Why do you think the 2007 AMA’s definition of marketing is different from the definition 20 years ago?
Why do you think the 2007 AMA’s definition of marketing is different from the definition 20 years ago?
MKTG 4050: Applied Marketing Management.
Mid-term Exam Guidelines & Preparation Fall 2020
The mid-term exam will cover chapters 1, 3, 5, 7 and 8 (6th edition) and other notes. It will be accessible on 10/1 with 75-minute exam time limit. It will be proctored by Proctorio. The information on the first exam will be drawn from the text, charts, graphs, and figures. The exam will contain 10 multiple-choice and 8 short-answer questions. You are allowed to reference a single page (A4 size) of notes, one-sided. You are allowed to use a single-sided note during the exam. If it is a printed copy, please show it to the camera before starting your test. If it is a digital copy, please only open that file (do not view any other material) on your screen during the exam (the screen will be recorded).
Sample essay questions:
1. (Chapter1) The text discusses some challenges and opportunities associated with marketing in today’s economy. Identify two challenges and two opportunities and discuss those issues with examples.
2. (Chapter1) Why do you think the 2007 AMA’s definition of marketing is different from the definition 20 years ago?
3. (Chapter1) Briefly explain and discuss the five types of utility discussed in Chapter 1. Please offer one example for each type of utility.
4. (Chapter1) The text discusses the major characteristics of transactional and relationship marketing. Please offer some suggestions for a business that plans to shift from transactional marketing to relationship marketing approach.
5. (Chapter5) Identify the five stages of the consumer buying process. At each stage, what can marketers do to influence consumers’ decisions? Please use some examples to explain the influences.
6. (Chapter5) Although the stages of the consumer buying process are typically discussed in a linear fashion, consumers do not always follow the stages in sequence. Explain why this often occurs with examples.
7. (Chapter5) Please use a specific industry/product category as an example to explain why segmentation and target marketing are vital parts of marketing strategy (why are they useful?).
8. (Chapter5) Explain the five different target marketing strategies and give examples of firms that use each one.
9. (Chapter8) Why is it important that marketing ethics be incorporated into the firm’s strategic plan?
10. (Chapter8) Draw, label, and explain the pyramid of social responsibility.
11. (Chapter8) Why is being ethical and socially responsible challenging? Please explain with examples.
12. (Chapter7) How would you measure brand equity (the value of a brand)? Explain the factors that you would consider.
13. (Chapter7) Other than branding, what are other factors on which product differentiation can be based?
14. (Chapter7) Choose a private-label (store brand) product (e.g., shampoo, medicine, snacks, etc.) that you have seen and discuss the possible reasons for why the particular retailer introduced this private-label product.
15. (Chapter7) Explain the importance of corporate branding. How is it different from product branding? Give examples of how a firm’s corporate brand is tied to its reputation and its success in the marketplace.
16. (Chapter7) Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the product life cycle stages that force marketers to alter their marketing programs over time? Please explain with some product examples.
17. (Chapter3) “Analysis alone is not a solution” is an important piece of advice to keep in mind during a situation analysis. What does this phrase mean? What other considerations are relevant during a situation analysis?
18. (Chapter3) Managers need to look beyond the obvious examples of competition, and answer the question “who are our current and future competitors?” What do you think are the brand competitor, product competitor, generic competitor, and budget competitor of Netflix? Why?
19. (Chapter3) What is big data? Briefly explain and discuss the different types of data that have been used in marketing research.
20. (Chapter3) Choose a specific product that you use on a daily basis (such as food items, toiletries, or your car) and apply the 5W model in Exhibit 3.4 to yourself (answer the six questions based on 5W model).
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