Marketing Exam Study Notes

Assignment and Exam Information

• Blank Sections for Group Assignments: If a group member doesn't contribute to a specific section (e.g., the product part of the marketing mix), leave that section blank. The rubric will be adjusted, and your marks won't be affected. The assignment will be marked out of 16 instead of 20.
• Email Communication: Email your tutor and CC the lecturer to notify them of any issues.
• Do Not Do Their Work: It's not expected for you to complete the work of non-participating group members.
• Individual Work: You can do their work and leave their name off with an extension, it can also help with the exam.
• Zero Tolerance for Freeloaders: If someone is caught not contributing, they will receive a zero.
• Lecture Attendance: Attending replacement shoots is highly recommended, especially to discuss the exam.
• Student Evaluations:
  • They help ensure quality education and identify strengths and areas for improvement.
  • They help reward good educators and highlight areas where educators may need to improve.
  • Be honest in your evaluations and advocate for your education.
• Exam Content Focus: The lecture will focus on content likely to be on the exam rather than earlier weeks.
• In-Person Participation Marks: Students participating in person may receive marks for co-teaching.
• Online Participation: Students watching online who feel their participation or quiz marks weren't fair can email the lecturer.
• Code Word: Email the lecturer for the code word if you have one in your email.

Exam Details

• Resources: Look for the study guide and practice exam on MyUni.
• Exam Difficulty: The exam is considered easier than the test because of more explicit instructions and easier marking.
• Study Engagement: Students tend to study more for exams, leading to better engagement with the content and higher grades.
• Exam Structure: The exam consists of three questions: two short answers and one long answer.
  • Short answers are typically tied to a specific week's content.
  • The long answer spans across the course and is more open-ended and reflective.
• Word Count: There is no strict word limit, but short answers are typically about one page long, and the long answer is about two pages.
• Conciseness: Concise answers are important for clarity.
• Essay Weighting: Spend more time on the essay question as it's weighted more heavily.
• Dot Points: If you run out of time, you can use dot points for short answer questions.
• Exam Duration: The exam is three hours long.
• Closed Book Exam: No materials are permitted.
• Academic Integrity: Do not write answers on your body or water bottles, and do not copy from others.
• Hurdle Requirement: You must achieve 45% on the exam to pass the course overall. A replacement exam is offered in July with a maximum achievable grade of 50%.

Exam Question Format

• All questions are scenario-based.
• Use the test as a structure:
  • D (Definition): Define the concept.
  • E (Explanation): Explain key characteristics and why it's used.
  • A (Example): Provide an example of a brand using it or a hypothetical brand.
  • A (Analysis/Application): Discuss advantages, disadvantages, provide recommendations, and use the concept to problem-solve.
  • D (Diagram): Include a diagram where applicable.
• Structure Importance: Paragraphs are important for clarity and to make it easier for examiners to find the marks.
• Case-Based Approach: Relate concepts to real-life examples.
• Concept Application: You may be asked directly about concepts or need to identify relevant concepts to problem-solve.
• Flexibility: Sometimes you'll have the freedom to apply whatever concepts you want.
• Confidence: Just write something relevant to the course, and you may receive sympathy marks.

Exam Content

• Focus: The exam will focus on the marketing mix (weeks 6-10).
• Topics:
  • Products and Services
  • Distribution
  • Pricing
  • Promotion

Exam Purpose

• The exam is designed to increase the average grade, not to trick students.
• The lecturer wants students to succeed and aims to make the exam fair.

Study Guide

• The study guide contains a table of concepts most likely to be directly tested.
• There's no expectation to look at concepts outside this table for direct questions.
• Ensure you have the definition, explanation, example, and analysis/application (DEAA) for each concept.

Key Questions for Reflection:

• How has the course changed your perspective of marketing?
• What concepts did you find easy or difficult?
• How do you think you might use this course in the future?

Lecture Content: Products and Services (Week 6)

• Product Definition: Everything, favorable or unfavorable, a person receives in exchange. The core offering of the brand.
• Product Classification:
  • Convenience: Everyday, fast-moving consumer goods (e.g., apple, bread).
  • Shopping: Requires more effort, purchased less frequently (e.g., jeans).
  • Specialty: Purchased rarely, requires research (e.g., car).
  • Unsought: Arises unexpectedly (e.g., fly screen after damage).
• Product Life Cycle: Introduction, growth, maturity, decline.
  • Introduction: Early version, low awareness, high development costs.
  • Growth: Demand increases, marketing efforts increase.
  • Maturity: Economies of scale, less advertising, loyal customer base.
  • Decline: Demand decreases, may exit the market.
• Total Product Concept (TPC) Model: Analytical and recommendation tool.
  • Core Product: Fundamental benefit (e.g., coffee for energy).
  • Actual Product: Brand name, quality, styling, features, packaging.
  • Augmented Product: Value-added benefits, warranty, after-sales service, delivery.
• Product Quality: Defined by seven dimensions: performance, features, reliability, conformance, durability, serviceability, aesthetics.
• Service Quality: Analyzed using RATER scale: reliability, assurance, tangibles, empathy, responsiveness.
• Product Mix Decisions:
  • Width: Entering different product categories.
  • Length: Adding new product lines to a category.
  • Depth: Variations of a product within a category.
  • Consistency: Trimming and focusing on specific products.

Lecture Content: Distribution (Place) (Week 7)

• Distribution Definition: Where the product is offered and where customers can access it.
• Reducing Transactions: Consumers prefer one-stop shopping.
• Physical Availability: Ensuring the product is available when and where customers want it.
• Marketing Channels:
  • Direct channel: producer to consumer.
  • Retailer channel: producer to retailer to consumer.
  • Wholesaler channel: producer to wholesaler to retailer to consumer.
  • Agent/Broker channel: producer to agent to wholesaler to retailer to consumer.
• Level of Distribution Intensity:
  • Intensive: Available everywhere (e.g., Coca-Cola).
  • Selective: Available in select locations.
  • Exclusive: Very limited distribution (e.g., luxury goods).
• Partner Selection Factors: Target market, product characteristics, producer factors.

Lecture Content: Pricing (Week 8 & 9)

• Price Definition: What is given up in exchange for a product.
• Revenue: Unit price times units sold.
• Profit: Revenue minus expenses.
• Four Steps in Setting Price:
  • Establish objectives.
  • Understand factors affecting price.
  • Choose a pricing strategy.
  • Implement pricing tactics.
• Pricing Objectives: Profit, sales, status quo.
• Pricing Factors: Economy, government regulations, market characteristics, elasticity of demand.
• Pricing Strategies:
  • Value-based pricing: setting the price based on what the customer feel it's worth.
  • Competitive pricing: Matching the price of your competitors.
  • Cost-Based Pricing: Adding a fixed amount to the cost of the product.
  • Low-Cost Pricing: Setting the price as low as possible.
  • Premium Pricing: Having high prices associated with luxurious brands.
• Pricing Tactics: Discounts and promotions, bundling, psychological pricing, product line pricing, additional pricing, segmented pricing, dynamic pricing.

Lecture Content: Promotion (Week 10)

• Promotion Definition: Marketing communications and advertising tools used to communicate with audiences.
• Goals: Inform, persuade, remind consumers.
• Two Main Considerations: Creative and media.
• POEM Model: Paid, Owned, Earned Media.
  • Paid: Paying for exposure.
  • Owned: Created and posted by the brand.
  • Earned: Garnered without soliciting (reviews, user-generated content).
• Media Strategy: Use a diverse range of channels to align with the target audience's media consumption.
• Social Marketing: Marketing with a less consumerism focus.
• Diversity Marketing: Representing different people across the marketing mix.

Course Review

• The product life cycle affects all elements of the marketing mix (distribution, pricing, product characteristics, promotion).
• Market research can improve marketing and the marketing mix.

Final Thank You Notes

• Thank you from lecturers Lucy and [Lecturer's Name] for an amazing 12 weeks.
• The are available on LinkedIn and any questions are welcome.
• It has been an incredible time and the students have been amazing.