Exam 1 Review 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 Tests in this course relate directly to lecture material This review guide is simply an outline form of the lectures Please watch the lectures and complete your notes to fill in any missing information and to add details All material discussed and referenced external videos in the video lectures may appear on the exam Exam Process Here are some things to know about how the exams will work Your exam will be taken at the testing center you must go at the time you registered for Exams are 40 multiple choice questions drawn from a larger pool of questions 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 goal 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 a Cash cow b Star c Question mark d Dog 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 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 Reminder Throughout the videos Dr Brady and the guest lecturer reference external videos that you should view Please watch these videos they are potential test material Chapter 1 Marketing is Misunderstood Two video segments to address this issue 1 What is Marketing 2 Why is marketing misunderstood Segment 1 What is marketing A Marketer s View of Marketing o The aim of marketing is to know and understand customers so well the product or service fits them and sells itself Peter Drucker My View of Marketing o Marketing is the answer to the question of why you buy a product A Marketer s View of Marketing Learn about Marketing If you nail positioning and targeting the rest falls into place Philip Kotler What makes a Starbucks good product Why do so many people buy it o Product Benefits Taste o Product Benefits Caffeine o Product Benefits Great Service in a great setting o Place it s everywhere o Price The right is not always the low o Quality Exclusivity o Maximizes profit for the firm So It s a Good Product Product Development is a core marketing function Firms don t get very far without good products to sell This warrants repeating There would be no firms without marketing Good Products Great marketers The first goal of marketing is to identify unmet consumer needs and then develop products that fill those needs Identifying the price that maximizes revenue is also part of marketing Getting Coke to where you can buy it is also part of marketing o Channels Distribution Logistics M W R C 1 Develop products that people want or need 2 Price them at a level that maximizes profits 3 Distribute them to where consumers are Great Marketing game changer products Game changer pricing distribution Great Marketing Advertising o If marketers hit their mark with the product price and distribution there s little need to advertise o KNOW EXAMPLE OF GAME CHANGER Marketing is the foundation of every business Marketing Results Apple v Dell My View of Marketing Segment 2 Why is marketing misunderstood Misperceptions of Marketing So What s Wrong The problem originates from marketers themselves No not serious marketers who work on products and positioning at corporations Marketing must invent complete products and drive them to commanding positions in defensible market segments So What s Wrong So What s Wrong I m talking about folks who call themselves marketers but in fact are enterprising opportunists hawking the latest fad or hyping their own brand of sensationalist BS And by definition fads are born they re hyped and then they die Real marketing is how Apple Cisco and Texas Instruments make great products and position them to be leaders in ridiculously crowded and hypercompetitive global markets Real marketing is what Bill Davidow calls the Strategic Principle in his seminal book Marketing High Technology Marketing must invent complete products and drive them to commanding positions in defensible market segments The Other Side of Marketing So what about the visible side of marketing Why is it needed and so prominent There are many slides 38 50 of examples be aware of them know the
View Full Document
Unlocking...