MGT 103 Midterm
Marketing Definition - ANS-The activity, set of instructions, and processes for creating
communicating, delivering and exchanging offerings that have value for customers,
clients, partners, and society at large
Exchange - ANS-Both parties must have something to exchange and value the other
parties things
Need vs Want - ANS-Want to make your wants seem like needs
Marketing Concept - ANS-Analyze Market Opportunities
Select Target Audience
Formulate Marketing Mix
Implementation & Control
Types of Utility - ANS-Place - Where the consumer needs it
Time - When they need it available
Possession - Being able to purchase it easily
Form - Producing the product
Evolution of the Marketing Concept - ANS-Production Era
Sales Era
Relationship Era
Triple Bottom Line
Production Era - ANS-Management Philosophy that emphasizes the most efficient ways
to produce & distribute products
Sales Era - ANS-Managerial view of marketing as a sales function, or a way to move
products out of warehouses to reduce inventory
Relationship Era - ANS-A business era that prioritizes the satisfaction of customers'
needs and wants
Triple Bottom Line - ANS-Profit, People, Planet: Financial, Social and Environmental
consequences of business decisions
, Three Levels of Planning - ANS-Strategic Planning
Functional Planning
Operational Planning
Environmental Factors - ANS-Social Factors
Economic Factors
Technological Factors
Competitive Factors
Regulatory Factors
Strategic Planning - ANS-Done by Top Level Corporate
Define Mission
SWOT Analysis
SBU Objectives
Establish the business portfolio
Develop Growth Strat
Functional Planning(Marketing Planning) - ANS-Done by top level marketing
Situation Analysis
Set Marketing Objectives
Develop Marketing Strategies
Implement Strategies
Monitor/Control Marketing Strategies
Operational Planning - ANS-Done by Supervisory Managers
Develop action plans to implement marketing
Use marketing metrics to monitor
SWOT - ANS-Strengths
Weaknesses
Opportunities
Threats
Growth Strategies - ANS-Market Penetration (OLD OLD)
Product Development (NEW OLD)
Market Development (OLD NEW)
Diversification (NEW NEW)
Marketing Mix - ANS-Product
Price
Marketing Definition - ANS-The activity, set of instructions, and processes for creating
communicating, delivering and exchanging offerings that have value for customers,
clients, partners, and society at large
Exchange - ANS-Both parties must have something to exchange and value the other
parties things
Need vs Want - ANS-Want to make your wants seem like needs
Marketing Concept - ANS-Analyze Market Opportunities
Select Target Audience
Formulate Marketing Mix
Implementation & Control
Types of Utility - ANS-Place - Where the consumer needs it
Time - When they need it available
Possession - Being able to purchase it easily
Form - Producing the product
Evolution of the Marketing Concept - ANS-Production Era
Sales Era
Relationship Era
Triple Bottom Line
Production Era - ANS-Management Philosophy that emphasizes the most efficient ways
to produce & distribute products
Sales Era - ANS-Managerial view of marketing as a sales function, or a way to move
products out of warehouses to reduce inventory
Relationship Era - ANS-A business era that prioritizes the satisfaction of customers'
needs and wants
Triple Bottom Line - ANS-Profit, People, Planet: Financial, Social and Environmental
consequences of business decisions
, Three Levels of Planning - ANS-Strategic Planning
Functional Planning
Operational Planning
Environmental Factors - ANS-Social Factors
Economic Factors
Technological Factors
Competitive Factors
Regulatory Factors
Strategic Planning - ANS-Done by Top Level Corporate
Define Mission
SWOT Analysis
SBU Objectives
Establish the business portfolio
Develop Growth Strat
Functional Planning(Marketing Planning) - ANS-Done by top level marketing
Situation Analysis
Set Marketing Objectives
Develop Marketing Strategies
Implement Strategies
Monitor/Control Marketing Strategies
Operational Planning - ANS-Done by Supervisory Managers
Develop action plans to implement marketing
Use marketing metrics to monitor
SWOT - ANS-Strengths
Weaknesses
Opportunities
Threats
Growth Strategies - ANS-Market Penetration (OLD OLD)
Product Development (NEW OLD)
Market Development (OLD NEW)
Diversification (NEW NEW)
Marketing Mix - ANS-Product
Price
