MKT 305 1st EditionFinal Exam Study Guideo Understand the typical responsibilities that fall under outbound or inbound marketingo Define what marketing is and why it is neededo Understand the difference between a marketing orientation and production orientation, which is better, and whyo Understand what is included in a marketing strategy plan. What is the difference between marketing strategy and a marketing strategy plan?o Understand each of the 4P’s. Know what each one represents. Be able to analyze a situation and determine which “P” is being discussed.o Understand target marketing – why it is important, what it is, how you define a target marketo Understand the concept of customer lifetime valueo Understand the SWOT analysis tool, how to build it, how to use it, why you would use ito 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 propositiono Understand the difference between a mission statement and a vision statemento Understand the market environment and the different breakdowns discussed (economic,technological, political and legal, cultural and social). o Know the difference between external and internal market environmentso Understand the three generic business strategies discussed in class and examples of companies that fit each strategyo Understand the difference between red ocean and blue ocean markets, how marketing efforts vary based on which “ocean” you’re in.o Understand the difference between personal selling and advertising driven selling, whenyou would use each.o Understand key terms such as: Competitive advantage, cannibalization, cascading strategy, value propositiono Understand why you go through the process of marketing strategy planning and how it workso Be able to define and distinguish between generic markets and product marketso Understand how to name product marketso Know the difference between a single target, multiple target, and combined target market approacho Understand the differences between qualifying and determining dimensionso Understand positioning, how it is defined, how it workso Know the criteria for good market segmentationo Understand needs vs. wantso Understand Economic needs and what factors economic buyers consider when making a purchasing decisiono Understand gross income, disposable income, discretionary income, and net worth. Be able to provide examples of each.o Understand selective processeso Understand psychological influences on buying behavioro Understand social influences on buying behavioro Understand cultural influences on buying behavioro Understand situational influences on buying behavioro Understand the consumer buying process steps and understand the difference between routinized behavior, limited problem solving, and extensive problem solvingo 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 categorieso Understand what a conflict of interest iso Understand the roles in a buying center and be able to distinguish between each roleo Understand types of buying tasks – new task purchase, modified rebuy, straight rebuy Know how marketing strategy varies for each situationo Understand what “Product” means and all that is included in the definitiono Know how product quality is definedo Understand the differences between goods and serviceso 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 lengtho 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 Be able to identify different types of brands (ex. Individual, family, etc.) Understand what brand licensing is and why companies choose to license brandso Understand key terms such as: Brand names, trademarks, branding, warranty, brand familiarity, brand equity, brand conflicto Understand the roles that packaging plays, be able to categorize exampleso Understand warrantieso 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)o 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 ino Know the difference between pioneers and followers, understand the advantages and disadvantages of each approacho Understand the difference between continuous, dynamically continuous, and discontinuous innovationso Understand the stages in the new product development (NPD) process, what happens ateach stage, what the goal of each stage iso Know the different sources of ideas discussed along with pros and cons of eacho Understand the steps in a typical R&D project and what happens in each stageo Understand key terms such as: Usability testing, alpha testing, beta testing, continuous innovation, dynamically continuous innovation, discontinuous innovation, co-creationo Understand the scientific approach to market research – understand the steps in the process and the purpose for each stepo Understand methods for collecting primary and secondary information Understand the difference between each Be able to recognize examples of each Know sources for eacho 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 observationo Know how to increase confidence in your resultso Understand key terms such as: Statistical significance, confidence intervals, validityo Understand how product classes relate to channel strategyo Know the difference between direct and indirect channels and why companies might choose one path versus the othero 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