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MGT 103 Final Exam with correct Answers
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MGT 103 Final Exam with correct Answers
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MGT 103 Final Exam with correctAnswers
Product, Price, Promotion, Place - Answers -What are the 4 P's?
Product - Answers -A good, service, or idea to satisfy the customer's needs
Price - Answers -What is exchanged for the product?
Promotion - Answers -A means of communication between the seller and buyer
Place - Answers -A means of getting the product to the customer
Price/Operational Excellence, Product Innovation, Customer Service - Answers -What
are the customer value props?
Target Marketing - Answers -One or more specific groups of potential consumers
toward which an organization directs its marketing program
Planning, Implementation, and Evaluation - Answers -What are the three phases of the
strategic marketing process?
Management - Answers -Who sets the direction for visionary organizations?
Marketing - Answers -Who formulates strategies for visionary organizations?
Sales - Answers -Who executes strategies in visionary organizations?
Company Culture - Answers -The "fabric", "essence", "heartbeat", or "genetic code" of a
company
Revenue - COGS = Profit - Answers -Profit Equation
Specific, Measurable, Attainable, Relevant, Time-Based goal - Answers -What does
SMART stand for?
Strengths, Weaknesses, Opportunities, Threats Analysis - Answers -What does SWOT
stand for?
Situation Analysis - Answers -What type of analysis is SWOT?
Build on Strength, Correct/Neutralize a Weakness, Exploit an Opportunity, Avoid a
disaster-laden Threat - Answers -What to do with each letter in SWOT analysis?
, Strengths and Weaknesses - Answers -What parts of SWOT are internal?
Opportunities and Threats - Answers -What parts of SWOT are external?
Market Capitalization = stock price * number of outstanding shares - Answers -What is
the equation for Market Cap?
Colorado - Answers -What state(s) in the US has the best health?
Mississippi/West Virginia - Answers -What state(s) in the US has the worst health?
Barriers to Entry - Answers -Business practices or conditions that make it difficult for
new firms to enter the market
Regulation - Answers -Restrictions state and federal laws place on business with regard
to the conduct of its activities
Positioning Statement - Answers -A concise description of your Target Market as well
as a compelling picture of how you want that market to perceive your brand
Marketing - Answers -Discover the needs and wants of prospective customers and
satisfy them
Market Research - Answers -The process of defining a marketing problem and
opportunity, systematically collecting and analyzing information, and recommending
actions
Market Analysis - Answers -A "high level", fact based, historical on the market you are
in or entering. A "Lay of the land"
72/Rate of Return = Time to double investment - Answers -What is the rule of 72?
Your product - Answers -Which product do you always include when determining what
to track for market share analysis?
Marketing - Answers -Which team decides what products to track for market share
analysis?
Dollars or units - Answers -How is market share measured?
Steal share, grow the market - Answers -What are the two primary ways to increase
sales through the market?
Cognitive Dissonance - Answers -The feeling of post purchase psychological tension or
anxiety
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