MGT 103 MIDTERM and FINAL Exam Study Guide Question s and Answers
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Course
MGT103
Institution
MGT103
Marketing Taglines - Answer-short external statements (3-6 words) intended to brand a positive image* in the consumer's mind
Marketing - Answer-is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and so...
MGT 103 MIDTERM and FINAL Exam
Study Guide Question s and Answers
Marketing Taglines - Answer-short external statements (3-6 words) intended to brand a
positive image* in the consumer's mind
Marketing - Answer-is the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the organization, its stakeholders, and
society at large
Marketing (more simply) - Answer-1. to discover the needs and wants of prospective
customers
2. satisfy them
need (examples) - Answer-Air- Water- Food- Shelter- Clothing- Medical care- Other
(Love, Companionship, Friends, Parking spot on campus)
want - Answer-a need that is shaped by a person's knowledge, culture, and personality
Commercial-centric View - Answer-market sales goes to revenue generating when
sales are down
What's Needed for Marketing to Occur? - Answer-1. Two or more parties with
unsatisfied needs
2. A desire and ability on their part to have their needs satisfied
3. A way for the parties to communicate
4. Something to exchange
The Four "P's": Controlling Marketing Mix Factors - Answer-Product, Price, Promotion,
Place
Product - Answer-A good, service, or idea to satisfy the customers' needs
Price - Answer-What is exchanged for the product
Promotion - Answer-A means of communication between the seller and buyer
Place - Answer-A means for getting the product to the customer
Which of the 4 "P's" is most important? - Answer-product
Value Proposition - Answer-Benefits that an organization promises to the customer:
There must be a belief that this promised value will be delivered and experienced
Visionary organizations - Answer-(1) establish a foundation, (2) set a direction, and (3)
create strategies to successfully develop and market their offerings
visionary organizations plan in detail - Answer-- Anticipate future events (and
opportunities), respond quickly
- Specify its foundation (why exist)
- Set direction (what do)
- Formulate strategies (how do)
- Execute on these strategies (tactics)
- Acknowledge and reward team and individual success
organizational culture - Answer-the set of values, ideas, attitudes, and norms of
behavior that is learned and shared among the members of an organization
Mission Statement - Answer-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.
Company Culture - Answer-the "fabric" or "essence" of the company.
Culture: who are we? - Answer-it's the "heartbeat" of the company (not "brain")
Something that is pre-existing in a company's genetic code
goals or objectives in visionary organizations - Answer-Profit• Sales ($)• Market Share•
Customer Satisfaction• Employee Welfare• Social Responsibility• Quality • Efficiency
Situation (SWOT) Analysis - Answer-strengths (build on a strength), weaknesses
(correct/ neutralize a weakness), opportunities (exploit an opportunity), threats (avoid a
disaster-laden threat)
environmental forces - Answer-affect the organization, its suppliers, and its customers
Barriers to entry - Answer-business practices or conditions that make it difficult for new
firms to enter the market
Competitive Forces - Answer-Barriers to entry
- capital requirements
- advertising expenditures
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