix - Answers the set of controllable marketing tools used by a company
4 Ps of Marketing - Answers product, price, promotion, place
product (4Ps) - Answers what is being offered to customers (good, services or ideas)
price (4Ps) - Answers what customers exchange for the product, usually money
promotion (4Ps) - Answers how the company communicates with consumers
place (4Ps) - Answers how the product gets to the consumer (distribution)
environmental factors - Answers external influences on marketing that companies cannot control
why most new products fail - Answers they do not solve a real consumer problem
consumer motivation - Answers most consumers are looking for solutions to problems
needs - Answers basic necessities required for survival or well-being
wants - Answers the ways people choose to satisfy their needs
value proposition - Answers a bundle of benefits a company promises to deliver that the customer
believes will be fulfilled
Poor targeting example - Answers marketing lamborghinis to someone who cannot afford one
why does targeting matter? - Answers it ensures companies use resources wisely and market to
people likely to buy
factors customers value - Answers quality, accessibility, aesthetics, prestige, convenience, and
affordability
EXAMPLE: diet coke vs. coke zero - Answers Different branding targeted different markets; Coke Zero
attracted more male consumers.
Marketing Concept - Answers Achieving profits by satisfying customer needs through integrated
marketing.
Marketing Concept Formula - Answers Customer Needs → Integrated Marketing → Profits through
Customer Satisfaction.
for-profit organization - Answers A business whose primary goal is to earn profits for owners or
shareholders.
Nonprofit organization - Answers An organization whose primary goal is to benefit society or a
specific group rather than generate profit.
Organizational Structure - Answers The system that outlines how roles, responsibilities, and authority
are organized within a company.
