MGT 103 – Midterm UPDATED ACTUAL
Questions and CORRECT Answers
Definition of Marketing - CORRECT 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.
Exchange - CORRECT ANSWER -
Marketing Concept - CORRECT ANSWER - Analyze Market Opportunities → Select
Target Audience → Market Research → Formulate the Marketing Mix → Implement & Control.
Needs vs. Wants - CORRECT ANSWER - Needs - Basic human requirements (shelter,
clothes, food, etc.)
Wants - Non-permanent, aren't essential for survival.
Evolution of the Marketing Concept - CORRECT ANSWER - Production Era → Sales Era
→ Relationship Era → Triple Bottom Line
4 Eras of the Marketing Concept - CORRECT ANSWER - Production Era, Sales Era,
Relationship Era, Triple Bottom Line
Triple Bottom Line - CORRECT ANSWER - Profit, People, Planet: Financial, Social, and
Environmental consequences of business decisions.
The Value of Proposition - CORRECT ANSWER - Helps summarize why a consumer
should buy a product or use a service.
Marketing Mix, 4Ps - CORRECT ANSWER - Product, Price, Promotion, PLacement
, Environmental Forces - CORRECT ANSWER - Social, Economic, Technological,
Competitive, and Regulatory
Strategic planning - CORRECT ANSWER - Ongoing process of making decisions that
guide the firm both in the short term and for the long term.
Three levels of planning - CORRECT ANSWER - Strategic (define mission and develop
growth strategies), Functional (analyze, set objectives, implement strategies, control),
Operational (develop action plans, use marketing metrics)
Steps in Strategic Planning - CORRECT ANSWER - Define mission → Evaluage the
internal & external environment → Set organizational objectives → Establish business portfolio
→ Develop growth strategies
Mission Statement - CORRECT ANSWER - A formal document that describes the firm's
overall purpose and what it hopes to achieve in terms of its customers, products, and resources.
SWOT Analysis - CORRECT ANSWER - Strengths, Weaknesses, Opportunities, Threats.
Build on firm's strengths.
Growth Strategies - CORRECT ANSWER - Market Emphasis vs. Product Emphasis:
Marketing towards existing or new products/markets
Functional Planning - CORRECT ANSWER - Planning done by top-level management
such as the firm's chief marketing officer. Includes steps involving analyzing the situation,
setting objectives, developing marketing strategies, implementing them, and
monitoring/controlling them.
Segmenting, Targeting, and Positioning - CORRECT ANSWER - A 3-step approach to
building a targeted marketing plan.
Questions and CORRECT Answers
Definition of Marketing - CORRECT 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.
Exchange - CORRECT ANSWER -
Marketing Concept - CORRECT ANSWER - Analyze Market Opportunities → Select
Target Audience → Market Research → Formulate the Marketing Mix → Implement & Control.
Needs vs. Wants - CORRECT ANSWER - Needs - Basic human requirements (shelter,
clothes, food, etc.)
Wants - Non-permanent, aren't essential for survival.
Evolution of the Marketing Concept - CORRECT ANSWER - Production Era → Sales Era
→ Relationship Era → Triple Bottom Line
4 Eras of the Marketing Concept - CORRECT ANSWER - Production Era, Sales Era,
Relationship Era, Triple Bottom Line
Triple Bottom Line - CORRECT ANSWER - Profit, People, Planet: Financial, Social, and
Environmental consequences of business decisions.
The Value of Proposition - CORRECT ANSWER - Helps summarize why a consumer
should buy a product or use a service.
Marketing Mix, 4Ps - CORRECT ANSWER - Product, Price, Promotion, PLacement
, Environmental Forces - CORRECT ANSWER - Social, Economic, Technological,
Competitive, and Regulatory
Strategic planning - CORRECT ANSWER - Ongoing process of making decisions that
guide the firm both in the short term and for the long term.
Three levels of planning - CORRECT ANSWER - Strategic (define mission and develop
growth strategies), Functional (analyze, set objectives, implement strategies, control),
Operational (develop action plans, use marketing metrics)
Steps in Strategic Planning - CORRECT ANSWER - Define mission → Evaluage the
internal & external environment → Set organizational objectives → Establish business portfolio
→ Develop growth strategies
Mission Statement - CORRECT ANSWER - A formal document that describes the firm's
overall purpose and what it hopes to achieve in terms of its customers, products, and resources.
SWOT Analysis - CORRECT ANSWER - Strengths, Weaknesses, Opportunities, Threats.
Build on firm's strengths.
Growth Strategies - CORRECT ANSWER - Market Emphasis vs. Product Emphasis:
Marketing towards existing or new products/markets
Functional Planning - CORRECT ANSWER - Planning done by top-level management
such as the firm's chief marketing officer. Includes steps involving analyzing the situation,
setting objectives, developing marketing strategies, implementing them, and
monitoring/controlling them.
Segmenting, Targeting, and Positioning - CORRECT ANSWER - A 3-step approach to
building a targeted marketing plan.
