MRKT 5000 Midterm 2013 Webster University
1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.
Product, distribution, promotion, and price are what make up the mix, while the marketing managers are the ones who control the variables. It is their job to match the needs of the customers with the desired marketing mix, and it’s crucial for the marketing managers to look at their target group and decide the level each variable needs to be used to achieve maximum return on a product.
2) What are the key components of a marketing plan? List and describe each component briefly.
The key components are the executive summary, environmental analysis, SWOT analysis, and the…show more content… 4) Why is ethics an important consideration in marketing decisions? Explain your answer with an example.
Ethics is an important consideration in marketing decisions because a company wants to instill a relationship or trust with consumers. Consumers are not as likely to purchase a company’s goods when they have been caught lying. Take for example Dannon yogurt, which told consumers they would have better digestion because of their yogurt. This was before probiotics were added to yogurt, and as a result it was nothing but their word and consumers fought back. I received a refund for $15 because of the amount of yogurt I bought during a year of their misleading information. The outcome for me was that I no longer bought Dannon yogurt for my family. It was Dannon’s misleading information that prevented me from purchasing it later on, and proved that the consumers would not stand by it, which caused litigation and millions of dollars paid out to consumers.
5) Explain the Five Steps of the Marketing Research Process.
The first step is to locate and define the problem or desired research issue. The second step is to formulate a hypothesis and decide which method of hypothesis testing should be conducted such as exploratory research, descriptive research, or causal research. The third step is to collect data as primary of secondary such as surveys, observations or rely on other methods such as the census. The forth step is to