MGT 103 MIDTERM STUDY Guide Exam
Questions and Answers with Verified
Solutions | Latest Updated 2026
Product, Price, Place, Promotion Marketing Mix (4 P's)
the activity, set of institutions, and Marketing
processes for creating,
communicating, delivering, and
exchanging offerings that have
value
for customers, clients, partners,
and
society at large
1) 2+ parties with unsatisfied 4 factors for marketing to occur
needs
2) a desire & ability on their part to
be satisfied
3) a way for the parties to
communicate
4) something to exchange
1. strive to satisfy customer needs Chracteristics of market orientations/ what
2. Achieve the orgs goal(s) an org
should do
,1. for-profit org Describe the 3 kinds of organizations
2. non- profit org
3. Gov. agency
the money left over after all costs profit
have been paid
the fundamental, passionate, and Core Values
enduring principles of an
organization that guide its conduct
over time
variation by level, variation by organizational strategies
product
a statement of the organization's Mission Statement
purpose - what it wants to
accomplish in the larger
environment
the visual display of the essential marketing dashboard
information related to achieving a
marketing objective
strengths, weaknesses, SWOT analysis
opportunities,
threats
, 1. SWOT analysis Planning Process
2. develop market product focus,
customer value proposition, and
goals.
3. design a marketing program
characteristics of a product that point of difference
make it superior to competitive
substitutes
Diversification Strategy Highest risk growth strategy
Market penetration strategy Lowest risk growth strategy
the process of continually environmental scanning
acquiring
information on events occurring
outside the organization to identify
and interpret potential trends
social, economic, technological, Environmental Forces
competitive, regulatory
TRUE True or False: A more diverse customer
base means
that marketing practices must be modified
and
diversified to meet changing needs.
Questions and Answers with Verified
Solutions | Latest Updated 2026
Product, Price, Place, Promotion Marketing Mix (4 P's)
the activity, set of institutions, and Marketing
processes for creating,
communicating, delivering, and
exchanging offerings that have
value
for customers, clients, partners,
and
society at large
1) 2+ parties with unsatisfied 4 factors for marketing to occur
needs
2) a desire & ability on their part to
be satisfied
3) a way for the parties to
communicate
4) something to exchange
1. strive to satisfy customer needs Chracteristics of market orientations/ what
2. Achieve the orgs goal(s) an org
should do
,1. for-profit org Describe the 3 kinds of organizations
2. non- profit org
3. Gov. agency
the money left over after all costs profit
have been paid
the fundamental, passionate, and Core Values
enduring principles of an
organization that guide its conduct
over time
variation by level, variation by organizational strategies
product
a statement of the organization's Mission Statement
purpose - what it wants to
accomplish in the larger
environment
the visual display of the essential marketing dashboard
information related to achieving a
marketing objective
strengths, weaknesses, SWOT analysis
opportunities,
threats
, 1. SWOT analysis Planning Process
2. develop market product focus,
customer value proposition, and
goals.
3. design a marketing program
characteristics of a product that point of difference
make it superior to competitive
substitutes
Diversification Strategy Highest risk growth strategy
Market penetration strategy Lowest risk growth strategy
the process of continually environmental scanning
acquiring
information on events occurring
outside the organization to identify
and interpret potential trends
social, economic, technological, Environmental Forces
competitive, regulatory
TRUE True or False: A more diverse customer
base means
that marketing practices must be modified
and
diversified to meet changing needs.
