Download IUS Marketing On line Review Outline Final

Course Review Outline by Module & Chapter
Module 1 & Exam #1 (chapters 1-4 & 6)
Chapter 1
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Define the term “product”
Generally be aware of the AMA’s definition of “marketing”
Explain the four factors or requirements needed for marketing to occur
Know and explain the two central objectives or concerns of marketing
Name and summarize the four P’s making up the marketing mix
Define the term “market orientation” and what it means for firms that follow the philosophy.
Chapter 2
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Compare and contrast the terms: core values, mission and culture of a corporation
Define the term “strategic business unit”
Identify, compare and contrast the Boston Consulting Group’s strategic business units (stars,
question marks, cash cows and dogs); what is the goal of this model?
Explain why marketing managers use marketing dashboards and marketing metrics to help
them run their business
Define the term “competitive advantage”
Identify and describe the 3 steps in the planning phase of the strategic marketing process
Chapter 3
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Identify the five environmental forces that impact the business environment and how they
impact business
Define the term “demographics” and identify the characteristics that can be used to segment
the market.
Compare and contrast the three concepts of social responsibility
Define the term “discretionary income”
Differentiate between the terms “green marketing” and “cause marketing”
Chapter 4
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Define the term “consumer behavior”
Identify and describe the five steps in the consumer decision-making process and know how to
apply them in a purchase situation
Understand how consumer involvement impacts the decision-making process
Generally know and be able to explain (in general terms) Maslow’s hierarchy of needs
Understand the concept of “brand loyalty”
An important aspect of social culture is the family; know and understand the concepts of
“family life-cycle” and “socialization” and how it impacts us as consumers
Chapter 6
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Understand that in order to consider doing business in other countries, one should scan the
environment to better understand (know something about each): cultural diversity, economic
considerations and the political/regulatory environment.
Drilling down further into “cultural diversity”, describe the concept and why marketers must
understand the different values, customs, symbols and language before a successful
marketing campaign can be launched
Compare and contrast the four global market entry strategies (exporting, licensing, joint
venture and direct investment) and be able to apply them in a business situation
Understand the basics of the “European Union”
Be able to identify and explain the three different ways products can be sold globally (product
extension, product adaption and product invention).
Understand the terms “purchasing power” and “currency exchange rate”.
Module 2 & Exam #2 (chapters 7-11)
Chapter 7
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Identify and describe the five steps in the marketing research approach
Discuss the two elements when defining a market research problem
Understand the goals of setting research objectives
Describe and understand the pros and cons of the two types of data that can be collected in
conducting marketing research
Identify how primary data can be collected
Understand the term “data mining”
Chapter 8
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Generally, know the five steps in segmenting and targeting markets
Understand the purpose of segmenting and targeting markets
Identify and describe the four general bases (or ways) used to segment the consumer markets
In behavioral segmenting, understand how the terms “usage rate” and “the 80/20 rule” can be
utilized
Explain how a company might select a target market for their products
Understand how marketing managers position and reposition products in the marketplace
Understand how marketing managers use the tool of perceptual maps
Chapter 9
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Know the definition of the term “product”
Understand and be able to compare and contrast the four types of consumer products
Explain the difference between “product lines” and a “product mix”
Understand the term “brand extension”
Generally, understand the process behind the new product development process
o Idea generation; where do new ideas come from?
o Understand what is involved in a “business analysis”
Chapter 10
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Understand and be able to discuss the four stages of the product life cycle and how the stages
impact a firm’s marketing mix
Explain the different pricing strategies that can be employed during the introduction phase
Understand the factors that determine the length of the product life cycle for different products
Explain the benefits of product repositioning
Understand the terms “branding” and “brand equity”
Chapter 11
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Compare and contrast the four different general pricing approaches a company can take in
setting a price level
Understand and be able to explain the terms: “price”; “value”; “penetration pricing”; “break even
analysis”; and “yield maintenance pricing”
Explain how demand curves are used by marketers
Be able to explain the types of discounts that may be used by marketers once the list price is
set
Module 3 & Exam #3 (chapters 13-17)
Chapter 13 (note; also read pages 300-303 in Chapter 12 of the text to assist you in the study of
Chapter 13)
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Understand the term “marketing channel” and the importance of the function
Compare and contrast the terms “direct” and “indirect” marketing channels
Identify and explain the four utilities offered by retailers
Describe the three general forms of retail ownership
Understand the different levels of service retailers can offer their customers
Compare and contrast the different types of non-store retailing
Explain the retail strategy related to pricing
Compare and contrast the difference between “merchant wholesalers” and “agents” and
“brokers”
Chapter 14
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Identify, compare and contrast the five elements (or alternatives) of the promotion mix
Describe the major objectives of the promotional mix during the four stages of the product life
cycle
Generally, understand the three steps in the promotion decision-making process
Compare and contrast the direct marketing terms: “direct orders”; “lead generation”; and “traffic
generation”
Define the term “product placement” and understand why it is being used by many businesses
today
Chapter 15
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Identify and understand the differences between product and institutional advertising
Identify, compare and contrast the four different types of institutional advertisements
Identify and explain the elements included in most advertising messages
Generally, understand, compare and contrast the different mediums used in advertising
Gain a general understanding of how sales promotions are utilized in the consumer market,
especially product placements
Describe how a company can utilize public relations to influence their image
Chapter 16
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Define the term “social media”
Generally, describe the four important social networks outlined in your text
Compare and contrast social media and traditional media based on how they impact marketing
strategies
Identify some challenges for brand managers related to social media marketing and describe
how they can best use these tools (Twitter)
Compare the performance measures of social media linked to cost (inputs) and revenues
(outputs)
Chapter 17
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Discuss the nature and scope of personal selling and sales management in marketing
Identify, describe and explain each of the six stages in the personal selling process
Describe and understand the following terms and/or concepts: the different types of
“prospects”; “need satisfaction presentations”; “order taker” and “order getter”; and “customer
sales organizational structure”
Identify and describe the major tasks involved in the sales management process