MGT 10 - CH 1-5, 8, 9, 12 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MGT 10 - CH 1-5, 8, 9, 12 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 marketing - Answers activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large - creation of value; every step in marketing create value 4 Ps of Marketing - Answers product, price, promotion, and place Product (what is being offered) - good vs. service == tangible vs. intangible Price - what is being exchanged for the product Promotion - what is being exchanged for the product Place - how is the product getting to the consumer also known as marketing mix and internal controllable factors Maslow's Hierarchy of Needs - Answers 1. Self-actualization 2. Ego needs 3. Belongingness 4. Safety 5. Physiological value proposition - Answers bundle of benefits that that the customer believes the company will provide to them when they receive the product - you can't be all things to people - there is no product that every one needs - ex. everyone needs toilet paper, but everyone buys a different brand Marketing Concept - Answers satisfying both customer and organization needs triple bottom line - Answers make a profit, take care of the planet, and take care of your people (employees and customers) - take care of Profit, Planet, People aka corporate sustainability: the ability of the corporation to be sustained types of orgs - Answers - profit organization: making profit and taking care of their people (business firm) - nonprofit: non governmental org that does not have profit as its main goal - government agency: in place to serve a set of constituents (federal, state, county, or city org) strategic planning - Answers long term plans that identify goals that we want to reach and how to reach them core values - Answers fundamental, passionate, and enduring principles that guide the conduct of an organization - ex. trust organizational culture - Answers set of values, ideas, attitudes, and norms of behavior that occur in an organization - ex. dress code at work place mission statement - Answers formal declaration that describes the firm's overall purpose and what ithops to achieve in terms of its customers, products, and resources clear, concise, meaningful and inspirational ex. nike --- to bring inspiration and innovation to every athlete in the world market shares - Answers how much a company owns in the industry S.M.A.R.T. - Answers specific, measurable, attainable, relevant, and have a timeline marketing plan - Answers roadmap for the marketing actions an organization over the course of 1-2 years; can be written for internal or external audience market penetration strategy - Answers penetrating a market we already know (safest ); seek to increase sales of exists products to existing markets ex. sunscreen company sells to SD uni students (successful) - wants to sell more products, undergoes educational campaign to show customers how to properly use the product - customers are under the impression NOW that they have to reapply sunscreen every 4 hours -- customer to buy more product ex. selling more ben & jerry's super premium ice cream to americans market development strategy - Answers introduce existing products to new markets ex. selling ben & jerrys ice to brazilians for the first time product development strategy - Answers create growth by selling new products in existing markets ex. selling a new product such a children's clothing under the ben & jerry's brand to americans diversification strategy (RISKIEST) - Answers - riskiest strategy; introducing a new product and going into new markets ex. selling a new product such a children clothing under the ben & jerry brand to brazilians for the first time SWOT analysis - Answers Strengths: companies should build on their strengths Weaknesses: correct their weaknesses Opportunities: capitalize on opportunities Threats: beware of threats and take action to avoid disasters segmentation - Answers something you do with people (NOT PRODUCTS) - put people into segments (kind of like categories) targets - Answers is done with groups of people positioning - Answers has to do with products, inside your consumers head the position your consumers think of you is what your products occupy types of marketing environments - Answers - political/legal = regulatory environment; every business has to understand what is happening politically - sociocultural = changes in cultural values and ideals (ex. health and fitness, goods vs. experience, gender roles, racial and ethnic diversity) - technological: how do you pay? cash limits your customers, most people don't carry cash around anymore - economic: companies have to study the economic environment to see how people want their product - competitive: don't think changing things up is by lowering the price of the product sociocultural environment - Answers - changes in cultural values, ideas, and attitudes - increasing expectation of authenticity and transparency - importance of education - growing reliance on peers as brand advocates - language socio-cultural forces - Answers - changes in cultural values alter people's needs and desires of products (health, nutrition, and exercise, defintions of family are changing) - a more diverse customer base means marketing practices must be modified and diversified to meet changing needs economic environment - Answers - indicators of economic health: GDP, unemployment, price changes - business cycle: recession, depression, prosperity, inflation - consumer income: gross income (total money made in a year by person/household), disposable income (money left after taxes, used for necessities, food, housing, clothing transportation) - discretionary income: basically fun money egocentrism - Answers you think other people think the same way you do (very dangerous as a market) - every pop. thinks a little differently and has different cultural values discretionary income - Answers income that is leftover in your household after you pay your taxes, housing, food, and clothes (fun money) stagnation - Answers economy is incredibly slow and really low job growth + inflation proof of recession - Answers - cheaper products (buying generic products over name brand) - tobacco and alcohol industry tend to do better during a recession (people suffer during recession, so they turn to these for comfort) - education sector (doesn't suffer as much in recession) --- people will take the opportunity to further their education if they lost their jobs recency - Answers you are most likely to remember the last thing you see ex. in an add, coke putting their logo at the end makes their ad more memorable ethical responsibility - Answers - standard is by the American Marketing Association - do no harm - foster truth in the marketing system - ethical values (honesty, responsibility, fairness, respect, transparency, and citizenship) - consumer bill of rights 1962: enacted by JFK administration (safety, informed, choice, and heard) - expanded rights (redress, education, and healthy environment) go beyond - Answers companies must go beyond what is legally required ethical? legal? - Answers - ethical: society determined, dependent on the norms decided by society - legal: court of law that shows what is enforceable in a court of law; also dependent on society - ethical but illegal: ex. somewhere in SD, you cannot hand food to homeless individs, you must give it to shelters - ethical and legal - unethical and illegal - unethical and legal: ex. pharmaceutical prescrptions; unethical to have high prices, BUT legal who is the most important stakeholder? - consumers - employees - suppliers - shareholders - community - Answers employees are the most important