BUSI 406 PRINCIPLES OF MARKETING: FIRST EXAM REVIEW

Today’s Agenda  Answer any questions  Wednesday, September 17 – First Exam  First Exam Review  Sample Exam Questions  Material Covered in Chapters 1 – 5  Select your team marketing strategy planning project client by Wednesday, September 24

First Exam Review  First Exam Questions  40 multiple-choice (2 points each, 80 points total) Can explain choices if stuck between 2 or 3 options  3 short answer questions (20 points total)  75 minutes to complete the exam  How to study?  Re-read the chapters  Go through slides (and access notes on slides)  Do the practice exam questions  Study with a partner  Material Covered in Chapters 1 – 5 and Classes in this portion  Closed book, closed notes

Sample Exam Questions  Ideally, the ingredients of a good marketing mix should: A. match the ingredients typically used by key competitors. B. be determined by which ingredients cost the least. C. not include much advertising because it’s expensive. D. flow logically from all the relevant dimensions of a target market. E. All of the above are true.

Sample Exam Questions  Ideally, the ingredients of a good marketing mix should: A. match the ingredients typically used by key competitors. B. be determined by which ingredients cost the least. C. not include much advertising because it’s expensive. D. flow logically from all the relevant dimensions of a target market. E. All of the above are true.

Sample Exam Questions  With regard to a firm’s resources (when searching for attractive opportunities): A. lack of financial strength is often a barrier to entry. B. large companies always have an advantage over smaller companies. C. a good marketing strategy will probably use new facilities rather than present facilities. D. a patent owner had a 5-year monopoly to develop its product. E. a manufacturer need skilled production people more than skilled salespeople.

Sample Exam Questions  With regard to a firm’s resources (when searching for attractive opportunities): A. lack of financial strength is often a barrier to entry. B. large companies always have an advantage over smaller companies. C. a good marketing strategy will probably use new facilities rather than present facilities. D. a patent owner had a 5-year monopoly to develop its product. E. a manufacturer need skilled production people more than skilled salespeople.

Sample Exam Questions  When studying consumer needs, a marketer should: A. try to understand how the marketing mix can satisfy a set of needs, rather than only one. B. realize that he or she cannot create need, merely identify them. C. know that total consumer satisfaction is not likely. D. all of the above. E. none of the above.

Sample Exam Questions  When studying consumer needs, a marketer should: A. try to understand how the marketing mix can satisfy a set of needs, rather than only one. B. realize that he or she cannot create need, merely identify them. C. know that total consumer satisfaction is not likely. D. all of the above. E. none of the above.

Sample Exam Questions  Until recently, good microcomputer software for voice recognition was not available, but was much in demand by businesses. The first companies to produce a specific type of program had good sales even though they did little promotion and their programs were not “user-friendly” or even particularly accurate. It seems that many of these “innovators” operated as if they were in the: A. simple trade era B. marketing department era C. sales era. D. marketing company era E. production era.

Sample Exam Questions  Until recently, good microcomputer software for voice recognition was not available, but was much in demand by businesses. The first companies to produce a specific type of program had good sales even though they did little promotion and their programs were not “user-friendly” or even particularly accurate. It seems that many of these “innovators” operated as if they were in the: A. simple trade era B. marketing department era C. sales era. D. marketing company era E. production era.

First Exam Major Topic Review

What is Marketing?  Why do we care?  What is marketing?  Definition  Consumers’ needs, wants and demands  Customer satisfaction  Why do companies care about satisfied and dissatisfied customers?  Marketing mix/ 3Cs, 4Ps  The marketing strategy process  Analysis, development of strategies, plans and programs, implementation, and monitor and audit

What is Marketing?  Production vs. Marketing  Micro-marketing vs. macro-marketing  Planned Economic vs. Market-Directed systems  Central Markets  Marketing functions & who performs them  Over time, marketing’s role in organizations

Marketing Concept & Strategy  Customer value  Marketing concept  Marketing strategy planning  Attractive Opportunities  Breakthrough opportunities  Competitive advantage  Types of Growth Opportunities to Consider  Market penetration  Market development  Product development  Diversification

The Marketing Environment  What is the marketing environment?  Direct Company Objectives, mission statement, and resources Customers Competition  Indirect Economic environment Technological environment Political/Legal environment Cultural/Social environment  Screening opportunities – GE Grid, BCG Growth/ Share Matrix

Segmenting & Positioning  Why do we care about segmenting and positioning?  Generic markets and product-markets  Market segmentation? How?  Dimensions Behavioral, Geographic, Demographic Qualifying vs. Determing  Selecting Target Markets  Single, Multiple, Combined  Differentiation & Positioning: How? Why?

Final Consumers &Their Buying Behavior  Understanding Buying Behavior  Who are our potential consumers?  Characteristics Affecting Consumer Behavior:  Economic Needs  Psychological influences  Social and Cultural influences  Situational influences  The Buyer Behavior Model/Decision Process/Consumers’ Adoption Process

 For the Exam Wednesday September 17–  Just bring a pen/pencil  Closed book/closed notes exam No calculators, laptops, phones, or other material  For Monday, September 22…  Chapter 6 Business and Organizational Customers and Their Buying Behavior  Select your team marketing strategy planning project by Wednesday, September 24