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mgt 103 midterm 1 exam with correct answers
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mgt 103 midterm 1 exam with correct answers
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mgt 103 midterm 1 exam with correctanswers
Definition of Marketing - Answers -activity for creating, communicating, delivering,
exchanging offerings that benefit its customers
Exchange - Answers -trade of value for buyers/sellers so that each is better off
Marketing Concept - Answers -organization should strive to satisfy needs of consumer
while trying to achieve organization's goals
4 Eras of the Marketing Concept - Answers -production, sales, marketing concept,
customer relation era
Triple Bottom Line - Answers -people, planet, and profit. Want to improve all
simultaneously
The Value Proposition - Answers -cluster of benefits that an organization promises
customers to satisfy their needs. Must have a belief
Marketing Mix, 4Ps - Answers -product, price, place, promotion. These are controllable
Environmental Forces - Answers -social, economic, tech, competitive, regulatory forces
- not controllable
Strategic planning - Answers -Ongoing process of making decisions that guide the firm
both in the short and long term. Develop objectives before actions
Three levels of planning - Answers -Strategic, Functional, Operation
Strategic Planning (3 levels of planning) - Answers -done by top level corporate
management
Functional Planning( 3 levels) - Answers -done by top functional level management like
CMO
operational Planning ( 3 levels) - Answers -done by supervising managers
Steps in Strategic Planning - Answers -define mission, evaluate internal/external
environment, set organizational or SBU Objectives, establish business portfolio, develop
growth strategies
, Mission Statement - Answers -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 - Answers -internal strengths and weakness, external opportunities and
threats
Growth Strategies - Answers -Market penetration, product development, market
development, diversification strategy
Segmenting, Targeting and Positioning - Answers -select target markets where the
firm's offerings are best suited
Developing the Marketing Mix - Answers -address product, price, place, promotion,
placement
Environmental Scan - Answers -shows the many important trends that influence
marketing
Economic Environment - Answers -indications of economic health (GDP, GNP,
infrastructure), levels of economics development, the business cycle.
Competitive Environment - Answers -monopoly, oligopoly, monopolistic competition,
pure competition
Political and Legal Environment - Answers -laws inside and outside America, human
rights, regulatory
Sociocultural Environment - Answers -demographics, values, social norms, culture
Marketing Research - Answers -collecting, analyzing and interpreting data about
customers competitors, and the business environment to improve marketing
effectiveness. Only 8% of new product concepts reach the market
Marketing Research Process: Basic - Answers -to understand consumer behavior or
marketing in general
Marketing Research Process: Applied - Answers -Specific problem at a specific
organization
Marketing Research Process - Answers -Define problem, determine design, choose
method to collect primary data, design sample, collect data, analyze/interpret data,
prepare research report
Independent Variables - Answers -what you control/manipulate
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