MGT 103 Midterm Study Guide - Midterm Study Guide Tuesday,...

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Topics Covered in the MidtermThe exam will consist of one multi-part essay question and 15 multiple choice questions.Classroomdiscussions, exercises, videos, and guest speakers will form the foundation for the essay questions.Multiple choice questions will be based on the following textbook readings:An activity for creating, communicating, delivering and exchanging offerings that benefit theorganization, its stakeholders and the society at large·What is marketing?·Focusing on what the customer benefit is and learning from the past·Product: service or idea to satisfy the consumer's needsPrice: what is exchanged for the productPromotion: means of communication between seller and buyerPlace: means of getting product to customerFocusing on the Target Markets: the Four P's (marketing mix)·How does marketing discover and satisfy consumer needs?·Integrates the marketing mix to provide goods, services or ideas to prospective buyers·The marketing program·Chapter 1:Need to answer where we are now and where we want to go·Where we are now: identify competencies, customers, competitors·Quantify performance measures and growth targets to analyze their firms'strategic business units as though they were a collection of separateinvestmentsBusiness portfolio analysisSearch for growth opportunities from among current and new markets as wellas current and new productsDiversification analysisGrowth strategy of where do we want to go?·How do organizations set strategic directions?·SWOT (Strengths and weaknesses and external opportunities and threats) analysisMarket segmentation: grouping buys into common needs to respond inmarketing actionGoal setting: set marketing and product goals, select target markets, find pointsof difference, position the productMarketing program: using the marketing mixMarket product focus and goal settingPlanning·Carrying out the marketing plan that emerges from the planning phaseObtaining resources, designing the marketing organization, defining precise tasksresponsibilities and deadlinesExecuting the marketing programImplementation·What is the strategic marketing process?·Chapter 2:Midterm Study GuideTuesday, April 28, 201510:11 AMMGT103 Page 1
Executing the marketing programComparing results with plans to identify deviationActing on deviationsEvaluation·Environmental scanning: process of acquiring information about these changes to allowmarketers to identify and interpret the trends.·Environmental forces business monitor is social, economic, technological, competitive andregulatory.·Identification of trend relate to each of the forces to develop and maintain successfulmarketing programs·Explain how environmental scanning provides information about social, economic, technological,competitive, and regulatory forces.

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Term
Spring
Professor
NELSON
Tags
Marketing, prospective buyer, marketing program

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