MAR- 1011 Principles of Marketing Midterm Exam. Complete Solution.
1. Give an example of a company that might be successfully following a production
... [Show More] orientation. Why might a firm in this industry be successful following a production orientation?
The company 3M produces products like post-it notes, scotch tape, etc. They provide these products regardless of marketplace demands.
Firms that follow a production orientation can be successful in following such an orientation because they focus on the internal capabilities of the organization rather than the desires and needs of the marketplace. Sometimes what a firm can best produce is exactly what the marketplace wants.
2. Donald E. Petersen, chairman of the board of Ford Motor Company, remarked, “If we aren't customer-driven, our cars won’t be either.” Explain how this statement reflects the marketing concept.
The marketing concept focuses on satisfying customer needs while meeting organizational objectives. Many prosperous firms, Ford included, have adopted this belief because over the years they’ve learned that customer satisfaction is very important to their success.
3. Explain why it is important to write a marketing plan.
A marketing plan helps employees and management understand and work towards a common goal. It also allows you to examine the marketing environment in conjunction with the inner workings of the business.
4. After graduation, you decide to take a position as the marketing manager for a small snack-food manufacturer. The company, Shur Snak, is growing, and this is the first time that the company has ever employed a marketing manager. As such, there is no marketing plan in place for you to follow. Outline a basic marketing plan for your boss to give her an idea of the direction you want to take the company.
The marketing plan should contain the following sections:
● Business mission statement
● Objectives
● Situation analysis
● Internal strengths and weaknesses
● External environmental opportunities and threats
● Target market(s)
● Marketing mix
● Product/service strategies
● Place/Distribution strategies [Show Less]