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Principles of Marketing

Spring 2012 MidTerm Exam

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 when finished. The formatting is already set for you all 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.

Marketing - Midterm Test - Essay Questions 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 we learned, 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 in order to better sell goods and services to consumers? How do your own needs and wants affect 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 from China being imported to the US market. What methods of trade legislation can you lobby to achieve 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 a consumer 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 understand why 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 the marketing 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, how did the marketing mix influence your purchase).

Principles of Marketing

Spring 2012 MidTerm Exam

Marketing - Midterm Test - Essay Questions

Principles of Marketing

Spring 2012 MidTerm Exam

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 two beliefs, 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 made the 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 the conclusion 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. 2. Dan Pink, in Drive (our online video), described how people are motivated. How would you 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 that you apply his theory to our marketing class). I think that it applies to marketing in many different ways. When consumers have money they 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 you have 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 company told 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 to either 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 point people 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 product makes 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 is filling 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 5

Marketing - Midterm Test - Essay Questions the time, get affection back from that person and therefore the consumer will feel loved. Selfactualization occurs when the consumer feels completely satisfied with their life and how they 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 guide you 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 has allowed me to accomplish good academic standing, and with that I have been on the Deans list 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 will guide me in my career by allowing me to achieve better jobs and getting me to where I want to be in my life and career.