BNAD 303 – Exam 1 Review Sheet
I. Introduction to Marketing (Chapter 1)
▪ Understand what marketing is and the overall marketing process.
▪ Know all the necessary and sufficient condition for an exchange
▪ Study all types of marketing management orientations and know the differences between them (Production, Sales, Market and Societal).
II. Strategic Planning for Competitive Advantage (Chapter 2)
▪ Understand how business strategy relates to marketing and what is SBU.
▪ Review the different types of marketing strategies (e.g. Ansoff’s strategic Opportunity matrix and BCG matrix) and their components.
▪ Know the elements of a Marketing Plan
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▪ Review each factor in the external environment facing global marketers.
▪ Know various legal considerations that encourage or restrict trade
▪ Review pg. 66 in the textbook concerning the different ways to enter the global market place (exporting, direct investment, etc.) and understand each.
▪ How do exchange rates affect product pricing?
▪ Understand the opportunities and challenges of using internet for global marketing
V. Consumer Behavior (Chapter 6)
▪ Understand the basic model of consumer behavior and the various characteristics that affect consumer behavior (i.e. cultural, social, etc). Within each characteristic understand the factors (e.g. what variables are used to measure social class).
▪ Be able to describe the steps in the consumer decision making process (need recognition, information search, evaluation of alternatives, purchase, and postpurchase behavior). Know what each entails
▪ Review the ways in which consumers may evaluate alternatives from evoked set.
▪ Explain how cognitive dissonance relates to consumer behavior.
▪ Understand the terms routine response behavior, limited decision making, and extensive decision making.
▪ Know the factors that determine consumer involvement and what are its various types
▪ Determine the different social influences that can affect consumer decisions (e.g. opinion leaders, reference groups, family, etc).
▪ Understand the roles of influencer, decision maker, purchaser and consumer in a decision process
▪ Define and be able to apply selective distortion and selective retention.
▪ Know the factors that comprise Maslow’s hierarchy of needs.
VI. Business Marketing (Chapter 7)
▪ Understand the difference between business and consumer markets.
VII. Segmenting and Targeting Markets (Chapter 8)
▪ Understand what marketing segmentation is and why marketers use segmentation variables to define their customer/s. What benefits does it allow marketers to capture?
▪ Explain the criteria for successful market segmentation.
▪ Read the section on usage-rate segmentation and the 80/20 principle
▪ Know the strategies for selecting target markets (e.g. concentrated, undifferentiated, and multisegment strategy) and get a sense on what kind of companies/products would be best suited for each type of the strategy.
▪ Understand what is meant by positioning and perceptual map
VIII. Decision Support Systems and Marketing Research (Chapter 9)
▪ Understand what market research is and how it contributes to marketing decisions.
▪ List and understand the steps in the...