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MGT 103 - Quiz 1 Ch.1-5 with complete solutions
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MGT 103 - Quiz 1 Ch.1-5 with complete solutions
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MGT 103 - Quiz 1 Ch.1-5 with completesolutions
T or F? Marketing is all about consumers? - Answers -True! Its all about the consumers,
it cannot be thought of without thinking of the consumer. the company cannot exist
without the consumer. the consumer must value what the marketer has and the
marketer much value the consumer
Organizational Culture - Answers -set of values, ideas, attitudes and norms of behavior
that is learned and shared among members of the organization( As a customer you
don't know what the culture of organizations but as an employee you do. Can look for
current or past employees to share their experiences or look at the code of conduct in a
corporation which includes their core values)
Value Proposition - Answers --Benefits that an organization promises to the customer:
There must be a belief that this promised value will be delivered and experienced
(promise of order and delivered)
-Both sides (company and customer (who can be an individual or an organization)) must
have something to exchange and must value what the other has.
(Customer and company value each other- if they don't have the money or appropriate
income don't value that customer)
What can be exchanged?: Usually money
What are examples of things that are valued?: Quality, consistency, good price,
sustainability, durability, appearance, utility, brand recognition (trust, expectation)
-Impossible to be all things to all people
--Pick and choose which levels of these things
--Gives opportunity to create different things that appease to these different values/
different audiences to different amount
Mission Statement - Answers -A formal declaration that describes the firm's overall
purpose and what it hopes to achieve in terms of its customers, products, and
resources. It should be clear, concise, meaningful and inspirational. (Every company
has a mission statement)
setting a strategic direction - Answers --Where are we now?
--Competencies - what do we do well?
--Customers - who can we serve?
--Competitors - who else serves these customers in a similar fashion?
-Where do we want to go?
--Business Portfolio Analysis
--Market share and market growth
, -Stars (high share of high growth)
-Cash cows (generate lots of cash, high share of low growth)
-Question marks (low share of high growth)
-Dogs (low share of slow growth)
The strategic marketing process - Answers -step 1(Planning phase)- SWOT- Situational
(Internal/External); step 2- develop marketing strategies; step 3-Implementation &
Control;
Evolution of the Marketing Concept (used to be the "selling concept") - Answers --
Production Era:
Management philosophy that emphasizes the most efficient ways to produce &
distribute products
- Sales Era:
Managerial view of marketing as a sales function, or a way to move products out of
warehouses to reduce inventory
- Relationship Era:
A business approach that prioritizes the satisfaction of customers' needs and wants
- Triple Bottom Line (Corporate Sustainability):
Profit, People, Planet: Financial, Social, and Environmental consequences of business
decisions
Production Era: (marketing concept) - Answers -Management philosophy that
emphasizes the most efficient ways to produce & distribute products
Sales Era: (marketing concept) - Answers -Managerial view of marketing as a sales
function, or a way to move products out of warehouses to reduce inventory
Relationship Era: (marketing concept) - Answers -A business approach that prioritizes
the satisfaction of customers' needs and wants
Triple Bottom Line (Corporate Sustainability): (marketing concept) - Answers -Profit,
People, Planet: Financial, Social, and Environmental consequences of business
decisions
Steps in the Marketing Concept - Answers -There are many steps involved in creating a
successful product
Environmental factors: Social, Economic, Technological, Competitive And Regulatory
Types of Organizations - Answers -For-profit, nonprofit, government agency
for-profit - Answers -often called a business firm (Nike, Facebook, Toyota)
(Profit is primary but not only goal)
non-profit - Answers -non-governmental organization that does not have profit as its
main goal (Boys and Girls Club, American Heart Association, Khan Academy)
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