MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS
1. 4 P's of Market-
ing
2. value proposi-
tion
3. marketing con-
cept
Product, Price, Place, Promotion
Benefits that an organization promises to the customer
Considering a customer's needs, using integrated mar-
keting in order to profit thr...
1. 4 P's of Market- Product, Price, Place, Promotion
ing
2. value proposi- Benefits that an organization promises to the customer
tion
3. marketing con- Considering a customer's needs, using integrated mar-
cept keting in order to profit through customer satistfaction
4. production era a management philosophy that emphasizes the most ef-
ficient ways to produce and distribute products
5. sales era a managerial view of marketing as a sales function, or
a way to move products out of warehouses to reduce
inventory
6. relationship era a business approach that prioritizes the satisfaction of
customers' needs and wants
7. Triple Bottom Profit, People, Planet: Financial Social, and environmen-
Line tal consequences of business decisions
8. For-profit organi- often called a business firm, is a privately owned organi-
zations zation such as Target or Nike that serves its customers to
earn a profit so that it can survive
9. organization a legal entity that consists of people who share a common
mission
10. non-profit orga- non-governmental organization that focuses on providing
nization a service rather than a profit
11. government provides a specific service to its constituents (Census
agency Bureau)
12. corporate level top management directs overall strategy for the entire
organization
13. Strategic busi- a subsidiary of an organization that targets a specific
ness unit (SBU) market
, MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS
14. functional level a more specific group of specialists that serve certain
functions (e.g. finance department, marketing depart-
ment)
15. strategy an organization's long-term course of action designed to
deliver a unique customer experience while achieving its
goals
16. Core Values the fundamental, passionate, and enduring principles of
an organization that guide its conduct over time
17. Organizational the set of values, ideas, attitudes, and norms of behavior
culture that is learned and shared among the members of an
organization
18. mission state- a formal declaration that describes the firm's overall pur-
ment pose and what it hopes to achieve in terms of its cus-
tomers, products, and resources. It should be clear, con-
cise, and meaningful and inspirational
19. competencies what do we do well?
(strategic
direction)
20. customers who can we serve?
(strategic
direction)
21. competitors who else serves these customers in a similar fashion?
(strategic
direction)
22. stars (BPA) high share of high growth
23. cash cows (BPA) generate lots of cash, high share of low growth
24. question marks low share of high growth
(BPA)
, MGT 103 MIDTERM 1 EHRICH EXAM TEST WITH ANSWERS
25. dogs (BPA) low share of slow growth
26. market penetra- seek to increase sales of existing products to existing
tion strategy markets
27. product develop- create growth by selling new products in existing markets
ment strategy
28. market develop- introduce existing products to new markets
ment strategy
29. diversification emphasize both new products and new markets to
strategy achieve growth
30. Situational Strengths and weaknesses
Analysis
(Internal)
31. Situational Opportunities and threats
Analysis
(External)
32. segmenting an aggregating process that clusters people with similar
needs into a market segment
33. targeting A strategy in which marketers evaluate the attractiveness
of each potential segment and decide in which of these
groups they will invest resources to try to turn them into
customers.
34. positioning developing a specific marketing mix that will create a
competitive advantage in the minds of the selected target
market
35. implementation how to turn the plan into results
36. evaluation/con- Measuring actual performance, comparing performance
trol to the objectives, making adjustments
37.
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