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 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 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 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 o Product development to satisfy unmet consumer needs o Short term marketing versus Long term marketing o The Power of Branding Marketing o Dr Brady s approved definition of Marketing Marketing is the answer to the question of why you buy a product Value reward cards value menu babysitting Relationship establish long term mutually satisfying buyer seller relationships Marketing s Core Strategies o Creation Chick fil A Charmin o Segmenting Markets Gender Age Race Education Income Early adopters o Identifying opportunities Know the history of Marketing o Simple Trade Era made by hand and grown o Production Era firms produced what they could make o Sales Era firms pushed products using aggressive sales tactics o Marketing Era focus on customer orientation o Societal Era firms now serve three entities Stakeholders who are they o Stakeholders own a certain part of the market share 4 P s The Marketing mix o Product goods services ideas o Place Distribution make products available in quantities desired o Promotion inform individuals or groups about the organization o Price decisions and actions associated with establishing pricing objectives and policies Game changers product pricing distribution Misconceptions of Marketing o Marketing vs Advertising Advertising is promoting the product to consumers Marketing deals with the product price distribution o Holistic view What marketing actually is complex strategic quantitative multi Time as related to Marketing faceted o What effect does time have in marketing Over time competitors force firms to promote their products in order to differentiate them from close competitors Power of branding and advertising o Brand bias o Category bias o Social responsibility Market Orientation o Customer Centric o Relationship Establish long term mutually satisfying buyer seller relationships o Customer Relationship Sustainability Reality Score o Green Dr Brady s material Corporate Social Responsibility Guest Speaker Presentation Promotion The Marketing mix as levers Marketing Orientation o competitor orientation o inter functional orientation o customer orientation Clues to a market orientation o Customer centric marketing o Relationship marketing o Customer relationship management o Green marketing Who are a company s Stakeholders o Who are affected by companies actions o Remember BP oil spill Macro Marketing Strategies o Creating value How do companies do this o Creating relationships How do you build a relationship with a customer Charmin they sell toilet paper so how can they build relationships o Segmenting markets Coke Diet Coke Coke Zero etc identifying devils from angels o Identifying opportunities Market opportunity SWOT analysis Core competency o Strengths weaknesses opportunities threats o Matching strengths to opportunities o Converting weaknesses to strengths o Converting threats to opportunities Strategic Business Unit division of a parent company o Internal Marketing Company employee o External Marketing Company customer BCG s matrix Star Cash cows Question marks Dogs People and firms you should know Why should you know them o Warren Buffet o Pepsi o Berkshire
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