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.