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MKT 4000 Fall 2008 Final Exam Study Guide ***The following topics will be covered on the final exam. Please note that the final exam is noncomprehensive. The emphasis is on comprehension and application of these topics.*** New Product Development Importance of new products Major reasons for new product failure Types of new product The new product development process Stages of the process Alternative processes for new product development, and their pros and cons Costs at various stages Importance of the interfunctional interface in new product development Organization of new product development Sources of new product ideas Main objectives of test marketing The pros and cons of test marketing Factors that can lead to new product success Reasons for difficulty to kill bad product ideas Managing Integrated Marketing Communication and ad campaign Components of integrated communication mix Pros and cons of each components Major criteria for assessing an integrated communication mix The process of developing an effective advertising campaign Pull vs. push communication strategies Major decisions and the “five Ms” in managing advertising campaigns Typical types of advertising objectives Ways to determine advertising budget and their pros and cons Task areas in designing the advertising messages Types of message execution styles Major media and their pros and cons The process of and factors that influence media selection Ways to evaluate the effectiveness of advertising campaigns Advertising organization types Managing Sales Promotion and Personal Selling Importance of sales promotion Types of sales promotion Methods for sales promotion and their main objectives Consumers Trade Businesses The Process of developing a sales promotion campaign Effects of sales promotion (short term vs. long term) The role of personal selling Conditions conducive to using personal selling Personal selling process Major tasks in managing sales force Types of sales force compensation and their pros and cons Ways to improve sales force effectiveness Sales control systems and their pros and cons Ways to evaluate salespeople performance Managing Marketing Channels Major functions of marketing channels Importance of marketing intermediaries/channel members Major tasks in channel design Types of distribution strategy Major areas of customer service Key decisions in channel management Sources of channel conflict and ways to manage channel conflict Types of vertical marketing systems Major trends in retailing Major trends in wholesaling Managing Pricing Importance of pricing in the marketing mix Psychological theory of pricing Factors that determine the price The 3-Cs of pricing The process of price determination Breakeven analysis Skimming pricing vs, penetration pricing Price-quality relationship Product line pricing Prestige pricing Loss-leader pricing Odd-even pricing International Marketing Benefits and challenges of international marketing Key environments of international marketing The importance of cultural environment Various degrees of adaptation in international marketing Components of international business risk Major international marketing decisions Major modes of foreign market entry Major sources of competitive advantages in global industries