MGT 103 - Midterm Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
Definition of Marketing 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.
Exchange
Marketing Concept Analyze Market Opportunities → Select
Target
Audience → Market Research →
Formulate the
Marketing Mix → Implement & Control.
Needs vs. Wants Needs - Basic human requirements
(shelter,
clothes, food, etc.)
Wants - Non-permanent, aren't essential
for
survival.
Evolution of the Marketing Production Era → Sales Era →
Concept Relationship Era →
Triple Bottom Line
,4 Eras of the Marketing Concept Production Era, Sales Era, Relationship
Era, Triple
Bottom Line
Triple Bottom Line Profit, People, Planet: Financial, Social,
and
Environmental consequences of business
decisions.
The Value of Proposition Helps summarize why a consumer should
buy a
product or use a service.
Marketing Mix, 4Ps Product, Price, Promotion, PLacement
Environmental Forces Social, Economic, Technological,
Competitive, and
Regulatory
Strategic planning Ongoing process of making decisions that
guide
the firm both in the short term and for the
long
term.
Three levels of planning 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 Define mission → Evaluage the internal &
external
environment → Set organizational
objectives →
Establish business portfolio → Develop
growth
strategies
Mission Statement 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 Strengths, Weaknesses, Opportunities,
Threats.
Build on firm's strengths.
Growth Strategies Market Emphasis vs. Product Emphasis:
Marketing
towards existing or new products/markets
Functional Planning Planning done by top-level management
such as
the firm's chief marketing officer. Includes
steps
involving analyzing the situation, setting
objectives,
developing marketing strategies,
implementing
them, and monitoring/controlling them.
Answers with Verified Solutions | Latest
Updated 2026
Definition of Marketing 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.
Exchange
Marketing Concept Analyze Market Opportunities → Select
Target
Audience → Market Research →
Formulate the
Marketing Mix → Implement & Control.
Needs vs. Wants Needs - Basic human requirements
(shelter,
clothes, food, etc.)
Wants - Non-permanent, aren't essential
for
survival.
Evolution of the Marketing Production Era → Sales Era →
Concept Relationship Era →
Triple Bottom Line
,4 Eras of the Marketing Concept Production Era, Sales Era, Relationship
Era, Triple
Bottom Line
Triple Bottom Line Profit, People, Planet: Financial, Social,
and
Environmental consequences of business
decisions.
The Value of Proposition Helps summarize why a consumer should
buy a
product or use a service.
Marketing Mix, 4Ps Product, Price, Promotion, PLacement
Environmental Forces Social, Economic, Technological,
Competitive, and
Regulatory
Strategic planning Ongoing process of making decisions that
guide
the firm both in the short term and for the
long
term.
Three levels of planning 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 Define mission → Evaluage the internal &
external
environment → Set organizational
objectives →
Establish business portfolio → Develop
growth
strategies
Mission Statement 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 Strengths, Weaknesses, Opportunities,
Threats.
Build on firm's strengths.
Growth Strategies Market Emphasis vs. Product Emphasis:
Marketing
towards existing or new products/markets
Functional Planning Planning done by top-level management
such as
the firm's chief marketing officer. Includes
steps
involving analyzing the situation, setting
objectives,
developing marketing strategies,
implementing
them, and monitoring/controlling them.
