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MGT 103 - Midterm Questions and Answers (100% Pass)
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MGT 103 - Midterm Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 - Midterm Questions and
Answers (100% Pass)
Definition of 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.
Exchange
✓
Marketing Concept
✓ Analyze Market Opportunities → Select Target Audience → Market
Research → Formulate the Marketing Mix → Implement & Control.
Needs vs. Wants
✓ Needs - Basic human requirements (shelter, clothes, food, etc.)
✓
✓ Wants - Non-permanent, aren't essential for survival.
Evolution of the Marketing Concept
Master01 | October, 2024/2025 | Latest update
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✓ Production Era → Sales Era → Relationship Era → Triple Bottom Line
4 Eras of the Marketing Concept
✓ Production Era, Sales Era, Relationship Era, Triple Bottom Line
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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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)
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
Master01 | October, 2024/2025 | Latest update
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