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MGT 103 - Midterm 1 Ehrich UCSD Questions and Answers (100% Pass)
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MGT 103 - Midterm 1 Ehrich UCSD Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 - Midterm 1 Ehrich UCSD
Questions and Answers (100% Pass)
What is marketing?
✓ the activity, set of institutions, and processes for creating,
communicating, delivering and exchanging offerings that have value
for customers, clients, partners, and society at large
Value Proposition
✓ Benefits that an organization promises to the customer: There must be a
belief that this promised value will be delivered and experienced
Organizational Culture
✓ set of values, ideas, attitudes and norms of behavior that is learned
and shared among members of the organization
Mission Statement
✓ A formal declaration that describes the firm's overall purpose and what
it hopes to achieve in terms of its customers, products, and resources. It
should be clear, concise, meaningful and inspirational.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
Market Penetration Strategy
✓ seeks to increase sales of existing products to existing markets
Product Development Strategy
✓ create growth by selling new products in existing markets
Market Development Strategy
✓ introduce existing products to new markets
Diversification Strategy
✓ emphasize both new products and new markets to achieve growth
Environmental Scan
✓ Process of continually acquiring information on events occurring
outside the organization. This is done to identify and interpret potential
trends that might impact the business.
Consumer Behavior
Master01 | October, 2024/2025 | Latest update
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