MGT 103 MIDTERM 1 EXAM REVIEW 2026
COMPREHENSIVE QUESTIONS AND
SOLUTIONS GRADED A+
• 4 Eras of the Marketing Concept. Answer: production, sales,
marketing concept, customer relation era
• Triple Bottom Line. Answer: people, planet, and profit. Want to
improve all simultaneously
• The Value Proposition. Answer: cluster of benefits that an
organization promises customers to satisfy their needs. Must have a
belief
• Marketing Mix, 4Ps. Answer: product, price, place, promotion.
These are controllable
• Environmental Forces. Answer: social, economic, tech, competitive,
regulatory forces
- not controllable
, • Strategic planning. Answer: Ongoing process of making decisions
that guide the firm both in the short and long term. Develop
objectives before actions
• Three levels of planning. Answer: Strategic, Functional, Operation
• Strategic Planning (3 levels of planning). Answer: done by top level
corporate management
• Functional Planning( 3 levels). Answer: done by top functional
level management like CMO
• operational Planning ( 3 levels). Answer: done by supervising
managers
• Steps in Strategic Planning. Answer: define mission, evaluate
internal/external environment, set organizational or SBU Objectives,
establish business portfolio, develop growth strategies
• Mission Statement. Answer: formal document that describes the
firm's overall purpose and what it hopes to achieve in terms of its
customers products and resources
COMPREHENSIVE QUESTIONS AND
SOLUTIONS GRADED A+
• 4 Eras of the Marketing Concept. Answer: production, sales,
marketing concept, customer relation era
• Triple Bottom Line. Answer: people, planet, and profit. Want to
improve all simultaneously
• The Value Proposition. Answer: cluster of benefits that an
organization promises customers to satisfy their needs. Must have a
belief
• Marketing Mix, 4Ps. Answer: product, price, place, promotion.
These are controllable
• Environmental Forces. Answer: social, economic, tech, competitive,
regulatory forces
- not controllable
, • Strategic planning. Answer: Ongoing process of making decisions
that guide the firm both in the short and long term. Develop
objectives before actions
• Three levels of planning. Answer: Strategic, Functional, Operation
• Strategic Planning (3 levels of planning). Answer: done by top level
corporate management
• Functional Planning( 3 levels). Answer: done by top functional
level management like CMO
• operational Planning ( 3 levels). Answer: done by supervising
managers
• Steps in Strategic Planning. Answer: define mission, evaluate
internal/external environment, set organizational or SBU Objectives,
establish business portfolio, develop growth strategies
• Mission Statement. Answer: formal document that describes the
firm's overall purpose and what it hopes to achieve in terms of its
customers products and resources
