MRKT 5000 Midterm 2013 Webster University

1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.

Product, distribution, promotion, and price are what make up the mix, while the marketing managers are the ones who control the variables. It is their job to match the needs of the customers with the desired marketing mix, and it’s crucial for the marketing managers to look at their target group and decide the level each variable needs to be used to achieve maximum return on a product.

2) What are the key components of a marketing plan? List and describe each component briefly.

The key components are the executive summary, environmental analysis, SWOT analysis, and the performance evaluation.
Executive summary gives the reader a complete overview of the plan, and the environmental analysis gives information about the company’s current situation about the marketing environment, current objective and performances, and the target market. The SWOT analysis, which analyzes the company’s strengths, weaknesses, opportunities, and threats, is derived from the environmental analysis. The performance evaluation establishes the standards for how the results of the plan will be measured and evaluated.

3) Explain 3 of the 6 forces in the marketing environment.

Competitive forces are ones that compete with other organizations for similar products; the competitive forces can include brand competitors, product competitors, generic competitors, and total budget competitors. Economic forces influence consumer and marketers’ decisions and behaviors. The current economic condition can be one of prosperity or recession, which will dictate how a consumer will spend or conserve their cash. Technological forces use current technologies to find answers to issues within the market more efficiently. Technology has also