Study Guide Key Concepts Exam 1 (Chapters 1-2, 4- 8 & Appendix 2) Chapter 1 1. 2. 3. 4. 5. 6. Defining marketing, the marketing process.

Differences in needs, wants and demands Customer value and satisfaction and its relationship with expectations Differences in marketing orientations What is customer lifetime value? Why is it important? The marketing process, and the 4 Ps.

Key concepts: need, want, demand, marketing, market, value proposition, satisfaction, expectations, customer lifetime value, 4Ps. Chapter 2 1. Steps in the marketing planning process. 2. What is a mission statement, what characteristics does it have? 3. What tools aid us in designing our business portfolio? Explain the BCG Matrix, and Product/Market Expansion Grid, and the specific strategies that can be used with them. 4. Marketing Strategy and its elements: Segmentation, Targeting, Positioning, Product, Price, Place, Promotion 5. What is SWOT Analysis, why is it conducted? Key concepts: Mission statement, business portfolio, BCG, product/market Expansion grid (Market penetration, product development, market development, diversification), marketing strategy and the marketing mix, integrated marketing mix.

Chapter 4 1. What are the steps in the marketing research process? 2. Explain a. Primary data vs secondary data (adv./disadvantages) b. What are the research approaches for gathering primary data? When is each appropriate? c. What are the advantages and disadvantages of various contact methods in primary data collection? d. What is a sampling plan? What are the differences in probability samples and non-probability samples? Key concepts: Internal data vs. external data, secondary data vs. primary data, observational research, survey research, experimental research, focus group, probability samples and non-probability samples.

Chapter 5 1. 2. 3. 4. 5. 6. 7. 8. What are some cultural factors that affect consumer behavior? What are some social factors that affect consumer behavior? What are some personal factors affecting consumer behavior? What are some psychological factors affecting consumer behavior? Explain the different types of buying decision behavior. Explain steps in the buyer decision process. What is the buyer decision process for new products? How do product characteristics influence rate of adoption.

Key concepts: Motivation, motive, Perception, Selective attention, selective distortion, selective retention, Maslows hierarchy of needs, lifestyle, social class, opinion leader, learning, beliefs and attitudes, changing attitudes, low involvement vs. high involvement, cognitive dissonance.

Chapter 6 1. What is the difference between business buying and consumer buying? 2. What are some differences market structure and demand in business markets and consumer markets? 3. What are some major types of buying situations in business buying? 4. Explain the business buying process. Chapter 7 1. 2. 3. 4. 5. Explain market segmentation, targeting and positioning. What are the main bases of segmentation (ways to segment)? What are the benefits of segmentation? What are the two main positioning strategies? What are the four main target marketing strategies?

Key concepts: STP, differentiation, perceptual map, developing positioning strategies, Chapter 8 1. 2. 3. 4. 5. 6. 7. What is a product? What are the three levels of a product? What are the main classifications of consumer products? Branding, packaging, labeling decisions. Product mix, and product line decisions. What is brand equity? What are the outcomes of brand equity? Manufacturer brand/store brand/co-branding/licensed brands. What are the four different brand development strategies?

MKTG 201 Sample Questions

These questions are presented to give you an idea of the types of questions that will be asked in the real exam. The real exam will present a balance of questions across all assigned chapters and class sessions. However, such a balance may not exist in this sample. Multiple Choice Questions 1. The tendency of some manufacturers to pay more attention to the physical products they produce than to the needs of customers they are serving is called: a) the product concept b) the production concept c) the selling concept d) the R&D fallacy 2. Which business philosophy takes an outside-in perspective? a) the marketing concept b) the product concept c) the production concept d) the selling concept inside-out 3. Which is the following best describes market segmentation? a) The process of evaluating each market segments attractiveness and selecting one or more segments to enter. b) Dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products or marketing mixes. c) Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. d) Formulating competitive positioning for a product and a detailed marketing mix. 4. At which of the following stages do buyers attach different degrees of importance to different attributes according to their unique needs or wants? a) need recognition b) information search c) evaluation of alternatives d) purchase decision 5. Consumer behavior is influenced by four major psychological factors. Which of the following is not one of these factors? a) motivation b) perception c) dissonance d) beliefs and attitudes

Essay Questions:

1. Assume that, as the brand manager of Acme iced tea, you have decided to change the packaging for the product to generate additional interest in the brand. a. What type of research design would you recommend? Explain briefly and justify why you recommend that particular type of research design. b. How would you collect the data? Be specific about the data collection method (this is called research approach in your textbook) and briefly explain the reasons for your choice. 2. One of the ways that companies analyze their current business portfolio is through using the Boston Consulting Group (BCG) growth-share matrix. After managers identify the 4 positions each of their strategic business units fall under, what are some alternative decisions that managers can make regarding these SBUs (strategic business units)?