Download ECON 3210 • Be able define basic marketing terms like: o Brand

ECON 3210
Principles of Marketing
Study Guide for the Comprehensive Final Exam
 Be able define basic marketing terms like:
o Brand name
o Brand mark
o Service mark
o Position
o Brand image
o Brand equity
o Competitive advantage
o Green marketing
o Target market
o Differentiated vs. undifferentiated marketing
 Understand the categories in the diffusion of innovation.
 Understand the strategic distribution decisions (intensive distribution, selective
distribution, and exclusive distribution) and how they can impact a product’s
position/brand image.
 Be able to recognize the characteristics of each stage of the product life cycle.
 Understand the differences between: global brands, manufacturer’s brands, private
brands, and captive brands.
 Understand the reasons why consumers buy (needs/wants) and why businesses buy
(consume, integrate into a finished good, resell.)
 Understand why Maslow’s Hierarchy of needs is important for marketers.
 Be able to identify the marketing philosophies (product orientation, sales
orientation, market orientation, and societal marketing orientation.)
 Understand and be able to apply the components to a SWOT analysis.
 Understand what a competitive advantage is and what makes a sustainable
competitive advantage.
 Understand the basic strategic marketing decisions (market penetration, market
development, product development, and diversification.)
 Be able to recognize the 4 parts to the marketing mix (Product, Place, Promotion,
Price.)
 Understand the definition of demographics
 Understand the characteristics of the major demographics in the United States (e.g.
baby boomers and generation X and the growing latin and asian cultures)
 Understand the advantages and disadvantages of primary and secondary data.
 Be able to recognize the steps in the consumer decision process.
 Understand what functions intermediaries perform and why they can be disintermediated
 Be able to define a market
 Understand why and how marketers segment markets.
 Understand how marketers choose a target market.
 Understand product portfolio decisions business need to make (product line depth,
extensions, mix width etc.)
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Understand the 4 parts of the marketing mix (advertising, pubic relations,
professional selling and sales promotions.)
Be able define advertising
Understand how price is impacted/impacts by supply/demand.
Understand the types of consumer products (convenience, shopping, specialty, and
unsaught.)
Understand the differences between goods, services, and experiences.
Understand what the term exchange means to marketers (page 4)
Be able to recognize the various pricing strategies (keystoning, price skimming etc.)
Understand price elasticity and be able to identify if a product’s demand is elastic
and inelastic
Understand what break-even analysis is and how marketers use it.
Understand the illegal pricing tactics discussed in the text.
Be able to recognize the various types of channel conflict and integration
(vertical/horizontal)
Understand the categories of the product portfolio matrix (star, cash cow, problem
child, and dog.)