MGT 103 - MIDTERM 1 EHRICH UCSD QUESTIONS WELL ANSWERED LATEST UPDATE 2026
What is 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
Value Proposition - Answers Benefits that an organization promises to the customer: There must be a
belief that this promised value will be delivered and experienced
Organizational Culture - Answers set of values, ideas, attitudes and norms of behavior that is learned
and shared among members of the organization
Mission Statement - Answers 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.
Market Penetration Strategy - Answers seeks to increase sales of existing products to existing
markets
Product Development Strategy - Answers create growth by selling new products in existing markets
Market Development Strategy - Answers introduce existing products to new markets
Diversification Strategy - Answers emphasize both new products and new markets to achieve growth
Environmental Scan - Answers 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 - Answers reflects the totality of consumers' decisions with respect to the
acquisition, consumption and disposition of goods, services, activities and ideas by (human) decision-
making units over time
Marketing Research - Answers Collecting, analyzing, and interpreting data about customers,
competitors, and the business environment to improve marketing effectiveness
Primary Data - Answers Collected specifically for current purpose•Could be internally or externally
collected•Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations
Secondary Data - Answers Collected for some other purpose•External (census, Gallup poll,
etc.)•Internal (company records, sales data)
Observational Research - Answers Making observations of behavior and recording those observations
in an objective manner•Natural (e.g., home, store) vs. artificial (e.g., lab) settings•Most useful when
investigating complex social settings; less useful for studying well-defined hypotheses under specific
conditions
Survey Research - Answers Personal Interview surveys -you can be flexible and adjust to the person
you're interviewing (costly)•Mail surveys & Phone surveys•Online surveys -becoming more and more
common
Experimental Research - Answers Test hypotheses about causal relationship between variables-Look
at effect of independent variable on dependent variable-Different groups of consumers get different
"treatments"-Helps determine CAUSALITY
3 Factors Necessary for Causation - Answers 1)Correlation
2) Temporal antecedence
3) No third factor driving both
Requirements to Establish Causality - Answers 1.control/manipulate the cause (independent variable)
and hold "everything else"constant
2.the cause has to precede the effect (dependent variable)
3.random assignment -makes experimental groups statistically equivalent
Psychographic Segmentation - Answers dividing a market into different segments based on social
class, lifestyle, or personality characteristics
Behavioral Segmentation - Answers Segmentation based on how consumers act toward, feel about,
or use a product
Example of Behavioral Segmentation - Answers how often do they use the product
4 Types of Segmentation - Answers demographic, geographic, psychographic, behavioral
Segmentation - Answers Identify and describe market segments
Targeting - Answers Evaluate segments and decide which to go after
Positioning - Answers Develop a marketing mix that will create a competitive advantage in the minds
of the selected target market
What is 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
Value Proposition - Answers Benefits that an organization promises to the customer: There must be a
belief that this promised value will be delivered and experienced
Organizational Culture - Answers set of values, ideas, attitudes and norms of behavior that is learned
and shared among members of the organization
Mission Statement - Answers 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.
Market Penetration Strategy - Answers seeks to increase sales of existing products to existing
markets
Product Development Strategy - Answers create growth by selling new products in existing markets
Market Development Strategy - Answers introduce existing products to new markets
Diversification Strategy - Answers emphasize both new products and new markets to achieve growth
Environmental Scan - Answers 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 - Answers reflects the totality of consumers' decisions with respect to the
acquisition, consumption and disposition of goods, services, activities and ideas by (human) decision-
making units over time
Marketing Research - Answers Collecting, analyzing, and interpreting data about customers,
competitors, and the business environment to improve marketing effectiveness
Primary Data - Answers Collected specifically for current purpose•Could be internally or externally
collected•Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations
Secondary Data - Answers Collected for some other purpose•External (census, Gallup poll,
etc.)•Internal (company records, sales data)
Observational Research - Answers Making observations of behavior and recording those observations
in an objective manner•Natural (e.g., home, store) vs. artificial (e.g., lab) settings•Most useful when
investigating complex social settings; less useful for studying well-defined hypotheses under specific
conditions
Survey Research - Answers Personal Interview surveys -you can be flexible and adjust to the person
you're interviewing (costly)•Mail surveys & Phone surveys•Online surveys -becoming more and more
common
Experimental Research - Answers Test hypotheses about causal relationship between variables-Look
at effect of independent variable on dependent variable-Different groups of consumers get different
"treatments"-Helps determine CAUSALITY
3 Factors Necessary for Causation - Answers 1)Correlation
2) Temporal antecedence
3) No third factor driving both
Requirements to Establish Causality - Answers 1.control/manipulate the cause (independent variable)
and hold "everything else"constant
2.the cause has to precede the effect (dependent variable)
3.random assignment -makes experimental groups statistically equivalent
Psychographic Segmentation - Answers dividing a market into different segments based on social
class, lifestyle, or personality characteristics
Behavioral Segmentation - Answers Segmentation based on how consumers act toward, feel about,
or use a product
Example of Behavioral Segmentation - Answers how often do they use the product
4 Types of Segmentation - Answers demographic, geographic, psychographic, behavioral
Segmentation - Answers Identify and describe market segments
Targeting - Answers Evaluate segments and decide which to go after
Positioning - Answers Develop a marketing mix that will create a competitive advantage in the minds
of the selected target market
