MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
What can be exchanged?: Usually money
What are examples of things that are valued?: Quality, consistency, good price, sustainability,
durability, appearance, utility, brand recognition (trust, expectation)
-Impossible to be all things to all people
--Pick and choose which levels of these things
--Gives opportunity to create different things that appease to these different values/ different
audiences to different amount
Mission Statement A 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. (Every company has a mission statement)
setting a strategic direction -Where are we now?
--Competencies - what do we do well?
--Customers - who can we serve?
--Competitors - who else serves these customers in a similar fashion?
-Where do we want to go?
, MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
--Business Portfolio Analysis
--Market share and market growth
-Stars (high share of high growth)
-Cash cows (generate lots of cash, high share of low growth)
-Question marks (low share of high growth)
-Dogs (low share of slow growth)
The strategic marketing process step 1(Planning phase)- SWOT- Situational
(Internal/External); step 2- develop marketing strategies; step 3-Implementation & Control;
Evolution of the Marketing Concept (used to be the "selling concept") - Production Era:
Management philosophy that emphasizes the most efficient ways to produce & distribute
products
- Sales Era:
Managerial view of marketing as a sales function, or a way to move products out of warehouses
to reduce inventory
- Relationship Era:
A business approach that prioritizes the satisfaction of customers' needs and wants
, MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
- Triple Bottom Line (Corporate Sustainability):
Profit, People, Planet: Financial, Social, and Environmental consequences of business decisions
Production Era: (marketing concept) Management philosophy that emphasizes the most
efficient ways to produce & distribute products
Sales Era: (marketing concept) Managerial view of marketing as a sales function, or a way
to move products out of warehouses to reduce inventory
Relationship Era: (marketing concept) A business approach that prioritizes the satisfaction
of customers' needs and wants
Triple Bottom Line (Corporate Sustainability): (marketing concept) Profit, People, Planet:
Financial, Social, and Environmental consequences of business decisions
Steps in the Marketing Concept There are many steps involved in creating a successful
product
Environmental factors: Social, Economic, Technological, Competitive And Regulatory
Answers
What can be exchanged?: Usually money
What are examples of things that are valued?: Quality, consistency, good price, sustainability,
durability, appearance, utility, brand recognition (trust, expectation)
-Impossible to be all things to all people
--Pick and choose which levels of these things
--Gives opportunity to create different things that appease to these different values/ different
audiences to different amount
Mission Statement A 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. (Every company has a mission statement)
setting a strategic direction -Where are we now?
--Competencies - what do we do well?
--Customers - who can we serve?
--Competitors - who else serves these customers in a similar fashion?
-Where do we want to go?
, MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
--Business Portfolio Analysis
--Market share and market growth
-Stars (high share of high growth)
-Cash cows (generate lots of cash, high share of low growth)
-Question marks (low share of high growth)
-Dogs (low share of slow growth)
The strategic marketing process step 1(Planning phase)- SWOT- Situational
(Internal/External); step 2- develop marketing strategies; step 3-Implementation & Control;
Evolution of the Marketing Concept (used to be the "selling concept") - Production Era:
Management philosophy that emphasizes the most efficient ways to produce & distribute
products
- Sales Era:
Managerial view of marketing as a sales function, or a way to move products out of warehouses
to reduce inventory
- Relationship Era:
A business approach that prioritizes the satisfaction of customers' needs and wants
, MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
- Triple Bottom Line (Corporate Sustainability):
Profit, People, Planet: Financial, Social, and Environmental consequences of business decisions
Production Era: (marketing concept) Management philosophy that emphasizes the most
efficient ways to produce & distribute products
Sales Era: (marketing concept) Managerial view of marketing as a sales function, or a way
to move products out of warehouses to reduce inventory
Relationship Era: (marketing concept) A business approach that prioritizes the satisfaction
of customers' needs and wants
Triple Bottom Line (Corporate Sustainability): (marketing concept) Profit, People, Planet:
Financial, Social, and Environmental consequences of business decisions
Steps in the Marketing Concept There are many steps involved in creating a successful
product
Environmental factors: Social, Economic, Technological, Competitive And Regulatory
