MKTG Final Exam

MKTG Final Exam Review:

·       46 total questions

o   43 Multiple Choice Questions

o   2 Ordering Question

o   1 multi-answer question

·       60 minutes to complete the test

·       Chapters covered

o   8, 9, 10, 15, & 16

·       Types of questions you can expect to see

o   Basic memorization questions (recalling concepts)

o   Applying learned concepts to real-life scenarios

o   Applying learned concepts to lecture examples

·       Studying tips

o   Watch the "Optional Chapter Videos" found in the weekly modules

§  If you want more depth, read the textbook sections that cover what Corey goes over in these videos

o   Watch the Lecture Videos also found in the weekly modules 

o   Think back to stories and examples Corey talked about in class--which concepts applied to those stories and how? 

Review Session:

CH 8, 9, 10, 11, 15, 16

CH 11: (not a whole lot on pricing)

Week 9 and after is what we should be looking at for studying.

Marketing Process:

1.        Research

2.        Segmentation and positioning

3.        4 Ps

4.        Sell the product

CH 8: Market segmentation, targeting, and positioning

-              Market segmentation:

o   Consumption behavior

-              Dive into SWOT (current overview of where the company is at)

o   Strenghts and weaknesses are inside the company

o   Opportunity and  threats are external

o   Understand insights and tradeoffs

-              Why segment: it brings value

o   Creates and delivers value

o   Value: Percieved value and real value

§  Real value: Actual cost

§  Percieved value: What customers think the value is (it is usuall higher than real value)

-              More targeted promotions: Saves money and time

-              Geographic example: McDonalds -> they have different menus across the country based on where they are

-              Canes examples: Targeting college students, on campuses, suburban areas, only serve chicken

-              Make sure you can find a segment that is more loyal and profitable

Needs: If you understand what they want, need, and how to go about it, you have to position your perceived value.

-              YOU CAN’T MARKET TO EVERYONE, IF YOU TRY, YOU WILL BE MARKETING TOWARDS NO ONE.

-              Make sure to review these:

o   Cost to reach: you don’t want to waste your money on promoting the wrong ways.

§  White claw example

o   Need to have growth

-              Marketing is understanding your consumers and delivering that perceived value

-              Value is all in the mind of the consumers.

UNDERSTAND A POSITIONG STATEMENT AND THE ELEMENTS:

-              Understand repositioning, what is the unique value that we are going to give to customers?

CH 9: Product Development

-              All about providing the solution that the customer sees as a problem and a need

-              Inseparability: simultaneous creation and consumption

-              Inconsistency: Starbucks drink tastes different.

-              Inventory: There really isn’t any inventory

-              Product launch is the most expensive

-              Make sure to understand all of tehse

-              There is more too this to understand.

-              Example: The google glasses -> the market was not attractive; people didn’t see it as a need or a want.

-              Thinking ahead: What are the failures that you think you will encounter

CH 10: Branding

-              Applying these definitions

-              Sunny D commercial:

Understand both definitions and be able to apply wehre the pount of difference and point of parity come into place.

-              Intro: Wanting to inform people on the product

-              Growth: Pursuading

-              Maturity:

o   Coke example, budwiser example,

o   Reminding tactic: Commerciasls that get people enegaed.

- Good example of reposition: Subway athletes.

- Changing the view of the product in the consumers mind

-              High learning and low learning products

-              Fashion products: Trendy and it is going to go up and down

-              Super fast upwards, but can immedietly decline.

Understand the examples for these types of products

-              Nike is associated with athleticism

-              Understand what the companies we have talked about in class and their brand personality

-              What counts is what the value is perceived by the consumer

CH 11: Pricing

-              Not heavily covered on exam.

-              Know the 3 steps for deciding your pricing strategy.

-              Decoy: When you see a small, medium, and large popcorn

o   The medium is .50 less than the large, they are trying to convice you to buy the large

-              Anchoring:

o   Seeing the original price and you see what you are saving

-              Bait and switch:

CH 15

-             

-              Good example is Taco bell

-              Why promote?

o   Awareness -> Trying to get people to understand your product

-              Know the promotional elements and the pros and cons

-              Understanding what goes into planning, and then implementing, and then evaluation

CH 16:

-              Institution: Trying to advertise your company.

-              Know the different types of media and then the advantages or disadvantages.