MGT 103 - MIDTERM 1 EHRICH QUESTIONS &
VERIFIED ANSWERS
What is 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
Value Proposition - Answers - Benefits that an organization promises to the customer:
There must be a belief that this promised value will be delivered and experienced
Organizational Culture - Answers - set of values, ideas, attitudes and norms of behavior
that is learned and shared among members of the organization
Mission Statement - Answers - 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.
Market Penetration Strategy - Answers - seeks to increase sales of existing products to
existing markets
Product Development Strategy - Answers - create growth by selling new products in
existing markets
Market Development Strategy - Answers - introduce existing products to new markets
Diversification Strategy - Answers - emphasize both new products and new markets to
achieve growth
Environmental Scan - Answers - Process of continually acquiring information on events
occurring outside the organization. This is done to identify and interpret potential trends
that might impact the business.
Consumer Behavior - Answers - reflects the totality of consumers' decisions with
respect to the acquisition, consumption and disposition of goods, services, activities and
ideas by (human) decision-making units over time
Marketing Research - Answers - Collecting, analyzing, and interpreting data about
customers, competitors, and the business environment to improve marketing
effectiveness
Primary Data - Answers - Collected specifically for current purpose•Could be internally
or externally collected•Examples: Experiments, Test Markets, Focus Groups, Surveys,
Observations
VERIFIED ANSWERS
What is 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
Value Proposition - Answers - Benefits that an organization promises to the customer:
There must be a belief that this promised value will be delivered and experienced
Organizational Culture - Answers - set of values, ideas, attitudes and norms of behavior
that is learned and shared among members of the organization
Mission Statement - Answers - 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.
Market Penetration Strategy - Answers - seeks to increase sales of existing products to
existing markets
Product Development Strategy - Answers - create growth by selling new products in
existing markets
Market Development Strategy - Answers - introduce existing products to new markets
Diversification Strategy - Answers - emphasize both new products and new markets to
achieve growth
Environmental Scan - Answers - Process of continually acquiring information on events
occurring outside the organization. This is done to identify and interpret potential trends
that might impact the business.
Consumer Behavior - Answers - reflects the totality of consumers' decisions with
respect to the acquisition, consumption and disposition of goods, services, activities and
ideas by (human) decision-making units over time
Marketing Research - Answers - Collecting, analyzing, and interpreting data about
customers, competitors, and the business environment to improve marketing
effectiveness
Primary Data - Answers - Collected specifically for current purpose•Could be internally
or externally collected•Examples: Experiments, Test Markets, Focus Groups, Surveys,
Observations
