Download STUDY GUIDE MARKETING 333

STUDY GUIDE
MARKETING 333 - INTRODUCTION TO MARKETING
Chapter 1
How do we define marketing?
What is a market?
What is the marketing mix? 4 P's?
What is relationship marketing?
What is the marketing concept?
Understand how marketing orientations have changed over time.
What is the societal marketing concept?
How does marketing contribute to the economy?
Chapter 3
How does the marketing plan fit into the company's strategic plan?
Understand the product/market expansion grid (matrix).
What is a market segment/segmentation?
What is market targeting? a target market?
What is market position? What is re-positioning?
What are the marketing strategies for establishing competitive advantage? (e.g.
differentiation strategy)
What is a strategic business unit (SBU)?
What criteria have to be present for a market to exist?
Know the various variables we use to segment markets (psychographics,
geographic, sociocultural, product benefits, etc.)
What are demographics?
How do we evaluate market segments ( what makes a segment meaningful?)?
Understand the basic strategies for target marketing.
What is mass customization?
Chapter 4
How do external forces influence marketing strategy?
Know the elements of the macroenvironment and what elements are included in
each.
Be able to explain the four major economic systems.
What is consumerism?
Know the elements of the microenvironment and what elements are included in
each.
What is meant by economic utility?
Know the four basic types of competition.
What is the value chain?
What is outsourcing?
Chapter 5
How do consumer behavior and consumer satisfaction impact marketing
strategy?
Understand the decision making process.
Be familiar with the different types of buying situations (i.e. routinized, limited,
extensive problem solving)
What is consumer involvement? How does it influence the decision making
process?
What's the difference in internal versus external search?
How does perceived risk influence the decision making process?
What are choice criteria?
Be able to explain and interpret a multiattribute model.
What is cognitive dissonance?
Explain the motivation process as it relates to the decision making process.
What is perception? Selective perception? Selective attention? Etc. How do these
influence brand image?
What is operant conditioning? How does it affect decision making?
What are the components of attitude? What is the relevance of attitude toward
decision making?
Explain personality and self concept as they relate to the decision making process.
What is culture? subculture? social class?
What are reference groups?
What's an opinion leader?
What does AIO refer to? Why is lifestyle a good measure of buyer behavior?
What are psychographics?
Chapter 6
Explain the difference between a consumer market and a business market.
Chapter 7
What's the difference in data and information?
What is a data base?
Understand data based marketing.
Understand the steps of the marketing research process.
Be able to describe different market research techniques.
What's the difference in exploratory and descriptive research?
What's the difference in primary and secondary research?
Understand the various ways we collect primary data (observation, survey,
experiment).
What is a focus group? How are they used?
Be familiar with the strengths and weaknesses of various survey methods?
What's a sample? What's the difference in a probability sample and a
nonprobability sample?
Be familiar with major types of closed ended survey questions (see handout)
What is forecasting? Understand the forecasting techniques discussed in
class.
What's the difference in closed and open-ended questions?
Chapter 8
What are the components of the total product?
What is meant by product differentiation?
What's the difference between durable and nondurable goods?
Be able to describe the characteristics of services.
Understand the characteristics of convenience goods, shopping goods, specialty
goods.
How does this product classification system relate to the decision making process?
What are the three classifications of organizational products?
What is a product line versus a product item? What is the product mix?
What is a brand? What are the advantages of branding?
What is a private brand?
What are the various parts of the brand?
What's a trademark? service mark?
Understand the various brand strategies: national or manufacturer's brand, private
brands, generic brands, family brands, individual brands, co-branding, licensing,
brand extensions, line extensions.
What are the characteristics of a good brand name?
What are the different types of packaging?
What does product line depth and width refer to?
Why is a label necessary?
Chapter 9
Be able to explain the product development process.
Know the different types of new products (e.g. new to the world, extensions, etc).
Be familiar with the degrees of newness.
Know the characteristics of new products that contribute to success.
What is test marketing? What are the different types of test marketing? Under
what circumstances would we choose one over another?
Understand the product life cycle and the marketing implications related to
each stage.
Understand the diffusion process and how it relates to the product life cycle.
What is meant by cannibalization of sales?
What are the two major global product strategies and how do they differ?
What is meant by "the consumers' right to know"?
What is product obsolescence? What are the two arguments relating to this issue?
Chapter 10,11, 12
How does distribution contribute to the marketing strategy?
What is a distribution channel?
What is contactual efficiency?
What is a channel level?
What is dual distribution?
Know the difference between intensive, exclusive and selective distribution.
What is physical distribution? What is logistics? Know the components of a
physical distribution system (order processing, warehousing, etc.)
What is the total cost approach?
Know the modes of transportation.
What is reverse distribution?
Who are intermediaries?
What is the difference between an agent intermediary and a merchant
intermediary?
Be familiar with the basic types of retailers and wholesalers.
Chapter 13
Know the elements of the communication process model.
What are the three basic purposes of promotion?
What are the elements of the promotional mix? Be able to differentiate between
the elements and understand the pros and cons of using each.
What is the promotional staircase (hierarchy of effects)? How can it be used by
marketers when planning the promotional strategy?
What's the difference in a push and pull promotional strategy?
How does the promotional campaign relate to the product strategy?
Chapter 14
What's the difference in publicity and public relations?
Know the commonly used forms of publicity.
What is crisis management?
Know the characteristics of personal selling.
Know the steps of the selling process.
Know the various compensation methods and why we would use one over
another.
Chapter 15
Know the difference in message content, structure and format.
What is reach? frequency? Gross rating points?
Know the advantages and disadvantages of the major media types
What's the difference in product ads and institutional ads?
How are advertisements post-tested?
Be familiar with the execution formats discussed in class.
Know the difference in copy and art.
What is bait and switch? Puffery?
Why should we be particularly concerned with advertising directed at children?
What is sales promotion?
What are point of purchase materials?
What is cooperative advertising?
What is a trade promotion?
What's the difference in a contest and a sweepstakes?
What are allowances?
What's the difference in a coupon and a rebate?
What is a premium?
What is a produce placement?
What is a tie-in?
Chapter 16,17
Be able to
competition.
differentiate
between
price
competition
and
non-price
What are the common pricing objectives identified in your text?
Be able to explain the supply and demand curves and how they impact pricing
decisions.
Be able to differentiate between pure competition, monopolistic competition,
oligopolistic competition and pure monopoly (characteristics and implications for
pricing).
Understand the concept of elasticity of demand. Cross elasticity.
What is marginal analysis
Be familiar with all the differential pricing strategies: one-price versus
variable pricing; second market discounting; skimming
Be familiar with the competitive pricing strategies: meeting; undercutting;
price leadership; penetration
What is predatory pricing?
What is captive pricing?
What is leader pricing?
What is price bundling?
What does reference pricing refer to?
What is odd versus evening pricing?
What is psychological pricing?
What is a reference price?
What is a loss leader?
What are the implications of FOB decisions?
What is mark-up?
What is cost-plus pricing?
What is target return pricing?
What is breakeven analysis?
Be familiar with the various price adjustments discussed: cash discounts; trade
discounts; quantity discounts; seasonal discounts
Chapter 18
Know the differences in micro and macro marketing.
Know how the marketing plan relates to the marketing mix.
Understand what is involved in creating a marketing plan. See exhibit 18-3.