MAR 1011 Mid-Term Exam with Answers (Detailed and verified)

1. Give an example of a company that might be successfully following a production orientation. Why might a firm in this industry be successful following a production orientation? 2. Donald E. Petersen, chairman of the board of Ford Motor Company, remarked, “If we aren't customer-driven, our cars won’t be either.” Explain how this statement reflects the marketing concept. 3. Explain why it is important to write a marketing plan. 4. After graduation, you decide to take a position as the marketing manager for a small snack-food manufacturer. The company, ShurSnak, is growing, and this is the first time that the company has ever employed a marketing manager. As such, there is no marketing plan in place for you to follow. Outline a basic marketing plan for your boss to give her an idea of the direction you want to take the company. 5. What is meant by “having a global vision?” Why is it important? 6. Explain how exchange rates can affect a firm’s global sales. 7. Describe the three categories of consumer decision-making behavior. 8. How do beliefs and attitudes influence consumer behavior? 9. Why is relationship or personal selling the best way to promote in business marketing? 10. Identify the four major categories of business market customer 11. Explain the importance of market segmentation Explain one-to-one marketing Explain the difference between marketing research and a DSS. Explain when marketing research should be conducted Describe the four categories of consumer products Describe how and why product warranties are important marketing tools Explain the importance of developing new products and describe the six categories of new products Explain the concept of product life cycles Describe the components of service quality Explain internal marketing in services