MGT 103 – Midterm Questions, Correct Answers, and
Complete Solutions | 2026 Update
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.
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.
Complete Solutions | 2026 Update
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.
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.
