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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 tomorrow. Customers will buy products today that they will have no interest in tomorrow. These are truisms in marketing. Although frustrating, challenges like these also make marketing extremely interesting and rewarding. Another fact about marketing strategy is that it is inherently people driven. Marketing strategy is about people (inside an organization) trying to find ways to deliver exceptional value by fulfilling the needs and wants of other people (customers, shareholders, business partners, society at large), as well as the needs of the organization itself.
The combination of continual change and the people-driven nature of marketing makes developing and implementing marketing strategy a challenging task. A perfect strategy that is executed perfectly can still fail. This happens because there are very few rules for how to do marketing in specific situations. In other words, it is impossible to say that given “this customer need” and these “competitors” and this “level of government regulation” that Product A, Price B, Promotion C, and Distribution D should be used. Marketing simply doesn’t work that way. The lack of rules and the ever-changing economic, sociocultural, competitive, technological, and political/legal landscapes
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 tomorrow. Customers will buy products today that they will have no interest in tomorrow. These are truisms in marketing. Although frustrating, challenges like these also make marketing extremely interesting and rewarding. Another fact about marketing strategy is that it is inherently people driven. Marketing strategy is about people (inside an organization) trying to find ways to deliver exceptional value by fulfilling the needs and wants of other people (customers, shareholders, business partners, society at large), as well as the needs of the organization itself.
The combination of continual change and the people-driven nature of marketing makes developing and implementing marketing strategy a challenging task. A perfect strategy that is executed perfectly can still fail. This happens because there are very few rules for how to do marketing in specific situations. In other words, it is impossible to say that given “this customer need” and these “competitors” and this “level of government regulation” that Product A, Price B, Promotion C, and Distribution D should be used. Marketing simply doesn’t work that way. The lack of rules and the ever-changing economic, sociocultural, competitive, technological, and political/legal landscapes