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.
4. 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...
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