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Exam (elaborations)

MGT 103 - Midterm 1 Ehrich UCSD Questions and Answers (100% Pass)

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  • MGT 103
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  • MGT 103

MGT 103 - Midterm 1 Ehrich UCSD Questions and Answers (100% Pass)

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  • October 29, 2024
  • 8
  • 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 Ehrich UCSD
Questions and Answers (100% Pass)
What is marketing?


✓ 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




Value Proposition


✓ Benefits that an organization promises to the customer: There must be a

belief that this promised value will be delivered and experienced




Organizational Culture


✓ set of values, ideas, attitudes and norms of behavior that is learned

and shared among members of the organization




Mission Statement


✓ 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.




Master01 | October, 2024/2025 | Latest update

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

Market Penetration Strategy


✓ seeks to increase sales of existing products to existing markets




Product Development Strategy


✓ create growth by selling new products in existing markets




Market Development Strategy


✓ introduce existing products to new markets




Diversification Strategy


✓ emphasize both new products and new markets to achieve growth




Environmental Scan


✓ Process of continually acquiring information on events occurring

outside the organization. This is done to identify and interpret potential

trends that might impact the business.




Consumer Behavior




Master01 | October, 2024/2025 | Latest update

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