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mgt 103 midterm 1 Questions and Answers (100% Pass)
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mgt 103 midterm 1 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+mgt 103 midterm 1 Questions and
Answers (100% Pass)
Definition of Marketing
✓ activity for creating, communicating, delivering, exchanging offerings
that benefit its customers
Exchange
✓ trade of value for buyers/sellers so that each is better off
Marketing Concept
✓ organization should strive to satisfy needs of consumer while trying to
achieve organization's goals
4 Eras of the Marketing Concept
✓ production, sales, marketing concept, customer relation era
Triple Bottom Line
✓ people, planet, and profit. Want to improve all simultaneously
The Value Proposition
Master01 | October, 2024/2025 | Latest update
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✓ cluster of benefits that an organization promises customers to satisfy
their needs. Must have a belief
Marketing Mix, 4Ps
✓ product, price, place, promotion. These are controllable
Environmental Forces
✓ social, economic, tech, competitive, regulatory forces
✓ - not controllable
Strategic planning
✓ Ongoing process of making decisions that guide the firm both in the
short and long term. Develop objectives before actions
Three levels of planning
✓ Strategic, Functional, Operation
Strategic Planning (3 levels of planning)
✓ done by top level corporate management
Functional Planning( 3 levels)
Master01 | October, 2024/2025 | Latest update
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✓ done by top functional level management like CMO
operational Planning ( 3 levels)
✓ done by supervising managers
Steps in Strategic Planning
✓ define mission, evaluate internal/external environment, set
organizational or SBU Objectives, establish business portfolio, develop
growth strategies
Mission Statement
✓ 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
✓ internal strengths and weakness, external opportunities and threats
Growth Strategies
✓ Market penetration, product development, market development,
diversification strategy
Master01 | October, 2024/2025 | Latest update
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