BUS M 300 1nd Edition Exam 2 Study Guide Lectures 7 10 Lecture 7 September 25 Linking Marketing and Corporate Strategies What is strategic planning It is a process where the business determines and documents what its future actions will be What two questions must a company ask while setting strategic directions To determine where a company is now what are the three things they must focus on What is competitive advantage and how is it created Name and describe the four components of the business portfolio analysis What are the four different strategies marketers employ Describe each of them Be able to draw and label the Market Product Analysis Grid What is the strategic marketing process Identify and describe the three phases of the strategic marketing process What is a SWOT analysis What does SWOT stand for Lecture 8 September 30 The Marketing Environment Where do environmental trends arise Define social forces What is social marketing Define green marketing and give an example What is cause marketing What is cultural diversity What are the two types of consumer income Explain the political legal environment What is a patent law What is a copyright law What does the digital millennium copyright act state Explain trademarks What are the two problems with self regulation Lecture 9 October 7 9 Developing new Products and Services What is a product Define product line and product mix How do durable and nondurable goods compare What is a core product What is an actual product What is an augmented product What is a desired product What is a convenience product What is a shopping product What is a specialty product What is an unsought good What are new products What are the seven reasons products fail Name and define the six stages of the product development process Lecture 10 October 14 Managing Products Services and Brands What is the product life cycle What are the four ways marketers try to extend the product life cycle What are the five categories and profiles of product adopters Define brand name What is a brand mark What is brand equity Define line extensions What is brand preference What is brand insistence Define brand extensions