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MGT 103 – Midterm Questions And Answers Triple Bottom Line Profit, People, Planet: Financial, Social, and Environmental consequences of business decisions. The Value of Proposition Helps summarize why a consumer should buy a product or use a service. Marketing Mix, 4Ps Product, Price, Prom...

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  • October 23, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 midterm questions and answers

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MGT 103 – Midterm Questions And Answers

Triple Bottom Line Profit, People, Planet: Financial, Social, and Environmental

consequences of business decisions.




The Value of Proposition Helps summarize why a consumer should buy a product or use a

service.




Marketing Mix, 4Ps Product, Price, Promotion, PLacement




Environmental Forces Social, Economic, Technological, Competitive, and Regulatory




Strategic planning Ongoing process of making decisions that guide the firm both in the

short term and for the long term.




Three levels of planning Strategic (define mission and develop growth strategies),

Functional (analyze, set objectives, implement strategies, control), Operational (develop action

plans, use marketing metrics)

,MGT 103 – Midterm Questions And Answers
Steps in Strategic Planning Define mission → Evaluage the internal & external

environment → Set organizational objectives → Establish business portfolio → Develop growth

strategies




Mission Statement A formal document that describes the firm's overall purpose and what

it hopes to achieve in terms of its customers, products, and resources.




SWOT Analysis Strengths, Weaknesses, Opportunities, Threats. Build on firm's strengths.




Growth Strategies Market Emphasis vs. Product Emphasis: Marketing towards existing or

new products/markets




Functional Planning Planning done by top-level management such as the firm's chief

marketing officer. Includes steps involving analyzing the situation, setting objectives, developing

marketing strategies, implementing them, and monitoring/controlling them.




Segmenting, Targeting, and Positioning A 3-step approach to building a targeted

marketing plan.

, MGT 103 – Midterm Questions And Answers
Developing the Marketing mix Addresses the 4 Ps.




Environmental Scan A review of external sources to discover factors that impact a

business.




Economic Environment Economic health, economic development, and The Business

Cycle




Competitive Environment Alternative products that can satisfy a specific market's needs.




Technological Environment Advantages and disadvantages of technological innovations

can include smartphone apps, new machines, social media, etc.




Political and Legal Environment Marketers adjust conditions and influence the process

through contributions and lobbying (ex. enactment of legislation, legal decisions, Presidential

administrations, etc.).




Sociocultural Environment Cultural values, ideas, attitudes, social norms/customs,

education, language, religion, and materialism.

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