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Exam (elaborations)

mgt 103 midterm 1 exam with correct answers

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  • Course
  • MGT 103
  • Institution
  • MGT 103

mgt 103 midterm 1 exam with correct answers

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  • October 16, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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millyphilip
mgt 103 midterm 1 exam with correct
answers

Definition of Marketing - Answers -activity for creating, communicating, delivering,
exchanging offerings that benefit its customers

Exchange - Answers -trade of value for buyers/sellers so that each is better off

Marketing Concept - Answers -organization should strive to satisfy needs of consumer
while trying to achieve organization's goals

4 Eras of the Marketing Concept - Answers -production, sales, marketing concept,
customer relation era

Triple Bottom Line - Answers -people, planet, and profit. Want to improve all
simultaneously

The Value Proposition - Answers -cluster of benefits that an organization promises
customers to satisfy their needs. Must have a belief

Marketing Mix, 4Ps - Answers -product, price, place, promotion. These are controllable

Environmental Forces - Answers -social, economic, tech, competitive, regulatory forces
- not controllable

Strategic planning - Answers -Ongoing process of making decisions that guide the firm
both in the short and long term. Develop objectives before actions

Three levels of planning - Answers -Strategic, Functional, Operation

Strategic Planning (3 levels of planning) - Answers -done by top level corporate
management

Functional Planning( 3 levels) - Answers -done by top functional level management like
CMO

operational Planning ( 3 levels) - Answers -done by supervising managers

Steps in Strategic Planning - Answers -define mission, evaluate internal/external
environment, set organizational or SBU Objectives, establish business portfolio, develop
growth strategies

, Mission Statement - Answers -formal document that describes the firm's overall purpose
and what it hopes to achieve in terms of its customers products and resources

SWOT Analysis - Answers -internal strengths and weakness, external opportunities and
threats

Growth Strategies - Answers -Market penetration, product development, market
development, diversification strategy

Segmenting, Targeting and Positioning - Answers -select target markets where the
firm's offerings are best suited

Developing the Marketing Mix - Answers -address product, price, place, promotion,
placement

Environmental Scan - Answers -shows the many important trends that influence
marketing

Economic Environment - Answers -indications of economic health (GDP, GNP,
infrastructure), levels of economics development, the business cycle.

Competitive Environment - Answers -monopoly, oligopoly, monopolistic competition,
pure competition

Political and Legal Environment - Answers -laws inside and outside America, human
rights, regulatory

Sociocultural Environment - Answers -demographics, values, social norms, culture

Marketing Research - Answers -collecting, analyzing and interpreting data about
customers competitors, and the business environment to improve marketing
effectiveness. Only 8% of new product concepts reach the market

Marketing Research Process: Basic - Answers -to understand consumer behavior or
marketing in general

Marketing Research Process: Applied - Answers -Specific problem at a specific
organization

Marketing Research Process - Answers -Define problem, determine design, choose
method to collect primary data, design sample, collect data, analyze/interpret data,
prepare research report

Independent Variables - Answers -what you control/manipulate

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