Organization - Answer-Legal entity that consists of people who share a common mission
For-Profit Org - Answer-Privately owned organization that serves its customers to earn a profit (Nike, Target, Keurig)
Non-Profit Org - Answer-Nongovernmental organization that serves its customers but does ...
MGT 103 - Chapters 1-5 Exam Questions
and Answers
Organization - Answer-Legal entity that consists of people who share a common
mission
For-Profit Org - Answer-Privately owned organization that serves its customers to earn
a profit (Nike, Target, Keurig)
Non-Profit Org - Answer-Nongovernmental organization that serves its customers but
does not have profit as an organizational goal
Government Agency - Answer-A federal, state, county, or city unit that provides a
specific service to its constituents
Strategy - Answer-Organization's long term course of action designed to deliver a
unique customer experience while achieving its goals
Corporate Level - Answer-This level is where top management directs strategy for the
entire organization
"Top Management" - Answer-Board of directions + Senior Management
Strategic Business Unit (SBU) - Answer-Division of an organization that markets a set of
related offerings to a clearly defined market
Department - Answer-Areas within the organization with specialized functions
(Marketing Department, HR Department)
Organizational Purpose - Answer-Describes why an organization exists, what problem it
wishes to solve, and who it wants to be to each person who it touches through its works
Org Purpose serves as the basis for an organization's core values, mission, and culture
Core Values - Answer-Fundamental, passionate, and enduring principles that guide its
conduct over time
Core values are timeless and guide the organizations conduct
Stakeholders include: - Answer-Employees, shareholders, board of directors, suppliers,
distributors, creditors, unions, government, communities, and customers
Mission Statement - Answer-Statement of the org's function in society that often
identifies its customers, markets, products, and technologies
- Mission Statement should be clear and concise
- Formal declaration that describes the firm's overall purpose
, Organizational Culture - Answer-The values, ideas, attitudes, and norms of behavior
that are learned and shared among members of an organization
Business - Answer-Describes the clear, broad, underlying industry or market sector of
an organization's offerings
What do goals do? - Answer-Goals convert an organization's mission and business into
long and short term performance targets
Goals should be S.M.A.R.T (specific, measurable, attainable, relevant, and have a
timeline)
Organizational Foundation - Answer-Sets the "why" of organizations
Organizational Direction - Answer-Sets the "what" of organizations
Marketing Plan - Answer-Roadmap for the marketing actions of an organization for a
specified period of time
Core Competencies - Answer-Special capabilities that distinguish one organization from
another and provide customer value
Market Penetration Strategy - Answer-Marketing strategy to increase the sales of
products in current markets
- Seek to increase sales of existing products to existing market
Market Development Strategy - Answer-Marketing Strategy to sell current products to
new markets
- Introduce existing products to a new market
Product Development Strategy - Answer-Marketing strategy of selling new products to
current markets (a bit risky)
- Create growth by selling new products in existing markets
Diversification Strategy - Answer-Marketing strategy of developing new products and
selling them in new markets (potentially high risk)
- Emphasize both new products and new markets to achieve growth
What is the goal of a SWOT analysis? - Answer-Identify the critical strategy-related
factors that impact the firm and then
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