100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS $10.49   Add to cart

Exam (elaborations)

MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS

 4 views  0 purchase
  • Course
  • MGT 103
  • Institution
  • MGT 103

MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS 1. 4 P's of Market- ing 2. value proposi- tion 3. marketing con- cept Product, Price, Place, Promotion Benefits that an organization promises to the customer Considering a customer's needs, using integrated mar- keting in order to profit thr...

[Show more]

Preview 3 out of 22  pages

  • September 25, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
avatar-seller
MERCYTRISHIA
MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS

1. 4 P's of Market- Product, Price, Place, Promotion
ing

2. value proposi- Benefits that an organization promises to the customer
tion

3. marketing con- Considering a customer's needs, using integrated mar-
cept keting in order to profit through customer satistfaction

4. production era a management philosophy that emphasizes the most ef-
ficient ways to produce and distribute products
5. sales era a managerial view of marketing as a sales function, or
a way to move products out of warehouses to reduce
inventory
6. relationship era a business approach that prioritizes the satisfaction of
customers' needs and wants

7. Triple Bottom Profit, People, Planet: Financial Social, and environmen-
Line tal consequences of business decisions

8. For-profit organi- often called a business firm, is a privately owned organi-
zations zation such as Target or Nike that serves its customers to
earn a profit so that it can survive

9. organization a legal entity that consists of people who share a common
mission

10. non-profit orga- non-governmental organization that focuses on providing
nization a service rather than a profit

11. government provides a specific service to its constituents (Census
agency Bureau)

12. corporate level top management directs overall strategy for the entire
organization

13. Strategic busi- a subsidiary of an organization that targets a specific
ness unit (SBU) market


, MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS

14. functional level a more specific group of specialists that serve certain
functions (e.g. finance department, marketing depart-
ment)
15. strategy an organization's long-term course of action designed to
deliver a unique customer experience while achieving its
goals
16. Core Values the fundamental, passionate, and enduring principles of
an organization that guide its conduct over time

17. Organizational the set of values, ideas, attitudes, and norms of behavior
culture that is learned and shared among the members of an
organization

18. mission state- a formal declaration that describes the firm's overall pur-
ment pose and what it hopes to achieve in terms of its cus-
tomers, products, and resources. It should be clear, con-
cise, and meaningful and inspirational

19. competencies what do we do well?
(strategic
direction)

20. customers who can we serve?
(strategic
direction)

21. competitors who else serves these customers in a similar fashion?
(strategic
direction)

22. stars (BPA) high share of high growth
23. cash cows (BPA) generate lots of cash, high share of low growth

24. question marks low share of high growth
(BPA)




, MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS

25. dogs (BPA) low share of slow growth

26. market penetra- seek to increase sales of existing products to existing
tion strategy markets

27. product develop- create growth by selling new products in existing markets
ment strategy

28. market develop- introduce existing products to new markets
ment strategy

29. diversification emphasize both new products and new markets to
strategy achieve growth

30. Situational Strengths and weaknesses
Analysis
(Internal)

31. Situational Opportunities and threats
Analysis
(External)

32. segmenting an aggregating process that clusters people with similar
needs into a market segment

33. targeting A strategy in which marketers evaluate the attractiveness
of each potential segment and decide in which of these
groups they will invest resources to try to turn them into
customers.

34. positioning developing a specific marketing mix that will create a
competitive advantage in the minds of the selected target
market

35. implementation how to turn the plan into results

36. evaluation/con- Measuring actual performance, comparing performance
trol to the objectives, making adjustments

37.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MERCYTRISHIA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81989 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart