MGT 291 EXAM 1 MIAMI UNIVERSITY 2026
FINAL REVIEW PACK COMPLETE QUESTION
SET AND CORE CONCEPT SUMMARY
◉ core values. Answer: the fundamental, passionate, and enduring
principles that guide its conduct over time. serve to motivate its
stakeholders
◉ mission. Answer: a statement of the organization's function in
society that often identifies its customers, markets, products and
technologies. it's mission statement should be clear, concise,
meaningful, inspirational, and long term.
◉ organizational culture. Answer: the set of values, ideas, attitudes,
and norms of behavior that is learned and shared among the
members of an organization
◉ business. Answer: describes the clear, broad, underlying industry
or market sector of an organization's offering
◉ market share. Answer: the ratio of sales revenue of the firm to the
total sales revenue of all firms in the industry, including the firm
itself
,◉ marketing plan. Answer: a road map for the marketing actions of
an organization for a specified future time period
◉ marketing dashboard. Answer: the visual display of the essential
information related to achieving a marketing objective
◉ marketing metric. Answer: a measure of the quantitative value or
trend of a marketing action or result
◉ business portfolio analysis. Answer: a technique that managers
use to quantify performance measures and growth targets to analyze
their firms' SBUs (strategic business units) as though they were a
collection of separate investments
◉ diversification analysis. Answer: a technique that helps a firm
search for growth opportunities from among current and new
markets as well as current and new products
◉ market penetration. Answer: a marketing strategy to increase
sales of current products in current markets, such as selling more
ben & jerry's ice cream to U.S. customers
◉ market development. Answer: a marketing strategy to sell current
products to new markets
,◉ product development. Answer: a marketing strategy of selling
new products to current markets
◉ diversification. Answer: a marketing strategy of developing new
products and selling them in new markets
◉ strategic marketing process. Answer: the approach whereby an
organization allocates its marketing mix resources to reach its target
markets
◉ situation analysis. Answer: taking stock of where the firm or
product has been recently, where it is now, and where it is headed in
terms of the organization's marketing plans and the external forces
and trends affecting it
◉ SWOT analysis. Answer: an acronym describing an organization's
appraisal of its internal Strengths, Weaknesses, and it's external
Opportunities and Threats
◉ basis of the SWOT analysis. Answer: - identify trends in the
organization's industry
- analyze the organization's competitors
- assess the organization itself
- research the organization's present and prospective customers
, ◉ market segmentation. Answer: involves aggregating prospective
buyers into groups or segments that 1) have common needs and 2)
will respond similarly to a marketing action
◉ points of difference. Answer: those characteristics of a product
that make it superior to competitive substitutes
◉ 4 components of the implementation phase. Answer: 1) obtaining
resources
2) designing the marketing organization
3) defining precise tasks, responsibilities, and deadlines
4) actually executing the marketing program designed in the
planning phase
◉ action item list. Answer: an aid to implementing a marketing plan
consisting of 4 columns:
1) the task
2) the person responsible for completing that task
3) the date to finish the task
4) what is to be delivered
◉ business plan. Answer: a road map for the entire organization for
a specified future period of time
FINAL REVIEW PACK COMPLETE QUESTION
SET AND CORE CONCEPT SUMMARY
◉ core values. Answer: the fundamental, passionate, and enduring
principles that guide its conduct over time. serve to motivate its
stakeholders
◉ mission. Answer: a statement of the organization's function in
society that often identifies its customers, markets, products and
technologies. it's mission statement should be clear, concise,
meaningful, inspirational, and long term.
◉ organizational culture. Answer: the set of values, ideas, attitudes,
and norms of behavior that is learned and shared among the
members of an organization
◉ business. Answer: describes the clear, broad, underlying industry
or market sector of an organization's offering
◉ market share. Answer: the ratio of sales revenue of the firm to the
total sales revenue of all firms in the industry, including the firm
itself
,◉ marketing plan. Answer: a road map for the marketing actions of
an organization for a specified future time period
◉ marketing dashboard. Answer: the visual display of the essential
information related to achieving a marketing objective
◉ marketing metric. Answer: a measure of the quantitative value or
trend of a marketing action or result
◉ business portfolio analysis. Answer: a technique that managers
use to quantify performance measures and growth targets to analyze
their firms' SBUs (strategic business units) as though they were a
collection of separate investments
◉ diversification analysis. Answer: a technique that helps a firm
search for growth opportunities from among current and new
markets as well as current and new products
◉ market penetration. Answer: a marketing strategy to increase
sales of current products in current markets, such as selling more
ben & jerry's ice cream to U.S. customers
◉ market development. Answer: a marketing strategy to sell current
products to new markets
,◉ product development. Answer: a marketing strategy of selling
new products to current markets
◉ diversification. Answer: a marketing strategy of developing new
products and selling them in new markets
◉ strategic marketing process. Answer: the approach whereby an
organization allocates its marketing mix resources to reach its target
markets
◉ situation analysis. Answer: taking stock of where the firm or
product has been recently, where it is now, and where it is headed in
terms of the organization's marketing plans and the external forces
and trends affecting it
◉ SWOT analysis. Answer: an acronym describing an organization's
appraisal of its internal Strengths, Weaknesses, and it's external
Opportunities and Threats
◉ basis of the SWOT analysis. Answer: - identify trends in the
organization's industry
- analyze the organization's competitors
- assess the organization itself
- research the organization's present and prospective customers
, ◉ market segmentation. Answer: involves aggregating prospective
buyers into groups or segments that 1) have common needs and 2)
will respond similarly to a marketing action
◉ points of difference. Answer: those characteristics of a product
that make it superior to competitive substitutes
◉ 4 components of the implementation phase. Answer: 1) obtaining
resources
2) designing the marketing organization
3) defining precise tasks, responsibilities, and deadlines
4) actually executing the marketing program designed in the
planning phase
◉ action item list. Answer: an aid to implementing a marketing plan
consisting of 4 columns:
1) the task
2) the person responsible for completing that task
3) the date to finish the task
4) what is to be delivered
◉ business plan. Answer: a road map for the entire organization for
a specified future period of time
