1|Page
MGT 103 QUIZ 1 (CHAPTERS 1-5) QUESTIONS
AND ANSWERS 2025
4 P's of marketing - .....ANSWER... ✔✔ Product, Price,
Promotion, Place
How to judge a product - .....ANSWER... ✔✔ Not by
its features, but by what it does for us/what needs it
fulfills
To satisfy customers - .....ANSWER... ✔✔ The goal
isn't to build a great product, but to build a product that
the consumer needs and values
Organizational culture - .....ANSWER... ✔✔ the set of
values, ideas, attitudes, and norms of behavior that is
learned and shared among the members of an
organization (culture impacts everything, crucial to
investigate)
,2|Page
Ex: Levi :"I just wanna go to my job and do my job and
go home, I don't care about culture". In truth, he cares so
much about culture that he has no idea.
Evolution of the marketing concept - .....ANSWER...
✔✔ Production Era (emphasizes the most efficient
ways to distribute and produce products)
Sales Era (marketing as a sales function, or a way to
move products out of warehouses to reduce inventory)
Relationship era (prioritizes the satisfaction of customers'
needs and wants)
Triple bottom line (Profit, people, planet. consequences
of business decisions)
Organizational structure - .....ANSWER... ✔✔
Corporate level
Strategic Business Unit (SBU)
Functional Level
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Key goals or objectives (What the firm wants to
accomplish in short and long term) - .....ANSWER...
✔✔ SMART:
Specific (don't be vague)
Measurable (if it's not measurable, you never know if
you get there)
Attainable (if it's not attainable it's not a good goal)
Relevant (to overall life and purpose)
Timeline (have a timeline for taking
measurements/achieving this, useless otherwise)
Competencies - .....ANSWER... ✔✔ What do we do
well?
Customers - .....ANSWER... ✔✔ Who can we serve
Competitors - .....ANSWER... ✔✔ Who else serves
these customers in a similar fashion
Stars - .....ANSWER... ✔✔ High market share, high
market growth
, 4|Page
Cash cows - .....ANSWER... ✔✔ High market share,
low market growth
Question marks - .....ANSWER... ✔✔ Low market
share, high market growth
Dogs - .....ANSWER... ✔✔ Low market share, low
market growth
Market penetration strategy - .....ANSWER... ✔✔
Wants to increase sales of existing products to existing
markets
Market development strategy - .....ANSWER... ✔✔
Wants to introduce existing products to new markets
Product development strategy - .....ANSWER... ✔✔
Wants to introduce new products into existing markets
Diversification strategy - .....ANSWER... ✔✔
Emphasizes both new products and new markets to
achieve growth
MGT 103 QUIZ 1 (CHAPTERS 1-5) QUESTIONS
AND ANSWERS 2025
4 P's of marketing - .....ANSWER... ✔✔ Product, Price,
Promotion, Place
How to judge a product - .....ANSWER... ✔✔ Not by
its features, but by what it does for us/what needs it
fulfills
To satisfy customers - .....ANSWER... ✔✔ The goal
isn't to build a great product, but to build a product that
the consumer needs and values
Organizational culture - .....ANSWER... ✔✔ the set of
values, ideas, attitudes, and norms of behavior that is
learned and shared among the members of an
organization (culture impacts everything, crucial to
investigate)
,2|Page
Ex: Levi :"I just wanna go to my job and do my job and
go home, I don't care about culture". In truth, he cares so
much about culture that he has no idea.
Evolution of the marketing concept - .....ANSWER...
✔✔ Production Era (emphasizes the most efficient
ways to distribute and produce products)
Sales Era (marketing as a sales function, or a way to
move products out of warehouses to reduce inventory)
Relationship era (prioritizes the satisfaction of customers'
needs and wants)
Triple bottom line (Profit, people, planet. consequences
of business decisions)
Organizational structure - .....ANSWER... ✔✔
Corporate level
Strategic Business Unit (SBU)
Functional Level
,3|Page
Key goals or objectives (What the firm wants to
accomplish in short and long term) - .....ANSWER...
✔✔ SMART:
Specific (don't be vague)
Measurable (if it's not measurable, you never know if
you get there)
Attainable (if it's not attainable it's not a good goal)
Relevant (to overall life and purpose)
Timeline (have a timeline for taking
measurements/achieving this, useless otherwise)
Competencies - .....ANSWER... ✔✔ What do we do
well?
Customers - .....ANSWER... ✔✔ Who can we serve
Competitors - .....ANSWER... ✔✔ Who else serves
these customers in a similar fashion
Stars - .....ANSWER... ✔✔ High market share, high
market growth
, 4|Page
Cash cows - .....ANSWER... ✔✔ High market share,
low market growth
Question marks - .....ANSWER... ✔✔ Low market
share, high market growth
Dogs - .....ANSWER... ✔✔ Low market share, low
market growth
Market penetration strategy - .....ANSWER... ✔✔
Wants to increase sales of existing products to existing
markets
Market development strategy - .....ANSWER... ✔✔
Wants to introduce existing products to new markets
Product development strategy - .....ANSWER... ✔✔
Wants to introduce new products into existing markets
Diversification strategy - .....ANSWER... ✔✔
Emphasizes both new products and new markets to
achieve growth
