BUSI 406 PRINCIPLES OF MARKETING: FIRST EXAM REVIEW CLASS 7

Today’s Agenda Answer any questions? Waimate Springs Lodge Case First Exam Review Sample Exam Questions Material Covered in Chapters 1 – 5

Case Feedback Dig deeper – less what is in the case, more what are the assumptions and implications & what can they do? Who is the target market? NZ$700 Is this high or low? (not significant) No competitors??? Think carefully about their options & explain your recommended strategy Be specific about generic growth strategies; or single, multiple or combined target market strategies Choose ONE marketing strategy option & provide SPECIFIC CREATIVE ideas about how to implement that strategy Be sure to address primary target mkt(s) and all 4Ps plus pro forma!!! Use marketing terms correctly Overdo organization and structure within the 2 page max

First Exam Review First Exam Questions How to study? 40 multiple-choice (2 points each) Can explain choices if stuck between 2 or 3 options 2 short answer questions (5 points each) 1 long answer (10 points) 75 minutes to complete the exam How to study? Go back over the readings Go through slides Practice exam questions and study with a friend Make up your own questions, plus sample Multiple Choice Exam Questions from previous edition of textbook: Textbook website Sample Short/Long Answer Questions: End of Each Chapter in Textbook Material Covered in Chapters 1 – 5 Closed book, closed notes

Sample Exam Questions Ideally, the ingredients of a good marketing mix should: match the ingredients typically used by key competitors. be determined by which ingredients cost the least. not include much advertising because it’s expensive. flow logically from all the relevant dimensions of a target market. All of the above are true.

Sample Exam Questions Ideally, the ingredients of a good marketing mix should: match the ingredients typically used by key competitors. be determined by which ingredients cost the least. not include much advertising because it’s expensive. flow logically from all the relevant dimensions of a target market. All of the above are true.

Sample Exam Questions With regard to a firm’s resources (when searching for attractive opportunities): lack of financial strength is often a barrier to entry. large companies always have an advantage over smaller companies. a good marketing strategy will probably use new facilities rather than present facilities. a patent owner had a 5-year monopoly to develop its product. a manufacturer need skilled production people more than skilled salespeople.

Sample Exam Questions With regard to a firm’s resources (when searching for attractive opportunities): lack of financial strength is often a barrier to entry. large companies always have an advantage over smaller companies. a good marketing strategy will probably use new facilities rather than present facilities. a patent owner had a 5-year monopoly to develop its product. a manufacturer need skilled production people more than skilled salespeople.

Sample Exam Questions When studying consumer needs, a marketer should: try to understand how the marketing mix can satisfy a set of needs, rather than only one. realize that he or she cannot create need, merely identify them. know that total consumer satisfaction is not likely. all of the above. none of the above.

Sample Exam Questions When studying consumer needs, a marketer should: try to understand how the marketing mix can satisfy a set of needs, rather than only one. realize that he or she cannot create need, merely identify them. know that total consumer satisfaction is not likely. all of the above. none of the above.

First Exam Review

What is Marketing? Why do we care? What is marketing? Definition Consumers’ needs, wants and demands Customer satisfaction Why do companies care about satisfied and dissatisfied customers? Marketing mix/4Ps The marketing process Analysis, development of strategies, plans and programs, implementation, and monitor and audit

What is Marketing? Production vs. Marketing Micro-marketing vs. macro-marketing Planned Economic vs. Market-Directed systems Central Markets Marketing functions & who performs them Over time, marketing’s role in organizations

Marketing Concept & Strategy Customer value Marketing concept Marketing strategy planning Attractive Opportunities Breakthrough opportunities Competitive advantage Types of Generic Growth Opportunities to Pursue Market penetration Market development Product development Diversification

The Marketing Environment What is the marketing environment? Direct – 3Cs, SWOT Company Objectives, mission statement, and resources Customers Competition Indirect/External – Major Trends Economic environment Technological environment Political/Legal environment Cultural/Social environment Screening opportunities Quantitative & Qualitative GE Planning Grid, BCG Growth/Share Matrix

Segmenting & Positioning Why do we care about segmenting and positioning? Generic markets and product-markets Market segmentation? How? Dimensions Behavioral, Geographic, Demographic Qualifying vs. Determining Selecting Target Market(s) Single, Multiple, Combined Differentiation & Positioning: How? Why? Perceptual Maps

Final Consumers &Their Buying Behavior Understanding Buying Behavior Why it is important to know who are our potential consumers Four Factors Affecting Consumer Behavior Beyond Demographic and Economic: Psychological influences Social influences Culture Situational influences The Buyer Behavior Model/Decision Process

Good Luck Wednesday! For the Exam For next Monday(9/26)… Come to Koury Auditorium, sit on first 5 rows near front Just bring a pen/pencil Closed book/closed notes exam No calculators, laptops, phones (you’re welcome!), or other material For next Monday(9/26)… Please read Chapter 6 Business and Organizational Customers and Their Buying Behavior – B2B