Exam 1 Review ONLINE class Dr Mike Brady MAR 3023 02 Exam 1 Review Sheet This sheet is intended to help you organize your notes so that you can study more effectively This sheet is NOT intended to be a comprehensive review of all the material covered in class so do not assume that it will take the place of coming to class or taking good notes Nor is the test limited to just this material Exam Process Here are some things to know about how the exams will work Exams will be given at the FSU Testing Center in the UCC suite 1200 Exams are given over a period of five days You must sign up for an exam time via Blackboard Exam time slots are limited for each slot and are assigned on a first come first served basis Historically the later time slots are more popular than the earlier ones so be sure to sign up for your exam window as soon as possible You must have a valid FSU student I D card to enter the testing facility Be sure to bring it with you No other form of identification will be accepted and you will not be allowed to take the test without the FSU ID There s nothing we can do about you missing your exam window make sure you are at the testing center with your FSU ID 10 minutes before your exam time Exams are 40 multiple choice questions and are given via Blackboard The 40 questions are randomly selected from a larger pool of questions Everyone gets the same number of questions from each topic lecture FAQs about the Exams Q Is this class an easy A A No it s not Tests are challenging and the grade distribution is historically below a B Q How do I get a good grade A The formula is simple Read the chapters before you come to class come to class take good notes when you re here about that I recommend printing the slides before you come to make your job easier and ask yourself three questions before you take the exams 1 Do I know the course content 2 Would I recognize the course content if I saw it in an example And 3 Would I be able to apply the course content if someone put me in a real world scenario If you do all of these things and can honestly answer yes to all three questions you ve done everything you can to get a good grade in this course If you cannot go back and review the class material posted on Blackboard Sample Questions Below are two sample questions that provide examples of the kinds of recognition and application style questions you will see on the exam When studying ask yourself these types of questions for each topic and try to think of your own examples for brands and companies you know Recognition Question Recognition questions either provide a scenario from a real life business setting or it describes a concept Either way the goals is to recognize what s being described For example One of the first parts of the strategic planning process involves taking a complete assessment of the firm The process includes describing 1 what the company does well 2 what it doesn t do well 3 identifying things the firm can take advantage of and 4 noting things it should be concerned about The process described is known as a a SWOT analysis b External scanning c Environmental scanning d Strategic assessment e Internal scanning Commentary As you can see the question is describing a SWOT analysis without using the term SWOT Application Questions Application questions discuss a real life scenario then ask you to apply one of the concepts you have learned about in class in order to come up with the correct answer For Example Doritos is a brand that has high market share but it s in a low growth market For Pepsi which owns the brand Doritos would be best classified as which of the following on the BCG grid a Cash cow b Star c Question mark d Dog Commentary The question is intended to have you apply the BCG grid categories to identify the correct quadrant for Doritos As you can see it assumes you know the names of the four categories and makes you apply the grid itself to a real life scenario In this case you needed to know that a brand with a large share of a slow growth market is by definition a cash cow in the BCG grid General Overview of the Exam 1 Content What is Marketing Great products o Product development to satisfy unmet consumer needs Organizations have to define their products not as what the companies make or produce but what they do to satisfy customers I e Disney is not in the business to establish theme parks but more so to making people happy customers are guest the crowd is an audience and the employees are cast members o Short term marketing versus Long term marketing Over time competitors force firms to promote their products in order to differentiate them from close competitors o The Power of Branding Marketing The aim of marketing is to make selling and advertising unnecessary Marketing is the foundation of what makes the company good and not so good o Dr Brady s approved definition of Marketing The process by which companies determine what products or services may be of interest to customers and the strategy to use in sales communications and business developments Marketing is the foundation of every business because of great products Marketing s core strategies o Creation Value reward cards value menu babysitting Relationship establish long term mutually satisfying buyer seller relationships Chick fil A Charmin Cumulative Dr Peloza s presentation 17GS CSR and Ethics o All four values are satisfied Customer Value Typology o How customers receive value for everything they consume o Where is the benefit intrinsic extrinsic Who benefits Self oriented other oriented o Example Hotel soap they are saying we care about the planet and you are helping the planet by using this soap The product is intrinsic self oriented and extrinsic other oriented o Example Toto toilet does help the planet people think better of him for having the toilet the toilet was comfortable and it helped him save giving value in all four quadrants o Segmenting Markets Gender Age Race Education Income Early adopters Demographic variables o Identifying opportunities Know the history of Marketing o Simple Trade Era made by hand and grown Traded in small quantities Lasted until the industrial revolution o Production Era firms produced what they could make as long as its black Henry Ford Make as much as we can creating an inward focus Sellers market demand exceeded supply o Sales Era firms pushed products using aggressive sales tactics Depression happened no one had money and people became conservative
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