1. BUSI 406 PRINCIPLES OF MARKETING: FIRST EXAM REVIEW CLASS 7

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

3. 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

4. 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

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. First Exam Review

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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