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MGT 103 Midterm review Exam Questions and Answers
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MGT 103 Midterm review Exam Questions and Answers
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MGT 103 Midterm review ExamQuestions and Answers
What is marketing? - Answers -Marketing is the activity for creating, communicating,
delivering, and exchanging offerings that benefit customers, the organization, its
stakeholders, and society at large.
Marketing focuses on ____ and ____ consumer needs. - Answers -discovering;
satisfying
What 4 factors are needed for marketing to occur? - Answers -1. two or more parties
(individuals or organizations) with unsatisfied needs
2. a desire and ability on their part to have their needs satisfied
3. a way for the parties to communicate
4. something to exchange
An organization can't satisfy the needs of all consumers, so it must focus on one or
more subgroups, which are its _____. - Answers -target markets
What are the four marketing mix elements that make up the organization's marketing
program? - Answers -product, price, promotion, place
What are environmental forces? - Answers -Environmental forces are the uncontrollable
forces that affect a marketing decision. They consist of social, economic, technological,
competitive, and regulatory forces.
What are the two key characteristics of the marketing concept? - Answers -An
organization should (1) strive to satisfy the needs of consumers while also (2) trying to
achieve the organization's goals.
What is the difference between ultimate consumers and organizational buyers? -
Answers -Ultimate consumers are the people who use the products and services
purchased for a household. Organizational buyers are those manufacturers,
wholesalers, retailers, and government agencies that buy products and services for their
own use or for resale.
What is the difference between a for-profit and a nonprofit organization? - Answers -A
for-profit organization is a privately owned organization that serves its customers to earn
a profit so that it can survive. A nonprofit organization is a nongovernmental
organization that serves its customers but does not have profit as an organizational
goal. Instead, its goals may be operational efficiency or client satisfaction.
,What are examples of a functional level in an organization? - Answers -The functional
level in an organization is where groups of specialists from the marketing, finance,
manufacturing/operations, accounting, information systems, research and development,
and/or human resources departments focus on a specific strategic direction to create
value for the organization.
What is the meaning of an organization's mission? - Answers -A mission is a clear,
concise, meaningful, inspirational, and long-term statement of the organization's
function in society, often identifying its customers, markets, products, and technologies.
It is often used interchangeably with vision.
What is the difference between an organization's business and its goals? - Answers -An
organization's business describes the clear, broad, underlying industry or market sector
of an organization's offering. An organization's goals (or objectives) are statements of
an accomplishment of a task to be achieved, often by a specific time. Goals convert an
organization's mission and business into long- and short-term performance targets to
measure how well it is doing.
What is the difference between a marketing dashboard and a marketing metric? -
Answers -A marketing dashboard is the visual display of the essential information
related to achieving a marketing objective. Each variable displayed in a marketing
dashboard is a marketing metric, which is a measure of the quantitative value or trend
of a marketing action or result.
What is business portfolio analysis? - Answers -Business portfolio analysis is a
technique that managers use to quantify performance measures and growth targets to
analyze their firms' strategic business units (SBUs) as though they were a collection of
separate investments. The purpose of this tool is to determine which SBU or offering
generates cash and which one requires cash to fund the organization's growth
opportunities.
Explain the four market-product strategies in diversification analysis. - Answers -The
four market-product strategies in diversification analysis are: (1) Market penetration,
which is a marketing strategy to increase sales of current products in current markets.
There is no change in either the basic product line or the markets served. Rather,
selling more of the product or selling the product at a higher price generates increased
sales. (2) Market development, which is a marketing strategy to sell current products to
new markets. (3) Product development, which is a marketing strategy of selling new
products to current markets. (4) Diversification, which is a marketing strategy of
developing new products and selling them in new markets. This is a potentially high-risk
strategy because the firm has neither previous production nor marketing experience on
which to draw in marketing a new product to a new market.
What are the three steps of the planning phase of the strategic marketing process? -
Answers -The three steps of the planning phase of the strategic marketing process are:
, (1) Situation analysis, which involves taking stock of where the firm or product has been
recently, where it is now, and where it is headed in terms of the organization's marketing
plans and the external forces and trends affecting it. To do this, an organization uses a
SWOT analysis, an acronym that describes an organization's appraisal of its internal
Strengths and Weaknesses and its external Opportunities and Threats. (2) Market-
product focus and goal setting, which deter-mine what products an organization will
offer to which customers. This is often based on market segmentation—aggregating
prospective buyers into groups or segments that have common needs and will respond
similarly to a marketing action. (3) Marketing program, which is where an organization
develops the marketing mix elements and budget for each offering.
What are points of difference and why are they important? - Answers -Points of
difference are those characteristics of a product that make it superior to competitive
substitutes—offerings the organization faces in the marketplace. They are important
factors in the success or failure of a new product.
What is the implementation phase of the strategic marketing process? - Answers -The
implementation phase carries out the marketing plan that emerges from the planning
phase and consists of (1) obtaining resources; (2) designing the marketing organization;
(3) defining precise tasks, responsibilities, and deadlines; and (4) executing the
marketing program designed in the planning phase.
How do the goals set for a marketing program in the planning phase relate to the
evaluation phase of the strategic marketing process? - Answers -The planning phase
goals or objectives are used as the benchmarks with which the actual performance
results are com-pared in the evaluation phase to identify deviations from the written
marketing plans and then exploit positive ones or correct negative ones.
Describe 3 generational cohorts - Answers -(1) Baby boomers are the generation of 76
million among the U.S. population born between 1946 and 1964. These Americans are
growing older and will all be 65 or older by 2030. (2) Generation X are those among the
15 percent of the U.S. population born between 1965 and 1976. These well-educated
Americans, also known as the baby bust cohort because of declining birth rates, are
supportive of racial and ethic diversity. (3) Generation Y, or millennials, are the 72
million Americans among the U.S. population born between 1977 and 1994. The rising
birth rate of this "echo-boom" cohort is the result of baby boomers having children. The
post-millennial generation, which includes consumers born between 1995 and 2010, is
referred to as Generation Z.
Why are many companies developing multicultural marketing programs? - Answers -
Multicultural marketing programs consist of combinations of the marketing mix that
reflect the unique attitudes, ancestry, communication preferences, and lifestyles of
different races and ethnic groups. The reason for developing these pro-grams is that the
racial and ethnic diversity of the United States is changing rapidly due to the increases
in the African American, Asian, and Hispanic populations, which increases their
economic impact.
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