Questions for MKTG 430 Mid-Term Exam
The mid-term exam will be held in class on October 12th. Make sure to bring a blue book and a pen for writing your answers. I will select five questions from the list below and you will need to answer three of the five questions. Your answers should reflect some thought and consideration on your part.
Discuss the challenges and opportunities associated with planning and developing marketing strategy in today’s economy. Why is marketing strategy both exciting and challenging?
One of the greatest frustrations and opportunities in marketing is change—customers change, competitors change, and even the marketing organization changes. Strategies that are highly successful today will not work…show more content… The purpose of taking things apart is to understand why people, products, or organizations perform the way they do. After this dissection is complete, the manager can then synthesize the information to gain a big-picture view of the complex decisions to be made.
Identify and explain the five stages of the consumer buying process. Give examples of marketing activities designed to influence each stage.
The buying process begins when consumers recognize that they have an unmet need. This occurs when consumers realize that there is a discrepancy between their existing situation and their desired situation. Consumers can recognize needs in a variety of settings and situations. Some needs have their basis in internal stimuli such as hunger, thirst, and fatigue. Other needs have their basis in external stimuli such as advertising, window shopping, interacting with salespeople, or talking with friends and family.
When done correctly, marketing stimuli can prompt consumers to become interested in a product, leading to a desire to seek out additional information. This desire can be passive or active. In a passive information search, the consumer becomes more attentive and receptive to information, such as noticing and paying attention to automobile advertisements if the customer has a want for a specific car brand. A consumer engages in active information search when he or she purposely seeks