MGT 103 MIDTERM 1 DEMILL QUESTIONS AND ANSWERS 100% CORRECT

MGT 103 MIDTERM 1 DEMILL QUESTIONS AND ANSWERS 100% CORRECT
Question : What is marketing
Correct Answer: Delivering value to customers. Seeks
to:Discover needs and wants of customers Satisfy them
Question : Exchange
Correct Answer: Money for goods and services
Question : Requirements for marketing to occur
Correct Answer: 1. Two or more parties with unsatisfied
needs
2. Desire and ability to satisfy these needs
3. A way for the parties to communicate
4. Something to exchange
Question : How marketing discovers consumer needs
Correct Answer: Marketers need to ask the right questions
and learn from the past; consumers may not always know
what they want or need. Most new products fail
Question : The Challenge;
Correct Answer: "Focus on the consumer benefit" "Learn
from past mistakes"Benefits is why we buy things and
features use those benefits.

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