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MGT 103 – Midterm Exam with correct Answers
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MGT 103 – Midterm Exam with correct Answers
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MGT 103 – Midterm Exam with correctAnswers
Definition iiof iiMarketing ii- iiAnswers ii-The iiactivity, iiset iiof iiinstitutions, iiand iiprocesses
iifor iicreating, iicommunicating, iidelivering, iiand iiexchanging iiofferings iithat iihave iivalue
iifor iicustomers, iiclients, iipartners, iiand iisociety iiat iilarge.
Exchange ii- iiAnswers ii-
Marketing iiConcept ii- iiAnswers ii-Analyze iiMarket iiOpportunities ii→ iiSelect iiTarget
iiAudience ii→ iiMarket iiResearch ii→ iiFormulate iithe iiMarketing iiMix ii→ iiImplement ii&
iiControl.
Needs iivs. iiWants ii- iiAnswers ii-Needs ii- iiBasic iihuman iirequirements ii(shelter, iiclothes,
iifood, iietc.)
Wants ii- iiNon-permanent, iiaren't iiessential iifor iisurvival.
Evolution iiof iithe iiMarketing iiConcept ii- iiAnswers ii-Production iiEra ii→ iiSales iiEra ii→
iiRelationship iiEra ii→ iiTriple iiBottom iiLine
4 iiEras iiof iithe iiMarketing iiConcept ii- iiAnswers ii-Production iiEra, iiSales iiEra,
iiRelationship iiEra, iiTriple iiBottom iiLine
Triple iiBottom iiLine ii- iiAnswers ii-Profit, iiPeople, iiPlanet: iiFinancial, iiSocial, iiand
iiEnvironmental iiconsequences iiof iibusiness iidecisions.
The iiValue iiof iiProposition ii- iiAnswers ii-Helps iisummarize iiwhy iia iiconsumer iishould
iibuy iia iiproduct iior iiuse iia iiservice.
Marketing iiMix, ii4Ps ii- iiAnswers ii-Product, iiPrice, iiPromotion, iiPLacement
Environmental iiForces ii- iiAnswers ii-Social, iiEconomic, iiTechnological, iiCompetitive,
iiand iiRegulatory
Strategic iiplanning ii- iiAnswers ii-Ongoing iiprocess iiof iimaking iidecisions iithat iiguide iithe
iifirm iiboth iiin iithe iishort iiterm iiand iifor iithe iilong iiterm.
, Three iilevels iiof iiplanning ii- iiAnswers ii-Strategic ii(define iimission iiand iidevelop iigrowth
iistrategies), iiFunctional ii(analyze, iiset iiobjectives, iiimplement iistrategies, iicontrol),
iiOperational ii(develop iiaction iiplans, iiuse iimarketing iimetrics)
Steps iiin iiStrategic iiPlanning ii- iiAnswers ii-Define iimission ii→ iiEvaluage iithe iiinternal ii&
iiexternal iienvironment ii→ iiSet iiorganizational iiobjectives ii→ iiEstablish iibusiness
iiportfolio ii→ iiDevelop iigrowth iistrategies
Mission iiStatement ii- iiAnswers ii-A iiformal iidocument iithat iidescribes iithe iifirm's iioverall
iipurpose iiand iiwhat iiit iihopes iito iiachieve iiin iiterms iiof iiits iicustomers, iiproducts, iiand
iiresources.
SWOT iiAnalysis ii- iiAnswers ii-Strengths, iiWeaknesses, iiOpportunities, iiThreats. iiBuild
iion iifirm's iistrengths.
Growth iiStrategies ii- iiAnswers ii-Market iiEmphasis iivs. iiProduct iiEmphasis: iiMarketing
iitowards iiexisting iior iinew iiproducts/markets
Functional iiPlanning ii- iiAnswers ii-Planning iidone iiby iitop-level iimanagement iisuch iias
iithe iifirm's iichief iimarketing iiofficer. iiIncludes iisteps iiinvolving iianalyzing iithe iisituation,
iisetting iiobjectives, iideveloping iimarketing iistrategies, iiimplementing iithem, iiand
iimonitoring/controlling iithem.
Segmenting, iiTargeting, iiand iiPositioning ii- iiAnswers ii-A ii3-step iiapproach iito iibuilding iia
iitargeted iimarketing iiplan.
Developing iithe iiMarketing iimix ii- iiAnswers ii-Addresses iithe ii4 iiPs.
Environmental iiScan ii- iiAnswers ii-A iireview iiof iiexternal iisources iito iidiscover iifactors
iithat iiimpact iia iibusiness.
Economic iiEnvironment ii- iiAnswers ii-Economic iihealth, iieconomic iidevelopment, iiand
iiThe iiBusiness iiCycle
Competitive iiEnvironment ii- iiAnswers ii-Alternative iiproducts iithat iican iisatisfy iia iispecific
iimarket's iineeds.
Technological iiEnvironment ii- iiAnswers ii-Advantages iiand iidisadvantages iiof
iitechnological iiinnovations iican iiinclude iismartphone iiapps, iinew iimachines, iisocial
iimedia, iietc.
Political iiand iiLegal iiEnvironment ii- iiAnswers ii-Marketers iiadjust iiconditions iiand
iiinfluence iithe iiprocess iithrough iicontributions iiand iilobbying ii(ex. iienactment iiof
iilegislation, iilegal iidecisions, iiPresidential iiadministrations, iietc.).
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