MGT 291 EXAM 1 MIAMI UNIVERSITY 2026
REVISION NOTES AND STRUCTURED
MANAGEMENT FOUNDATIONS OVERVIEW
GUIDE
◉ 4 factors for marketing to occur. Answer: 1) 2+ parties with
unsatisfied needs
2) a desire & ability on their part to be satisfied
3) a way for the parties to communicate
4) something to exchange
◉ 5 environmental forces of marketing. Answer: 1) social (what
customers want, income, age, family)
2) economic (state of the economy)
3) technological
4) competitive (market position, how your competitors are doing)
5) regulatory (expiration dates, government regulations etc.)
◉ marketing mix (4 P's). Answer: 1) product
2) price
3) place
,4) promotion
◉ marketing concept. Answer: satisfies customer needs & wants &
also the company's needs & wants
◉ ultimate consumers vs. organizational buyers. Answer: ultimate
consumers: us
organizational buyers: manufacturers, resellers, govt. entities
◉ 4 utilities of marketing. Answer: 1) form (size, quantity, color,
length, etc.)
2) place (where to buy or get)
3) time (hours of operation, seasons, products when people wanna
buy)
4) possession (value customers place on goods or services and what
they decide to do with it)
◉ strategy. Answer: an organization's long-term course of action
designed to deliver a unique customer experience while achieving
its goals
◉ 3 types of organizations. Answer: - for-profit organizations
- nonprofit organizations
- government agencies
,◉ organization. Answer: a legal entity that consists of people who
share a common mission which motivates them to develop offerings
(goods, services, ideas) that create value for both the organization
and is customers by satisfying their needs & wants
◉ corporate level. Answer: where top management directs overall
strategy for the entire organization
◉ top management. Answer: the board of directors and senior
management officers with a variety of skills and experiences that are
invaluable in establishing the organization's overall strategy
◉ hierarchy of an organization. Answer: (from highest to lowest)
board of directors, corporate level, strategic business unit level,
functional level
◉ strategic business unit (SBU). Answer: a subsidiary, division, or
unit of an organization that markets a set of related offerings to a
clearly defined target market
◉ strategic business unit level. Answer: where managers set a more
specific strategic direction for their businesses to exploit value-
creating opportunities
, ◉ functional level. Answer: where groups of specialists actually
create value for the organization
◉ department. Answer: these specialized functions such as
marketing and finance where the organization's strategic direction
becomes its most specific and focused
◉ cross-functional teams. Answer: consist of a small number of
people from different departments who are mutually accountable to
accomplish a task or a common set of performance goals
◉ 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
REVISION NOTES AND STRUCTURED
MANAGEMENT FOUNDATIONS OVERVIEW
GUIDE
◉ 4 factors for marketing to occur. Answer: 1) 2+ parties with
unsatisfied needs
2) a desire & ability on their part to be satisfied
3) a way for the parties to communicate
4) something to exchange
◉ 5 environmental forces of marketing. Answer: 1) social (what
customers want, income, age, family)
2) economic (state of the economy)
3) technological
4) competitive (market position, how your competitors are doing)
5) regulatory (expiration dates, government regulations etc.)
◉ marketing mix (4 P's). Answer: 1) product
2) price
3) place
,4) promotion
◉ marketing concept. Answer: satisfies customer needs & wants &
also the company's needs & wants
◉ ultimate consumers vs. organizational buyers. Answer: ultimate
consumers: us
organizational buyers: manufacturers, resellers, govt. entities
◉ 4 utilities of marketing. Answer: 1) form (size, quantity, color,
length, etc.)
2) place (where to buy or get)
3) time (hours of operation, seasons, products when people wanna
buy)
4) possession (value customers place on goods or services and what
they decide to do with it)
◉ strategy. Answer: an organization's long-term course of action
designed to deliver a unique customer experience while achieving
its goals
◉ 3 types of organizations. Answer: - for-profit organizations
- nonprofit organizations
- government agencies
,◉ organization. Answer: a legal entity that consists of people who
share a common mission which motivates them to develop offerings
(goods, services, ideas) that create value for both the organization
and is customers by satisfying their needs & wants
◉ corporate level. Answer: where top management directs overall
strategy for the entire organization
◉ top management. Answer: the board of directors and senior
management officers with a variety of skills and experiences that are
invaluable in establishing the organization's overall strategy
◉ hierarchy of an organization. Answer: (from highest to lowest)
board of directors, corporate level, strategic business unit level,
functional level
◉ strategic business unit (SBU). Answer: a subsidiary, division, or
unit of an organization that markets a set of related offerings to a
clearly defined target market
◉ strategic business unit level. Answer: where managers set a more
specific strategic direction for their businesses to exploit value-
creating opportunities
, ◉ functional level. Answer: where groups of specialists actually
create value for the organization
◉ department. Answer: these specialized functions such as
marketing and finance where the organization's strategic direction
becomes its most specific and focused
◉ cross-functional teams. Answer: consist of a small number of
people from different departments who are mutually accountable to
accomplish a task or a common set of performance goals
◉ 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
