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MGT 103 - Quiz 1 Ch.1-5 Practice Questions and Answers 100% Pass £10.47
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MGT 103 - Quiz 1 Ch.1-5 Practice Questions and Answers 100% Pass
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MGT 103 - Quiz 1 Ch.1-5 Practice Questions and Answers 100% Pass T or F? Marketing is all about consumers? - True! Its all about the consumers, it cannot be thought of without thinking of the consumer. the company cannot exist without the consumer. the consumer must value what the marketer has ...

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  • January 8, 2025
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 quiz 1 ch1 5 practice questions and ans

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MGT 103 - Quiz 1 Ch.1-5 Practice
Questions and Answers 100% Pass

T or F? Marketing is all about consumers? - ✔✔True! Its all about the consumers, it cannot be thought of

without thinking of the consumer. the company cannot exist without the consumer. the consumer must

value what the marketer has and the marketer much value the consumer


Organizational Culture - ✔✔set of values, ideas, attitudes and norms of behavior that is learned and

shared among members of the organization( As a customer you don't know what the culture of

organizations but as an employee you do. Can look for current or past employees to share their

experiences or look at the code of conduct in a corporation which includes their core values)


Value Proposition - ✔✔-Benefits that an organization promises to the customer: There must be a belief

that this promised value will be delivered and experienced (promise of order and delivered)


-Both sides (company and customer (who can be an individual or an organization)) must have something

to exchange and must value what the other has.


(Customer and company value each other- if they don't have the money or appropriate income don't

value that customer)


What can be exchanged?: Usually money


What are examples of things that are valued?: Quality, consistency, good price, sustainability, durability,

appearance, utility, brand recognition (trust, expectation)


-Impossible to be all things to all people




Author. Barrett, ©2025 All Rights Reserved.

,2|Page


--Pick and choose which levels of these things


--Gives opportunity to create different things that appease to these different values/ different audiences

to different amount


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. (Every company has a mission statement)


setting a strategic direction - ✔✔-Where are we now?


--Competencies - what do we do well?


--Customers - who can we serve?


--Competitors - who else serves these customers in a similar fashion?


-Where do we want to go?


--Business Portfolio Analysis


--Market share and market growth


-Stars (high share of high growth)


-Cash cows (generate lots of cash, high share of low growth)


-Question marks (low share of high growth)


-Dogs (low share of slow growth)


The strategic marketing process - ✔✔step 1(Planning phase)- SWOT- Situational (Internal/External); step

2- develop marketing strategies; step 3-Implementation & Control;


Evolution of the Marketing Concept (used to be the "selling concept") - ✔✔- Production Era:


Management philosophy that emphasizes the most efficient ways to produce & distribute products


Author. Barrett, ©2025 All Rights Reserved.

, 3|Page


- Sales Era:


Managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce

inventory


- Relationship Era:


A business approach that prioritizes the satisfaction of customers' needs and wants


- Triple Bottom Line (Corporate Sustainability):


Profit, People, Planet: Financial, Social, and Environmental consequences of business decisions


Production Era: (marketing concept) - ✔✔Management philosophy that emphasizes the most efficient

ways to produce & distribute products


Sales Era: (marketing concept) - ✔✔Managerial view of marketing as a sales function, or a way to move

products out of warehouses to reduce inventory


Relationship Era: (marketing concept) - ✔✔A business approach that prioritizes the satisfaction of

customers' needs and wants


Triple Bottom Line (Corporate Sustainability): (marketing concept) - ✔✔Profit, People, Planet: Financial,

Social, and Environmental consequences of business decisions


Steps in the Marketing Concept - ✔✔There are many steps involved in creating a successful product


Environmental factors: Social, Economic, Technological, Competitive And Regulatory


Types of Organizations - ✔✔For-profit, nonprofit, government agency


for-profit - ✔✔often called a business firm (Nike, Facebook, Toyota)


(Profit is primary but not only goal)




Author. Barrett, ©2025 All Rights Reserved.

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