MKT 305 1st Edition o o o o o o o o o o o o o o o o o o o Final Exam Study Guide Understand the typical responsibilities that fall under outbound or inbound marketing Define what marketing is and why it is needed Understand the difference between a marketing orientation and production orientation which is better and why Understand what is included in a marketing strategy plan What is the difference between marketing strategy and a marketing strategy plan Understand each of the 4P s Know what each one represents Be able to analyze a situation and determine which P is being discussed Understand target marketing why it is important what it is how you define a target market Understand the concept of customer lifetime value Understand the SWOT analysis tool how to build it how to use it why you would use it Understand key terms such as Production orientation marketing orientation customer lifetime value diversification intermediary marketing strategy strategic planning target market marketing mix mass marketing channel of distribution personal selling competitive advantage value proposition Understand the difference between a mission statement and a vision statement Understand the market environment and the different breakdowns discussed economic technological political and legal cultural and social Know the difference between external and internal market environments Understand the three generic business strategies discussed in class and examples of companies that fit each strategy Understand the difference between red ocean and blue ocean markets how marketing efforts vary based on which ocean you re in Understand the difference between personal selling and advertising driven selling when you would use each Understand key terms such as Competitive advantage cannibalization cascading strategy value proposition Understand why you go through the process of marketing strategy planning and how it works Be able to define and distinguish between generic markets and product markets Understand how to name product markets o o o o o o o o o o o o o o o o o o o o o o Know the difference between a single target multiple target and combined target market approach Understand the differences between qualifying and determining dimensions Understand positioning how it is defined how it works Know the criteria for good market segmentation Understand needs vs wants Understand Economic needs and what factors economic buyers consider when making a purchasing decision Understand gross income disposable income discretionary income and net worth Be able to provide examples of each Understand selective processes Understand psychological influences on buying behavior Understand social influences on buying behavior Understand cultural influences on buying behavior Understand situational influences on buying behavior Understand the consumer buying process steps and understand the difference between routinized behavior limited problem solving and extensive problem solving Understand the different categories of organizational buyers discussed in class producers of goods and services intermediaries government units non profits Know how to classify companies into those categories Understand what a conflict of interest is Understand the roles in a buying center and be able to distinguish between each role Understand types of buying tasks new task purchase modified rebuy straight rebuy Know how marketing strategy varies for each situation Understand what Product means and all that is included in the definition Know how product quality is defined Understand the differences between goods and services Know what a product line is why they exist how to identify if two products are likely in the same or different product line advantages disadvantages of product line length Understand what branding is and why brands matter Understand the different levels of brand familiarity and how you improve your brand familiarity Know general attributes of good brand names o o o o o o o o o o o o o o o Be able to identify different types of brands ex Individual family etc Understand what brand licensing is and why companies choose to license brands Understand key terms such as Brand names trademarks branding warranty brand familiarity brand equity brand conflict Understand the roles that packaging plays be able to categorize examples Understand warranties Understand product classes be able to identify product classes talk about how marketing strategy ties to product classes note this was covered during the week of 3 23 not with the rest of the Product chapter Understand the product life cycle concept the stages a PLC goes through how marketing strategy changes based on the stage you re in and how to identify what stage you re in Know the difference between pioneers and followers understand the advantages and disadvantages of each approach Understand the difference between continuous dynamically continuous and discontinuous innovations Understand the stages in the new product development NPD process what happens at each stage what the goal of each stage is Know the different sources of ideas discussed along with pros and cons of each Understand the steps in a typical R D project and what happens in each stage Understand key terms such as Usability testing alpha testing beta testing continuous innovation dynamically continuous innovation discontinuous innovation co creation Understand the scientific approach to market research understand the steps in the process and the purpose for each step Understand methods for collecting primary and secondary information Understand the difference between each Be able to recognize examples of each Know sources for each Understand the role of questioning and observing in the process Qualitative vs quantitative Advantages and limitations of questioning vs observing Methods of questioning Methods of observation Know how to increase confidence in your results o Understand key terms such as Statistical significance confidence intervals validity o o Understand how product classes relate to channel strategy Know the difference between direct and indirect channels and why companies might choose one path versus the other Understand the concept of channel conflict what it means how it is created consequences of it how to deal with it the difference between horizontal and vertical conflict etc Understand what Vertical Market Systems are and the different types discussed Vertical Integration Contractual Channel