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MGT 103 Quiz 1 with complete solutions
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MGT 103 Quiz 1 with complete solutions
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MGT 103 Quiz 1 with complete solutions4 P's of Marketing
Product, Price, Place, Promotion
value proposition
Benefits that an organization promises to the customer
marketing concept
Considering a customer's needs, using integrated marketing in order to profit
through customer satistfaction
production era
a management philosophy that emphasizes the most efficient ways to produce
and distribute products
sales era
a 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
Profit, People, Planet: Financial Social, and environmental consequences of
business decisions
For-profit organizations
, often called a business firm, is a privately owned organization such as Target or
Nike that serves its customers to earn a profit so that it can survive
organization
a legal entity that consists of people who share a common mission
non-profit organization
non-governmental organization that focuses on providing a service rather than a
profit
government agency
provides a specific service to its constituents (Census Bureau)
corporate level
top management directs overall strategy for the entire organization
Strategic business unit (SBU)
a subsidiary of an organization that targets a specific market
functional level
a more specific group of specialists that serve certain functions (e.g. finance
department, marketing department)
strategy
an organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
Core Values
the fundamental, passionate, and enduring principles of an organization that
guide its conduct over time
Organizational culture
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