Marketing Midterm Questions and Final Questions

Marketing

Marketing
MIDTERM QUESTIONS
Answer 1
The variables of marketing mix are product, price, place and promotion. It can be examined that
these variables are controlled or managed by the marketers and also by the marketing managers
so that it can be easy to manage the activities of the company.
Answer 2
The key components of the marketing plan are marketing strategy, competitive analysis, budget,
and metrics. In marketing strategy the sales goals are decided. In competitive analysis focus is
given on the competitors. In budget the schedule is made related to marketing and also in metrics
the success of marketing is analyzed.
Answer 3
There are six forces in the marketing environment like demographic, economic, political,
economic, social and technological. In social marketing environment the focus is given on the
society. In context to political factor the emphasis is given on the political stability in the market.
Technology factor is related with the latest technologies in the market.
Answer 4
Ethics is an essential consideration in reference to marketing decisions because by emphasizing
on ethics in marketing states that practicing the fairness standards in the workplace. It also helps
the company to give their best towards the activities of the company. For example: to carry out
the well advertising campaigns in which the customers are showed actual image of the products.
Answer 5
Five steps are:
a.) Defining the problem in which the problem is considered.
1

Marketing
b.) Develop your research plan: the research plan is designed by focusing on survey monkey.
c.) Collect information : the accurate information is gathered
d.) Analyze information: evaluation is done
e.) Take actions: accurate actions are taken
Answer 6
a.) Targeting strategy
b.) Determine the segment variables to use
c.) Develop the profile of the competitors
d.) Market segment evaluation
e.) Target market
f.) These help the company to focus on market targeting and also through these steps it can
be easy to achieve growth in the market.
Answer 7
Cultural values consider the beliefs that focus on the desirable outcomes. These values
impact the behavior through norms which are acceptable and also the focuses on the specific
situations. Also, the consumer behavior is also influenced by the religious beliefs. Example:
eating pork is against Muslim religion while Hindu does not mind eating it.
Answer 8
The three international entries that companies take into consideration are
a.) Joint venture: A joint venture is considered as an partnership between the firm and also
between the foreign company.
b.) Strategic alliance: it is formed to attain competitive advantage.
c.) Trading companies: it reduces the risks of the companies in context to internal
marketing.
2