MGT 103 – Midterm Exam Questions and
Answers
Definition of Marketing - Answer-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 - Answer-
Marketing Concept - Answer-Analyze Market Opportunities → Select Target Audience
→ Market Research → Formulate the Marketing Mix → Implement & Control.
Needs vs. Wants - Answer-Needs - Basic human requirements (shelter, clothes, food,
etc.)
Wants - Non-permanent, aren't essential for survival.
Evolution of the Marketing Concept - Answer-Production Era → Sales Era →
Relationship Era → Triple Bottom Line
4 Eras of the Marketing Concept - Answer-Production Era, Sales Era, Relationship Era,
Triple Bottom Line
Triple Bottom Line - Answer-Profit, People, Planet: Financial, Social, and Environmental
consequences of business decisions.
The Value of Proposition - Answer-Helps summarize why a consumer should buy a
product or use a service.
Marketing Mix, 4Ps - Answer-Product, Price, Promotion, Placement
Environmental Forces - Answer-Social, Economic, Technological, Competitive, and
Regulatory
Strategic planning - Answer-Ongoing process of making decisions that guide the firm
both in the short term and for the long term.
Three levels of planning - Answer-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 - Answer-Define mission → Evaluage the internal & external
environment → Set organizational objectives → Establish business portfolio → Develop
growth strategies
, Mission Statement - Answer-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 - Answer-Strengths, Weaknesses, Opportunities, Threats. Build on
firm's strengths.
Growth Strategies - Answer-Market Emphasis vs. Product Emphasis: Marketing towards
existing or new products/markets
Functional Planning - Answer-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 - Answer-A 3-step approach to building a
targeted marketing plan.
Developing the Marketing mix - Answer-Addresses the 4 Ps.
Environmental Scan - Answer-A review of external sources to discover factors that
impact a business.
Economic Environment - Answer-Economic health, economic development, and The
Business Cycle
Competitive Environment - Answer-Alternative products that can satisfy a specific
market's needs.
Technological Environment - Answer-Advantages and disadvantages of technological
innovations can include smartphone apps, new machines, social media, etc.
Political and Legal Environment - Answer-Marketers adjust conditions and influence the
process through contributions and lobbying (ex. enactment of legislation, legal
decisions, Presidential administrations, etc.).
Sociocultural Environment - Answer-Cultural values, ideas, attitudes, social
norms/customs, education, language, religion, and materialism.
Marketing Research - Answer-Collecting, analyzing, and interpreting data about
customers, competitors, and the business environment to improve marketing
effectiveness.
