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.
