BUSI 406 PRINCIPLES OF MARKETING: FIRST EXAM REVIEWToday’s AgendaFirst Exam ReviewSample Exam QuestionsSlide 5Slide 6Slide 7Slide 8Slide 9Slide 10Slide 11First Exam Major Topic ReviewWhat is Marketing?Slide 14Marketing Concept & StrategyThe Marketing EnvironmentSegmenting & PositioningFinal Consumers &Their Buying BehaviorPowerPoint PresentationBUSI 406PRINCIPLES OF MARKETING:FIRST EXAM REVIEWToday’s AgendaAnswer any questionsWednesday, September 17 – First ExamFirst Exam ReviewSample Exam QuestionsMaterial Covered in Chapters 1 – 5Select your team marketing strategy planning project client by Wednesday, September 24First Exam ReviewFirst Exam Questions40 multiple-choice (2 points each, 80 points total)Can explain choices if stuck between 2 or 3 options3 short answer questions (20 points total)75 minutes to complete the examHow to study?Re-read the chaptersGo through slides (and access notes on slides)Do the practice exam questionsStudy with a partnerMaterial Covered in Chapters 1 – 5 and Classes in this portionClosed book, closed notesSample Exam QuestionsIdeally, the ingredients of a good marketing mix should:A. match the ingredients typically used by key competitors.B. be determined by which ingredients cost the least.C. not include much advertising because it’s expensive.D. flow logically from all the relevant dimensions of a target market.E. All of the above are true.Sample Exam QuestionsIdeally, the ingredients of a good marketing mix should:A. match the ingredients typically used by key competitors.B. be determined by which ingredients cost the least.C. not include much advertising because it’s expensive.D. flow logically from all the relevant dimensions of a target market.E. All of the above are true.Sample Exam QuestionsWith regard to a firm’s resources (when searching for attractive opportunities):A. lack of financial strength is often a barrier to entry.B. large companies always have an advantage over smaller companies.C. a good marketing strategy will probably use new facilities rather than present facilities.D. a patent owner had a 5-year monopoly to develop its product.E. a manufacturer need skilled production people more than skilled salespeople.Sample Exam QuestionsWith regard to a firm’s resources (when searching for attractive opportunities):A. lack of financial strength is often a barrier to entry.B. large companies always have an advantage over smaller companies.C. a good marketing strategy will probably use new facilities rather than present facilities.D. a patent owner had a 5-year monopoly to develop its product.E. a manufacturer need skilled production people more than skilled salespeople.Sample Exam QuestionsWhen studying consumer needs, a marketer should:A. try to understand how the marketing mix can satisfy a set of needs, rather than only one.B. realize that he or she cannot create need, merely identify them.C. know that total consumer satisfaction is not likely.D. all of the above.E. none of the above.Sample Exam QuestionsWhen studying consumer needs, a marketer should:A. try to understand how the marketing mix can satisfy a set of needs, rather than only one.B. realize that he or she cannot create need, merely identify them.C. know that total consumer satisfaction is not likely.D. all of the above.E. none of the above.Sample Exam QuestionsUntil recently, good microcomputer software for voice recognition was not available, but was much in demand by businesses. The first companies to produce a specific type of program had good sales even though they did little promotion and their programs were not “user-friendly” or even particularly accurate. It seems that many of these “innovators” operated as if they were in the:A. simple trade eraB. marketing department eraC. sales era.D. marketing company eraE. production era.Sample Exam QuestionsUntil recently, good microcomputer software for voice recognition was not available, but was much in demand by businesses. The first companies to produce a specific type of program had good sales even though they did little promotion and their programs were not “user-friendly” or even particularly accurate. It seems that many of these “innovators” operated as if they were in the:A. simple trade eraB. marketing department eraC. sales era.D. marketing company eraE. production era.First Exam Major Topic ReviewWhat is Marketing?Why do we care?What is marketing?DefinitionConsumers’ needs, wants and demandsCustomer satisfactionWhy do companies care about satisfied and dissatisfied customers?Marketing mix/ 3Cs, 4PsThe marketing strategy processAnalysis, development of strategies, plans and programs, implementation, and monitor and auditWhat is Marketing?Production vs. MarketingMicro-marketing vs. macro-marketingPlanned Economic vs. Market-Directed systemsCentral MarketsMarketing functions & who performs themOver time, marketing’s role in organizationsMarketing Concept & StrategyCustomer valueMarketing conceptMarketing strategy planningAttractive OpportunitiesBreakthrough opportunities Competitive advantageTypes of Growth Opportunities to ConsiderMarket penetrationMarket developmentProduct development DiversificationThe Marketing EnvironmentWhat is the marketing environment?DirectCompanyObjectives, mission statement, and resourcesCustomersCompetitionIndirectEconomic environmentTechnological environmentPolitical/Legal environmentCultural/Social environmentScreening opportunities – GE Grid, BCG Growth/ Share MatrixSegmenting & PositioningWhy do we care about segmenting and positioning?Generic markets and product-marketsMarket segmentation? How?DimensionsBehavioral, Geographic, DemographicQualifying vs. DetermingSelecting Target MarketsSingle, Multiple, CombinedDifferentiation & Positioning: How? Why?Final Consumers &Their Buying BehaviorUnderstanding Buying BehaviorWho are our potential consumers?Characteristics Affecting Consumer Behavior:Economic NeedsPsychological influencesSocial and Cultural influencesSituational influencesThe Buyer Behavior Model/Decision Process/Consumers’ Adoption ProcessFor the Exam Wednesday September 17–Just bring a pen/pencil Closed book/closed notes examNo calculators, laptops, phones, or other
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