MGT 103 - Quiz 1 Ch.1-5 UPDATED
ACTUAL Questions and CORRECT
Answers
T or F? Marketing is all about consumers? - CORRECT ANSWER - True! Its all about the
consumers, it cannot 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
Organizational Culture - CORRECT ANSWER - set of values, ideas, attitudes and norms
of behavior that is learned and shared among members of the organization( As a customer you
don't know what the culture of organizations but as an employee you do. Can look for current or
past employees to share their experiences or look at the code of conduct in a corporation which
includes their core values)
Value Proposition - CORRECT ANSWER - -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 - CORRECT ANSWER - 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 - CORRECT ANSWER - -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 - CORRECT ANSWER - step 1(Planning phase)- SWOT-
Situational (Internal/External); step 2- develop marketing strategies; step 3-Implementation &
Control;
Evolution of the Marketing Concept (used to be the "selling concept") - CORRECT
ANSWER - - Production Era:
Management philosophy that emphasizes 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 concept) - CORRECT ANSWER - Management philosophy
that emphasizes the most efficient ways to produce & distribute products
Sales Era: (marketing concept) - CORRECT ANSWER - Managerial view of marketing as
a sales function, or a way to move products out of warehouses to reduce inventory
Relationship Era: (marketing concept) - CORRECT ANSWER - A business approach that
prioritizes the satisfaction of customers' needs and wants
Triple Bottom Line (Corporate Sustainability): (marketing concept) - CORRECT
ANSWER - Profit, People, Planet: Financial, Social, and Environmental consequences of
business decisions
Steps in the Marketing Concept - CORRECT ANSWER - There are many steps involved
in creating a successful product
Environmental factors: Social, Economic, Technological, Competitive And Regulatory
Types of Organizations - CORRECT ANSWER - For-profit, nonprofit, government agency
for-profit - CORRECT ANSWER - often called a business firm (Nike, Facebook, Toyota)
(Profit is primary but not only goal)
non-profit - CORRECT ANSWER - non-governmental organization that does not have
profit as its main goal (Boys and Girls Club, American Heart Association, Khan Academy)
(They can make a profit, but isn't their primary goal. If they do make a profit tey funnel it back to
the organization.)
Government Agency - CORRECT ANSWER - provides a specific service to its
constituents (Census Bureau)
ACTUAL Questions and CORRECT
Answers
T or F? Marketing is all about consumers? - CORRECT ANSWER - True! Its all about the
consumers, it cannot 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
Organizational Culture - CORRECT ANSWER - set of values, ideas, attitudes and norms
of behavior that is learned and shared among members of the organization( As a customer you
don't know what the culture of organizations but as an employee you do. Can look for current or
past employees to share their experiences or look at the code of conduct in a corporation which
includes their core values)
Value Proposition - CORRECT ANSWER - -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 - CORRECT ANSWER - 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 - CORRECT ANSWER - -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 - CORRECT ANSWER - step 1(Planning phase)- SWOT-
Situational (Internal/External); step 2- develop marketing strategies; step 3-Implementation &
Control;
Evolution of the Marketing Concept (used to be the "selling concept") - CORRECT
ANSWER - - Production Era:
Management philosophy that emphasizes 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 concept) - CORRECT ANSWER - Management philosophy
that emphasizes the most efficient ways to produce & distribute products
Sales Era: (marketing concept) - CORRECT ANSWER - Managerial view of marketing as
a sales function, or a way to move products out of warehouses to reduce inventory
Relationship Era: (marketing concept) - CORRECT ANSWER - A business approach that
prioritizes the satisfaction of customers' needs and wants
Triple Bottom Line (Corporate Sustainability): (marketing concept) - CORRECT
ANSWER - Profit, People, Planet: Financial, Social, and Environmental consequences of
business decisions
Steps in the Marketing Concept - CORRECT ANSWER - There are many steps involved
in creating a successful product
Environmental factors: Social, Economic, Technological, Competitive And Regulatory
Types of Organizations - CORRECT ANSWER - For-profit, nonprofit, government agency
for-profit - CORRECT ANSWER - often called a business firm (Nike, Facebook, Toyota)
(Profit is primary but not only goal)
non-profit - CORRECT ANSWER - non-governmental organization that does not have
profit as its main goal (Boys and Girls Club, American Heart Association, Khan Academy)
(They can make a profit, but isn't their primary goal. If they do make a profit tey funnel it back to
the organization.)
Government Agency - CORRECT ANSWER - provides a specific service to its
constituents (Census Bureau)
