MGT 103 QUIZ QUESTIONS WITH
100% CORRECT ANSWERS
What are key questions when setting the mission? - Answer- What businesses are we
in?
What customers should we serve?
How do we develop the firm's capabilities and focus its efforts?
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 inspiration
Normally one sentence long
What does SMART stand for? - Answer- (specific, measurable, attainable, relevant and
have a timeline)
May be financially focused, or focused on other factors such as satisfaction,
technological innovation, etc.
What is market share? - Answer- How much of that product is owned
What is marketing? - Answer- Marketing is the CREATION OF VALUE for the company,
customer, and any collaborators working w/ the brand
Discover value
Create it
Communicate it
Deliver it
Requirements for successful marketing - Answer- Two or more parties w/ unsatisfied
needs
Desire and ability to satisfy needs
Someway for parties to communicate w/ each other
Something to exchange
What are the four p's of marketing? - Answer- Product- not always a good, can be
service, idea, what is being offered
Price- what is being exchanged for the product, monetary
Promotion - how is this being communicated to the consumer
Place- how is the product getting to consumer, distribution
,What are environmental factors? - Answer- not controlled by the company, external
what is a "want?" - Answer- help us fulfill our needs, wants shaped by our personality,
knowledge, culture, and experience
what is an example of a need vs a want? - Answer- Need smartphone, wants 16 pro
max
Value Proposition - Answer- a bundle of benefits the organization promises to the
consumer, that the consumers believe will be delivered upon, what the company
promises will give to consumer and vice versa, this is KEY in understanding not
everyone is your customer, target customer has to have what the company needs
Number one rule in marketing? - Answer- make sure the way u use ur resource makes
sense
what are things that customers value? - Answer- quality, safety, aesthetics,
accessibility, prestige, convenience, affordability, timeliness, hard to bundle all of this
into one product or service
What is the concept of marketing? - Answer- striving to satisfy the needs of consumers
whole also satisfying in the needs of the organization, Production era, sales era,
marketing concept era, relationship era, triple bottom line
Corporate sustainability - Answer- the ability to keep going or continue, thus, making
sure we are taking care of the planet, people, and profits
What is an organization? - Answer- a legal entity that consists of ppl who share a
common mission
Examples of for profit orgs - Answer- business firm, Nike, Facebook, Toyota, Samsung
Examples of non profit orgs - Answer- intended goal is benefitting the
organization/group of ppl that they exist for, profit gets funneled back into the
organization
What are government agencies? - Answer- fed, state, county, city org
Levels of a corporation - Answer- CFO, CMO, Boards
Strategic business unit SBU - Answer- a subsidiary of an org that targets a specific
market, like P&G, like Beauty olay, health like vicks, homecare like Febreeze, johnson
and johnson like shampoo, pharmacy, each focus on a distinct market
Strategic planning - Answer- plans to make us competitive, address needs or org and
customers
, Functional level - Answer- more today handling like human resources, accountants,
marketing ppl, etc.
Strategy - Answer- long-term plan of action aimed at creating sustainable value by
(impacts short-term decisions) delivering a distinctive customer experiences while
achieving goals and adapting to a dynamic environment, needs to be considered every
day
Core values - Answer- informs the culture fundamental, enduring passionate principles
that guide the conduct of an organization
Must be communicated and supported by top management as well as all employees
Where do we see these evidenced?
Organizational culture - Answer- set of values, ideas, attitudes, and norms of behavior
that is learned and shared among members of the org
Values represented in culture, value=empathy, culture=the meetings to understand
I.e no plants in cubicle
Market penetration - Answer- seek to increase sales of existing products to existing
markets, penetrating more than we were, selling more product, reapply sunscreen every
2 hrs, selling more
Product development strategy - Answer- now we want chapstick with sunscreen,
developing new prods
Market development strategy - Answer- taking sunscreen and moving and selling to
houston, austin, new orleans, miami
diversification strategy - Answer- both creating new products and moving into new
markets
what is SWOT? - Answer- Strength, weaknesses, opportunities, threats
situational (international/external)
Strength, weaknesses, opportunities, threats
Opportunities and threats are external
Strength and weakness are internal
Be aware of your weaknesses and threats!
Implementation - Answer- how to turn the marketing plan into results
Set deadlines, assign responsibilities for the tactical marketing decisions
Evaluation/Control - Answer- measuring actual performance, comparing performance to
the objectics that were set, making adjustments as needed. Possible marketing metrics:
Return on marketing investment
New customer acquisition cost
100% CORRECT ANSWERS
What are key questions when setting the mission? - Answer- What businesses are we
in?
What customers should we serve?
How do we develop the firm's capabilities and focus its efforts?
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 inspiration
Normally one sentence long
What does SMART stand for? - Answer- (specific, measurable, attainable, relevant and
have a timeline)
May be financially focused, or focused on other factors such as satisfaction,
technological innovation, etc.
What is market share? - Answer- How much of that product is owned
What is marketing? - Answer- Marketing is the CREATION OF VALUE for the company,
customer, and any collaborators working w/ the brand
Discover value
Create it
Communicate it
Deliver it
Requirements for successful marketing - Answer- Two or more parties w/ unsatisfied
needs
Desire and ability to satisfy needs
Someway for parties to communicate w/ each other
Something to exchange
What are the four p's of marketing? - Answer- Product- not always a good, can be
service, idea, what is being offered
Price- what is being exchanged for the product, monetary
Promotion - how is this being communicated to the consumer
Place- how is the product getting to consumer, distribution
,What are environmental factors? - Answer- not controlled by the company, external
what is a "want?" - Answer- help us fulfill our needs, wants shaped by our personality,
knowledge, culture, and experience
what is an example of a need vs a want? - Answer- Need smartphone, wants 16 pro
max
Value Proposition - Answer- a bundle of benefits the organization promises to the
consumer, that the consumers believe will be delivered upon, what the company
promises will give to consumer and vice versa, this is KEY in understanding not
everyone is your customer, target customer has to have what the company needs
Number one rule in marketing? - Answer- make sure the way u use ur resource makes
sense
what are things that customers value? - Answer- quality, safety, aesthetics,
accessibility, prestige, convenience, affordability, timeliness, hard to bundle all of this
into one product or service
What is the concept of marketing? - Answer- striving to satisfy the needs of consumers
whole also satisfying in the needs of the organization, Production era, sales era,
marketing concept era, relationship era, triple bottom line
Corporate sustainability - Answer- the ability to keep going or continue, thus, making
sure we are taking care of the planet, people, and profits
What is an organization? - Answer- a legal entity that consists of ppl who share a
common mission
Examples of for profit orgs - Answer- business firm, Nike, Facebook, Toyota, Samsung
Examples of non profit orgs - Answer- intended goal is benefitting the
organization/group of ppl that they exist for, profit gets funneled back into the
organization
What are government agencies? - Answer- fed, state, county, city org
Levels of a corporation - Answer- CFO, CMO, Boards
Strategic business unit SBU - Answer- a subsidiary of an org that targets a specific
market, like P&G, like Beauty olay, health like vicks, homecare like Febreeze, johnson
and johnson like shampoo, pharmacy, each focus on a distinct market
Strategic planning - Answer- plans to make us competitive, address needs or org and
customers
, Functional level - Answer- more today handling like human resources, accountants,
marketing ppl, etc.
Strategy - Answer- long-term plan of action aimed at creating sustainable value by
(impacts short-term decisions) delivering a distinctive customer experiences while
achieving goals and adapting to a dynamic environment, needs to be considered every
day
Core values - Answer- informs the culture fundamental, enduring passionate principles
that guide the conduct of an organization
Must be communicated and supported by top management as well as all employees
Where do we see these evidenced?
Organizational culture - Answer- set of values, ideas, attitudes, and norms of behavior
that is learned and shared among members of the org
Values represented in culture, value=empathy, culture=the meetings to understand
I.e no plants in cubicle
Market penetration - Answer- seek to increase sales of existing products to existing
markets, penetrating more than we were, selling more product, reapply sunscreen every
2 hrs, selling more
Product development strategy - Answer- now we want chapstick with sunscreen,
developing new prods
Market development strategy - Answer- taking sunscreen and moving and selling to
houston, austin, new orleans, miami
diversification strategy - Answer- both creating new products and moving into new
markets
what is SWOT? - Answer- Strength, weaknesses, opportunities, threats
situational (international/external)
Strength, weaknesses, opportunities, threats
Opportunities and threats are external
Strength and weakness are internal
Be aware of your weaknesses and threats!
Implementation - Answer- how to turn the marketing plan into results
Set deadlines, assign responsibilities for the tactical marketing decisions
Evaluation/Control - Answer- measuring actual performance, comparing performance to
the objectics that were set, making adjustments as needed. Possible marketing metrics:
Return on marketing investment
New customer acquisition cost
