MGT 103 - Quiz 1 Ch.1-5 Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
T or F? Marketing is all about True! Its all about the consumers, it cannot
consumers? be
thought of without thinking of the
consumer. the
company cannot exist without the
consumer. the
consumer must value what the marketer
has and
the marketer much value the consumer
,Value Proposition -Benefits that an organization promises to
the
customer: There must be a belief that this
promised
value will be delivered and experienced
(promise
of order and delivered)
-Both sides (company and customer (who
can be
an individual or an organization)) must
have
something to exchange and must value
what the
other has.
(Customer and company value each other-
if they
don't have the money or appropriate
income don't
value that customer)
What can be exchanged?: Usually money
What are examples of things that are
valued?:
Quality, consistency, good price,
sustainability,
durability, appearance, utility, brand
recognition
(trust, expectation)
-Impossible to be all things to all people
--Pick and choose which levels of these
things
--Gives opportunity to create different
things that
appease to these different values/ different
audiences to different amount
,Mission Statement 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. (Every company has a
mission
statement)
setting a strategic direction -Where are we now?
--Competencies - what do we do well?
--Customers - who can we serve?
--Competitors - who else serves these
customers
in a similar fashion?
-Where do we want to go?
--Business Portfolio Analysis
--Market share and market growth
-Stars (high share of high growth)
-Cash cows (generate lots of cash, high
share of
low growth)
-Question marks (low share of high
growth)
-Dogs (low share of slow growth)
The strategic marketing process step 1(Planning phase)- SWOT-
Situational
(Internal/External); step 2- develop
marketing
strategies; step 3-Implementation &
Control;
, Evolution of the Marketing - Production Era:
Concept Management philosophy that emphasizes
(used to be the "selling concept") the most
efficient ways to produce & distribute
products
- Sales Era:
Managerial view of marketing as a sales
function,
or a way to move products out of
warehouses to
reduce inventory
- Relationship Era:
A business approach that prioritizes the
satisfaction
of customers' needs and wants
- Triple Bottom Line (Corporate
Sustainability):
Profit, People, Planet: Financial, Social,
and
Environmental consequences of business
decisions
Production Era: (marketing Management philosophy that emphasizes
concept) the most
efficient ways to produce & distribute
products
Sales Era: (marketing concept) Managerial view of marketing as a sales
function,
or a way to move products out of
warehouses to
reduce inventory
Answers with Verified Solutions | Latest
Updated 2026
T or F? Marketing is all about True! Its all about the consumers, it cannot
consumers? be
thought of without thinking of the
consumer. the
company cannot exist without the
consumer. the
consumer must value what the marketer
has and
the marketer much value the consumer
,Value Proposition -Benefits that an organization promises to
the
customer: There must be a belief that this
promised
value will be delivered and experienced
(promise
of order and delivered)
-Both sides (company and customer (who
can be
an individual or an organization)) must
have
something to exchange and must value
what the
other has.
(Customer and company value each other-
if they
don't have the money or appropriate
income don't
value that customer)
What can be exchanged?: Usually money
What are examples of things that are
valued?:
Quality, consistency, good price,
sustainability,
durability, appearance, utility, brand
recognition
(trust, expectation)
-Impossible to be all things to all people
--Pick and choose which levels of these
things
--Gives opportunity to create different
things that
appease to these different values/ different
audiences to different amount
,Mission Statement 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. (Every company has a
mission
statement)
setting a strategic direction -Where are we now?
--Competencies - what do we do well?
--Customers - who can we serve?
--Competitors - who else serves these
customers
in a similar fashion?
-Where do we want to go?
--Business Portfolio Analysis
--Market share and market growth
-Stars (high share of high growth)
-Cash cows (generate lots of cash, high
share of
low growth)
-Question marks (low share of high
growth)
-Dogs (low share of slow growth)
The strategic marketing process step 1(Planning phase)- SWOT-
Situational
(Internal/External); step 2- develop
marketing
strategies; step 3-Implementation &
Control;
, Evolution of the Marketing - Production Era:
Concept Management philosophy that emphasizes
(used to be the "selling concept") the most
efficient ways to produce & distribute
products
- Sales Era:
Managerial view of marketing as a sales
function,
or a way to move products out of
warehouses to
reduce inventory
- Relationship Era:
A business approach that prioritizes the
satisfaction
of customers' needs and wants
- Triple Bottom Line (Corporate
Sustainability):
Profit, People, Planet: Financial, Social,
and
Environmental consequences of business
decisions
Production Era: (marketing Management philosophy that emphasizes
concept) the most
efficient ways to produce & distribute
products
Sales Era: (marketing concept) Managerial view of marketing as a sales
function,
or a way to move products out of
warehouses to
reduce inventory
