MAR- 1011 Principles of Marketing Mid-Term Exam Questions and Answers.

Mid-Term Exam Student name: MAR- 1011 Principles of Marketing 1. Give an example of a company that might be successfully following a production 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.