warren r mkting midterm exam

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Principles of Marketing Spring 2012 MidTerm Exam

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NAME:

1) Type your name in the space provided above. Do this now.2)

Save this to your computer (File, Save As) in the following format:

LastName FirstInitial Mkting MidTerm Exam

(Martin J Mkting MidTerm Exam)

3) Answer the questions below within this document, and e-mail it back to me whenfinished. The formatting is already set for youall you have to do is type.

4) If you have questions, please e-mail me with the subject line: MidTerm Question.5) I will NOT accept handwritten exams.6) This is due by the beginning of class (or emailed prior) on March 15, 2012.


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Marketing - Midterm Test - Essay Questions

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PART 1: Answer the following six questions or scenarios, providing detailed responses and

examples when appropriate. Keep in mind that I am looking for your ability to apply what welearned, not your ability to provide fluff. Spelling and grammar count. 30 points each.

1)What are the components of a SWOT analysis, what are the internal and external elements?Provide an analysis of what the SWOT may look like for your place of employment (identify

it), or in lieu of your place of employment, you may use Lake Michigan College.

2)What is the difference between needs and wants? How do marketers use that information inorder to better sell goods and services to consumers? How do your own needs and wantsaffect a recent purchase decision?

3)A corporation has several areas of responsibility. Using any organization you would like,identify those areas of responsibility and apply them against the organization you chose.

4)You are a domestic manufacturer, and have expressed concerns about the cheap goods fromChina being imported to the US market. What methods of trade legislation can you lobby toachieve to help your position in retaining profit margin? Tell me what strategy you would

employ, and how it would help to protect your position in the market (or limit the number of

goods you are competing against). Be specific, and identify the strategy.

5)The CEO of SC Johnson has come to you, and would like an analysis of the buying decision aconsumer enters before purchasing their product. He is concerned that the decision to

purchase the product is being manipulated by store brands, and also wants to better understandwhy consumers choose SC Johnson products over competitors. Provide him with an example

of the consumer buying process, and also provide at least five relevant questions to help begin

formulating a marketing survey.

6)The marketing mix is comprised of what four elements, and how are they applied to themarketing process? Use an existing product that you have purchased to demonstrate how the

manufacturer may have used the marketing mix to sell the product to you (in other words, howdid the marketing mix influence your purchase).


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PART 2: Answer all of the following questions. Provide detail, if necessary, to demonstrate your

knowledge. Five points each.

1. Describe cognitive dissonance, and how youve experienced it following a purchase.Cognitive dissonance is an internal conflict that arises from an inconsistency between twobeliefs, or between beliefs and behavior. In other words, it is the process when you look back on

a major, or any purchase, and ask yourself if you made the right decision. Its the point when

reality sets in and you realize that you might have made the wrong decision or maybe you madethe right decision about the product that you had purchased. I have experienced this many times.

The most recent time would be when we bought my car about two months ago. After we got

home we started questioning whether we had made a wise decision or not. We came to theconclusion that it was the right decision to make at the time, for the fact that I needed a fuel

efficient car that would get to and from Benton Harbor twice a week until the end of the

semester.

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Dan Pink, in Drive (our online video), described how people are motivated. How wouldyou apply that same principle to marketing? (There are a lot of ways, so this is a pretty

open question. Dont think Im looking for a specific answer, Im checking to see thatyou apply his theory to our marketing class).

I think that it applies to marketing in many different ways. When consumers have moneythey buy more products, at first, but then after a while they learn to start saving their money,

especially in todays economy. Money is a big motivator in todays society, the more youhave then the happier you are and the less stressed you are. If money wasnt an issue

everything would be fine and dandy. In the video Dan Pink had mentioned that one companytold their employees to do whatever they wanted to for a 24 hour period of time, and at the

end of that time they had to present what they had been working on. In the end more things

were accomplished and the employees had fun doing it. Its kind of like how you gave us the

choice to pick either a marketing plan or a case study, and then you also gave us the choice toeither pick a company of our own or you could give us one. It opened the table up for choices

and allows us to be able to actually use our minds and put them to work.

3. The Hierarchy of Needs gives us an example of why people buy, and at what pointpeople are ready to make certain purchases. Give me an example of how the model helps

to explain/demonstrate buying decisions (meeting people where they are in life).

We can expect different people in different situations to be motivated in different ways and

toward different goals depending on what needs have been met. What a consumer buys

depends on how the product that they are going to purchase makes them feel. If the productmakes them feel good about themselves then it meets their physiological and esteem needs,

like buying carrots to eat rather than cookies. It makes the consumer feel like they are doing

well by eating healthy. If the consumer were to buy an alarm system for their house, that isfilling their safety need. They know that the alarm will make them feel safer at home and

when they are away. Buying a present for their significant other fills the consumers love

needs. They know that when they give that present to their significant other they will, most of


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the time, get affection back from that person and therefore the consumer will feel loved. Self-

actualization occurs when the consumer feels completely satisfied with their life and howthey live it. For some consumers this feeling might come when they have the house of their

dreams, the vehicle or vehicles of their dreams, and have kids. Others might feel this feeling

with littler things, like maybe just having a house to call home and having family to lean on.

4. What is your personal ethical philosophy? How does it guide you, and how can it guideyou in your career?

My personal ethical philosophy is to always be on time and to give 100% at everything I do.

Knowing that I have given 100% makes me feel accomplished and that I am worth

something. It has guided me throughout my schooling. Giving 100% and being on time hasallowed me to accomplish good academic standing, and with that I have been on the Deanslist every semester for the last 2 years. It has also given me the chance to be part of Phi Theta

Kappa. This has guided me with a lot of different jobs. Always being on time and giving

100% lets my employers know that I mean business. Staying true to my personal ethical

philosophy willguide me in my career by allowing me to achieve better jobs and getting meto where I want to be in my life and career.

warren r mkting midterm exam

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