MGT 103 – EHRICH STUDY GUIDE
Marketing - Answers - is the activity, set of instituations, and processes for creating,
communicating, delivering and exchanging offerings that have value for customers,
clients, partners, and society at large
4 Ps of Marketing (controllable vs. noncontrollable) - Answers - controllable, internal
factors (controlled by the organization) - also known as the marketing mix
Name each P in the 4 Ps of Marketing - Answers - 1. Product - what is being offered
2. Price - what is being exchanged for the product
3. Promotion - how is this being communicated to the consumer
Place - how is the product getting to the consumer
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
3 Types of Organizations - Answers - For- profit: often called a business firm (Nike,
Facebook, Toyota)
Non-profit: non-governmental organization that does not have profit as its main goal
(Boys and Girls club)
Government agency - Provides a specific service to its constituents
Organization Structure - Answers - Corporate level: top management directs overall
strategy for the entire organization
Strategic Business Unit: a subsidiary of an organization that targets a specific market
Functional level: a more specific group of specialists that serve certain functions
Core values - Answers - fundamental, passionate and enduring principles that guide the
conduct of an organization
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 tat describes the firm's overall
purpose and what it hopes to achieve in terms of its customers, products, and
resources.
Environmental Scan - Answers - Process of continually acquiring information on events
occuring outside the organization. This is done to identify and interpret potential trends
that might impact the business
Sociocultural Environment - Answers - Changes in Cultural Values, Ideas, Attitudes
Marketing - Answers - is the activity, set of instituations, and processes for creating,
communicating, delivering and exchanging offerings that have value for customers,
clients, partners, and society at large
4 Ps of Marketing (controllable vs. noncontrollable) - Answers - controllable, internal
factors (controlled by the organization) - also known as the marketing mix
Name each P in the 4 Ps of Marketing - Answers - 1. Product - what is being offered
2. Price - what is being exchanged for the product
3. Promotion - how is this being communicated to the consumer
Place - how is the product getting to the consumer
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
3 Types of Organizations - Answers - For- profit: often called a business firm (Nike,
Facebook, Toyota)
Non-profit: non-governmental organization that does not have profit as its main goal
(Boys and Girls club)
Government agency - Provides a specific service to its constituents
Organization Structure - Answers - Corporate level: top management directs overall
strategy for the entire organization
Strategic Business Unit: a subsidiary of an organization that targets a specific market
Functional level: a more specific group of specialists that serve certain functions
Core values - Answers - fundamental, passionate and enduring principles that guide the
conduct of an organization
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 tat describes the firm's overall
purpose and what it hopes to achieve in terms of its customers, products, and
resources.
Environmental Scan - Answers - Process of continually acquiring information on events
occuring outside the organization. This is done to identify and interpret potential trends
that might impact the business
Sociocultural Environment - Answers - Changes in Cultural Values, Ideas, Attitudes
