MGT 103 Quiz 1 Ch 1-5 Exam Questions
and Answers
marketing - Answer-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
a solution to a problem - Answer-what makes a good product?
product, price, promotion, place - Answer-What are the 4 P's of marketing?
value proposition - Answer-benefits that an organization promises to the customer
build product that customer values - Answer-what is the goal of fulfilling consumer
needs and wants?
organization - Answer-legal entity that consists of people who share a common mission
for profit organization - Answer-a business firm (Nike, Facebook, Toyota)
non profit organization - Answer-non-governmental organization that does not have
profit as its main goal (Boys and Girls Club, American Heart Association, Khan
Academy)
government agency - Answer-provides a specific service to its constituents (Census
Bureau)
corporate level - Answer-top management directs overall strategy for the entire
organization (boards, senior mgt)
strategic business unit (SBU) - Answer-subsidiary of an organization that targets a
specific market
functional level - Answer-more specific group of specialists that serve certain functions
(e.g. finance department, marketing department)
strategic planning - Answer-ongoing process of making decisions that guide the firm;
helping managers make informed decisions
core values - Answer-fundamental, passionate and enduring principles that guide the
conduct of an organization
organizational culture - Answer-set of values, ideas, attitudes and norms of behavior
that is learned and shared among members of the organization
and Answers
marketing - Answer-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
a solution to a problem - Answer-what makes a good product?
product, price, promotion, place - Answer-What are the 4 P's of marketing?
value proposition - Answer-benefits that an organization promises to the customer
build product that customer values - Answer-what is the goal of fulfilling consumer
needs and wants?
organization - Answer-legal entity that consists of people who share a common mission
for profit organization - Answer-a business firm (Nike, Facebook, Toyota)
non profit organization - Answer-non-governmental organization that does not have
profit as its main goal (Boys and Girls Club, American Heart Association, Khan
Academy)
government agency - Answer-provides a specific service to its constituents (Census
Bureau)
corporate level - Answer-top management directs overall strategy for the entire
organization (boards, senior mgt)
strategic business unit (SBU) - Answer-subsidiary of an organization that targets a
specific market
functional level - Answer-more specific group of specialists that serve certain functions
(e.g. finance department, marketing department)
strategic planning - Answer-ongoing process of making decisions that guide the firm;
helping managers make informed decisions
core values - Answer-fundamental, passionate and enduring principles that guide the
conduct of an organization
organizational culture - Answer-set of values, ideas, attitudes and norms of behavior
that is learned and shared among members of the organization
