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Mktg 600 Mid Term Exam

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MKTG 600

MID TERM EXAM (100 points total)

Answer each of the following questions. Make sure you answer each part of the questions. Be concise. Quality, not quantity counts. (10 points each)

1. Identify six of the major areas of the environment that marketers must consistently monitor. Give an example of an element of each area.

Demographic – This refers to studying human populations in terms of size, density, location, age, gender, race and occupation. Then being able to divide population into market segments & target markets.

Economic – This refers to the purchasing power of potential customers and the ways in which people spend their money.

Socio-cultural – This aspect consists of institutions and basic values and beliefs of a group of people. Values can be categorized into core beliefs (difficult to change) and secondary beliefs (easier to influence).

Natural – This includes the natural resources that a company uses as inputs and affects their marketing activities (increased pollution, shortages of raw materials, and increased government intervention).

Technological – This is one of the fastest changing factors and includes developments from antibiotics and surgery to nuclear missiles and chemical weapons to automobiles and credit cards. Requires companies to stay ahead of others and update their technology as it becomes outdated.

Political-legal – This includes all laws, government agencies, and groups that influence or limit other organizations and individuals within a society. Marketers must be aware of these restrictions as they can be complex.

2. Imagine that you are a manager for a small business that needs to conduct marketing research. Clearly, your research budget is limited but you still have market information needs. Suggest some options

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