Review questions for the midterm exam Topic 1: Introduction to Marketing 1. Define marketing and discuss how it is more than just “advertising and selling. ” 2. Explain why it is important for all departments of an organization—marketing, accounting, finance, operations management, human resources, and so on—to “think consumer. ” Why is it important that even people who are not in marketing understand it? 3. Marketing has been criticized because it “makes people buy things they don’t really need. ” Refute or support this accusation. . What are the five different marketing management orientations? 5. Explain the production, product, selling, and marketing concepts. 6. Explain the societal marketing concept and provide three examples of companies that are practicing social responsibility in their business activities. 7. List the different steps of the marketing process. 8. What are the two important questions the marketing manager must answer to design a winning marketing strategy? How does the marketing manager go about answering these two questions? 9.
Explain what is meant by segmentation and targeting. 10. Define positioning and explain how it is accomplished. 11. Define the concept of marketing mix. 12. Define each of the four Ps. What insights might a firm gain by considering the four Cs rather than the four Ps? 13. What is the difference between the concept of customer (perceived) value and customer lifetime-value? 14. What is the difference between the concept of brand equity and customer equity? 15. Do loyalty cards foster (i. e. , create) brand loyalty in the marketplace?
Explain your answer. Topic 2: The marketing environment and Strategic Planning 1. Define the concept of strategic planning and enumerate the steps that lead managers and the firm through the strategic planning process. 2. Describe the elements of a company’s marketing environment and why marketers play a critical role in tracking environmental trends and spotting opportunities. 3. Explain what is meant by a market-oriented mission statement and discuss the characteristics of effective mission statements. 4. Explain the product/market matrix. 5.
Explain what is meant by a business portfolio analysis. Also, name and thoroughly describe a framework (a tool) that can be used to conduct a business portfolio analysis. Topic 3: Marketing Research 1. Contrast between qualitative research and quantitative research. 2. List the different steps of the research process. 3. Explain the role of secondary data in gaining customer insights. Where do marketers obtain secondary data? 4. Compare open-ended and closed-ended questions. When and for what is each type of question useful in marketing research? 5.
What is the difference between a Likert scale and a semantic differential scale? Propose a Likert scale to measure the concept of brand loyalty. 6. A marketing researcher should assess the reliability of his findings and the validity of his measurements. What is the difference between reliability and validity? Support your answer by giving examples. 7. A manufacturer would like to measure the effects of the colour of the product package (red vs. blue vs. black) on the sales. Would you advise the manufacturer to use ethnography, projective techniques or experimentation? Explain your choice.
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