MGT 6311 MIDTERM EXAM | ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS | 2026 UPDATE | VERIFIED ANSWERS
• Market share -✓✓ In strategic management and marketing, market share is the
percentage or proportion of the total available market or market
segment that is being serviced by a company.
• Pay per click (PPC) -✓✓ Advertising where the advertiser pays only for each click on
their advert, not for the opportunity for it to be seen or
displayed.
• Return on investment
(ROI) -✓✓ The ratio of cost to profit.
• Search engine optimisation
(SEO) -✓✓ The practice that aims to improve a website's ranking for specific keywords
in the search engines.
• Strategy -✓✓ A set of ideas that outline how a product or brand will be positioned and
achieve its objectives. This guides decisions on how to create,
distribute, promote and price the product or service. Looks at 4 pillars: environment,
business, customers, competitors
• Tactic -✓✓ A specific action or method that contributes to achieving a goal
• Porter's 5 Forces -✓✓ Power of suppliers, power of customers, threat of new entrants,
threat of substitute products --> competitive rivalry within industry
• 5 P's of marketing mix -✓✓ Product, price, place, promotion, people
• SWOT -✓✓ Strength, weakness, opportunities, threats
• What do objectives need to be? -✓✓ SMART: specific, measurable, attainable,
realistic, time-bound
• Attention economy -✓✓ The idea that human attention is a scarce commodity i.e.
seeing attention as a limited resource.
• Customer experience map -✓✓ A visual representation of the customers' flow from
beginning to end of the purchase experience, including their needs, wants,
expectations and overall experience.
• Customer persona -✓✓ A detailed description of a fictional person to help a brand
visualise a segment of its target market.
, • Global citizen -✓✓ A person who identifies as part of a world community and works
toward building the values and practices of that community
• Tribe -✓✓ A social group linked by a shared belief or interest.
• Product -✓✓ An item sold by a brand
• Story -✓✓ A narrative that incorporates the feelings and facts created by your brand,
intended to inspire an emotional reaction
• Understanding motivation -✓✓ positive, intrinsic: I want to do this to feel good
negative, intrinsic: I need to do this or I'll feel bad
positive, extrinsic: If I do this, I'll get a reward
negative, extrinsic: If I don't do this, I'll face a penalty
• Extrinsic motivators -✓✓ Limited time specials and discounts, scarcity, loyalty
programmes, ancillary benefits, free content or downloads
• Intrinsic motivators -✓✓ Love, enjoyment and fun, self expression, personal values,
achievement or competence, negative intrinsic motivators (fear, embarrassment, inertia)
• Cognitive biases -✓✓ personal prejudices and preferences, as well as common ways
of thinking that are inherently flawed
• Pricing bias -✓✓ More expensive better,will derive more psychological pleasure from
more expensive, even if cheaper is just as good
• Heuristics -✓✓ Decision making shortcut or mental model that helps us make sense of
difficult decision making process or estimate answer to complex problem (availability,
representativeness, price-quality, anchoring and adjustment
• Choice -✓✓ Word of mouth/peer suggestions, personal preferences and history,
habits, decision load
• Defaults -✓✓ Removes the need to make an active decision - offer path of least
resistance, serve as social signal, offer assurance, take advantage of loss aversion
• Choice architecture -✓✓ Small number of choices, ideally 3, less than 5
A recommend or default
Visual design hierarchy
• Business intelligence/
CORRECT ANSWERS | 2026 UPDATE | VERIFIED ANSWERS
• Market share -✓✓ In strategic management and marketing, market share is the
percentage or proportion of the total available market or market
segment that is being serviced by a company.
• Pay per click (PPC) -✓✓ Advertising where the advertiser pays only for each click on
their advert, not for the opportunity for it to be seen or
displayed.
• Return on investment
(ROI) -✓✓ The ratio of cost to profit.
• Search engine optimisation
(SEO) -✓✓ The practice that aims to improve a website's ranking for specific keywords
in the search engines.
• Strategy -✓✓ A set of ideas that outline how a product or brand will be positioned and
achieve its objectives. This guides decisions on how to create,
distribute, promote and price the product or service. Looks at 4 pillars: environment,
business, customers, competitors
• Tactic -✓✓ A specific action or method that contributes to achieving a goal
• Porter's 5 Forces -✓✓ Power of suppliers, power of customers, threat of new entrants,
threat of substitute products --> competitive rivalry within industry
• 5 P's of marketing mix -✓✓ Product, price, place, promotion, people
• SWOT -✓✓ Strength, weakness, opportunities, threats
• What do objectives need to be? -✓✓ SMART: specific, measurable, attainable,
realistic, time-bound
• Attention economy -✓✓ The idea that human attention is a scarce commodity i.e.
seeing attention as a limited resource.
• Customer experience map -✓✓ A visual representation of the customers' flow from
beginning to end of the purchase experience, including their needs, wants,
expectations and overall experience.
• Customer persona -✓✓ A detailed description of a fictional person to help a brand
visualise a segment of its target market.
, • Global citizen -✓✓ A person who identifies as part of a world community and works
toward building the values and practices of that community
• Tribe -✓✓ A social group linked by a shared belief or interest.
• Product -✓✓ An item sold by a brand
• Story -✓✓ A narrative that incorporates the feelings and facts created by your brand,
intended to inspire an emotional reaction
• Understanding motivation -✓✓ positive, intrinsic: I want to do this to feel good
negative, intrinsic: I need to do this or I'll feel bad
positive, extrinsic: If I do this, I'll get a reward
negative, extrinsic: If I don't do this, I'll face a penalty
• Extrinsic motivators -✓✓ Limited time specials and discounts, scarcity, loyalty
programmes, ancillary benefits, free content or downloads
• Intrinsic motivators -✓✓ Love, enjoyment and fun, self expression, personal values,
achievement or competence, negative intrinsic motivators (fear, embarrassment, inertia)
• Cognitive biases -✓✓ personal prejudices and preferences, as well as common ways
of thinking that are inherently flawed
• Pricing bias -✓✓ More expensive better,will derive more psychological pleasure from
more expensive, even if cheaper is just as good
• Heuristics -✓✓ Decision making shortcut or mental model that helps us make sense of
difficult decision making process or estimate answer to complex problem (availability,
representativeness, price-quality, anchoring and adjustment
• Choice -✓✓ Word of mouth/peer suggestions, personal preferences and history,
habits, decision load
• Defaults -✓✓ Removes the need to make an active decision - offer path of least
resistance, serve as social signal, offer assurance, take advantage of loss aversion
• Choice architecture -✓✓ Small number of choices, ideally 3, less than 5
A recommend or default
Visual design hierarchy
• Business intelligence/
