MGT 103 - Midterm 1 Ehrich UCSD
What is marketing? - ANSthe 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 - ANSBenefits that an organization promises to the customer: There must be
a belief that this promised value will be delivered and experienced
Organizational Culture - ANSset of values, ideas, attitudes and norms of behavior that is
learned and shared among members of the organization
Mission Statement - ANSA 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 - ANSseeks to increase sales of existing products to existing
markets
Product Development Strategy - ANScreate growth by selling new products in existing markets
Market Development Strategy - ANSintroduce existing products to new markets
Diversification Strategy - ANSemphasize both new products and new markets to achieve growth
Environmental Scan - ANSProcess 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 - ANSreflects 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 - ANSCollecting, analyzing, and interpreting data about customers,
competitors, and the business environment to improve marketing effectiveness
Primary Data - ANSCollected specifically for current purpose•Could be internally or externally
collected•Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations
Secondary Data - ANSCollected for some other purpose•External (census, Gallup poll,
etc.)•Internal (company records, sales data)
What is marketing? - ANSthe 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 - ANSBenefits that an organization promises to the customer: There must be
a belief that this promised value will be delivered and experienced
Organizational Culture - ANSset of values, ideas, attitudes and norms of behavior that is
learned and shared among members of the organization
Mission Statement - ANSA 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 - ANSseeks to increase sales of existing products to existing
markets
Product Development Strategy - ANScreate growth by selling new products in existing markets
Market Development Strategy - ANSintroduce existing products to new markets
Diversification Strategy - ANSemphasize both new products and new markets to achieve growth
Environmental Scan - ANSProcess 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 - ANSreflects 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 - ANSCollecting, analyzing, and interpreting data about customers,
competitors, and the business environment to improve marketing effectiveness
Primary Data - ANSCollected specifically for current purpose•Could be internally or externally
collected•Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations
Secondary Data - ANSCollected for some other purpose•External (census, Gallup poll,
etc.)•Internal (company records, sales data)
