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Exam (elaborations)

mgt 103 midterm 1 Questions and Answers (100% Pass)

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  • Course
  • MGT 103
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  • MGT 103

mgt 103 midterm 1 Questions and Answers (100% Pass)

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  • October 29, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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ExamArsenal
1|Page | © copyright 2024/2025 | Grade A+




mgt 103 midterm 1 Questions and
Answers (100% Pass)
Definition of Marketing


✓ activity for creating, communicating, delivering, exchanging offerings

that benefit its customers




Exchange


✓ trade of value for buyers/sellers so that each is better off




Marketing Concept


✓ organization should strive to satisfy needs of consumer while trying to

achieve organization's goals




4 Eras of the Marketing Concept


✓ production, sales, marketing concept, customer relation era




Triple Bottom Line


✓ people, planet, and profit. Want to improve all simultaneously




The Value Proposition

Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ cluster of benefits that an organization promises customers to satisfy

their needs. Must have a belief




Marketing Mix, 4Ps


✓ product, price, place, promotion. These are controllable




Environmental Forces


✓ social, economic, tech, competitive, regulatory forces

✓ - not controllable




Strategic planning


✓ Ongoing process of making decisions that guide the firm both in the

short and long term. Develop objectives before actions




Three levels of planning


✓ Strategic, Functional, Operation




Strategic Planning (3 levels of planning)


✓ done by top level corporate management




Functional Planning( 3 levels)
Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ done by top functional level management like CMO




operational Planning ( 3 levels)


✓ done by supervising managers




Steps in Strategic Planning


✓ define mission, evaluate internal/external environment, set

organizational or SBU Objectives, establish business portfolio, develop

growth strategies




Mission Statement


✓ 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


✓ internal strengths and weakness, external opportunities and threats




Growth Strategies


✓ Market penetration, product development, market development,

diversification strategy




Master01 | October, 2024/2025 | Latest update

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