MGT 103 – MIDTERM QUESTIONS & VERIFIED
ANSWERS
Definition of Marketing - Answers - 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.
Exchange - Answers -
Marketing Concept - Answers - Analyze Market Opportunities → Select Target
Audience → Market Research → Formulate the Marketing Mix → Implement & Control.
Needs vs. Wants - Answers - Needs - Basic human requirements (shelter, clothes, food,
etc.)
Wants - Non-permanent, aren't essential for survival.
Evolution of the Marketing Concept - Answers - Production Era → Sales Era →
Relationship Era → Triple Bottom Line
4 Eras of the Marketing Concept - Answers - Production Era, Sales Era, Relationship
Era, Triple Bottom Line
Triple Bottom Line - Answers - Profit, People, Planet: Financial, Social, and
Environmental consequences of business decisions.
The Value of Proposition - Answers - Helps summarize why a consumer should buy a
product or use a service.
Marketing Mix, 4Ps - Answers - Product, Price, Promotion, PLacement
Environmental Forces - Answers - Social, Economic, Technological, Competitive, and
Regulatory
Strategic planning - Answers - Ongoing process of making decisions that guide the firm
both in the short term and for the long term.
Three levels of planning - Answers - Strategic (define mission and develop growth
strategies), Functional (analyze, set objectives, implement strategies, control),
Operational (develop action plans, use marketing metrics)
, Steps in Strategic Planning - Answers - Define mission → Evaluage the internal &
external environment → Set organizational objectives → Establish business portfolio →
Develop growth strategies
Mission Statement - Answers - A 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 - Answers - Strengths, Weaknesses, Opportunities, Threats. Build on
firm's strengths.
Growth Strategies - Answers - Market Emphasis vs. Product Emphasis: Marketing
towards existing or new products/markets
Functional Planning - Answers - Planning done by top-level management such as the
firm's chief marketing officer. Includes steps involving analyzing the situation, setting
objectives, developing marketing strategies, implementing them, and
monitoring/controlling them.
Segmenting, Targeting, and Positioning - Answers - A 3-step approach to building a
targeted marketing plan.
Developing the Marketing mix - Answers - Addresses the 4 Ps.
Environmental Scan - Answers - A review of external sources to discover factors that
impact a business.
Economic Environment - Answers - Economic health, economic development, and The
Business Cycle
Competitive Environment - Answers - Alternative products that can satisfy a specific
market's needs.
Technological Environment - Answers - Advantages and disadvantages of technological
innovations can include smartphone apps, new machines, social media, etc.
Political and Legal Environment - Answers - Marketers adjust conditions and influence
the process through contributions and lobbying (ex. enactment of legislation, legal
decisions, Presidential administrations, etc.).
Sociocultural Environment - Answers - Cultural values, ideas, attitudes, social
norms/customs, education, language, religion, and materialism.
Marketing Research - Answers - Collecting, analyzing, and interpreting data about
customers, competitors, and the business environment to improve marketing
effectiveness.
ANSWERS
Definition of Marketing - Answers - 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.
Exchange - Answers -
Marketing Concept - Answers - Analyze Market Opportunities → Select Target
Audience → Market Research → Formulate the Marketing Mix → Implement & Control.
Needs vs. Wants - Answers - Needs - Basic human requirements (shelter, clothes, food,
etc.)
Wants - Non-permanent, aren't essential for survival.
Evolution of the Marketing Concept - Answers - Production Era → Sales Era →
Relationship Era → Triple Bottom Line
4 Eras of the Marketing Concept - Answers - Production Era, Sales Era, Relationship
Era, Triple Bottom Line
Triple Bottom Line - Answers - Profit, People, Planet: Financial, Social, and
Environmental consequences of business decisions.
The Value of Proposition - Answers - Helps summarize why a consumer should buy a
product or use a service.
Marketing Mix, 4Ps - Answers - Product, Price, Promotion, PLacement
Environmental Forces - Answers - Social, Economic, Technological, Competitive, and
Regulatory
Strategic planning - Answers - Ongoing process of making decisions that guide the firm
both in the short term and for the long term.
Three levels of planning - Answers - Strategic (define mission and develop growth
strategies), Functional (analyze, set objectives, implement strategies, control),
Operational (develop action plans, use marketing metrics)
, Steps in Strategic Planning - Answers - Define mission → Evaluage the internal &
external environment → Set organizational objectives → Establish business portfolio →
Develop growth strategies
Mission Statement - Answers - A 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 - Answers - Strengths, Weaknesses, Opportunities, Threats. Build on
firm's strengths.
Growth Strategies - Answers - Market Emphasis vs. Product Emphasis: Marketing
towards existing or new products/markets
Functional Planning - Answers - Planning done by top-level management such as the
firm's chief marketing officer. Includes steps involving analyzing the situation, setting
objectives, developing marketing strategies, implementing them, and
monitoring/controlling them.
Segmenting, Targeting, and Positioning - Answers - A 3-step approach to building a
targeted marketing plan.
Developing the Marketing mix - Answers - Addresses the 4 Ps.
Environmental Scan - Answers - A review of external sources to discover factors that
impact a business.
Economic Environment - Answers - Economic health, economic development, and The
Business Cycle
Competitive Environment - Answers - Alternative products that can satisfy a specific
market's needs.
Technological Environment - Answers - Advantages and disadvantages of technological
innovations can include smartphone apps, new machines, social media, etc.
Political and Legal Environment - Answers - Marketers adjust conditions and influence
the process through contributions and lobbying (ex. enactment of legislation, legal
decisions, Presidential administrations, etc.).
Sociocultural Environment - Answers - Cultural values, ideas, attitudes, social
norms/customs, education, language, religion, and materialism.
Marketing Research - Answers - Collecting, analyzing, and interpreting data about
customers, competitors, and the business environment to improve marketing
effectiveness.
