Principles of Marketing (MRKT 310) Study Guide Essay

OverviewWelcome to the Student Study Guide for Spring 2010. This document leave assist you study throughout the semester and as you prepargon for the common final examinati unrivalledn required for all sections of MRKT 310. Your power subdivision has been instrumental in the chassis of this test. Continue to seek his or her help understanding the material as the semester progresses. Many of the text inventions ar non included in the final exam and your faculty member through written assignments, case studies, conferences, or other methods bequeath assess your understanding of them.UMUC requires all proctored final exams in the School of undergrad Studies be closed book. therefore, no notes or other study aids will be allowed in the examination center. This is a comprehensive final exam covering the entire course. All policies and procedures required by UMUC and the testing center apply.For those of you taking the paper and pencil version of the final exam, there are devi l versions (Version A and Version B) each consisting of an eight-page raise Instrument and a six-page dissolving agent Sheet (pages 9 through 14).You may find it single- harbord functionful to detach the purpose Sheet from the Test Instrument to allow you easier access to both documents. Write your name and section number (e.g., 6980, 6981, 6982, etc.) on the Answer Sheet. You may write on the test instrument, but only responses on the Answer Sheet will be graded.For those of you taking the online version of the final exam, all instructions will be noted on your computer screen. The online final exam is identical to the paper-and-pencil version except for the call into question order. We strongly encourage you to sign up for the online version if it is obtainable at your testing site.Please be warned that this is not an easy test and you should be prepared to spend the entire three-hour time allotment at your proctored testing center. Most of your time should be spent on the utterly and long essays. Do not dwell on the definitions and the multiple-choice sections. You will either sack out them or you wont, depending on your preparation, and you will waste valuable time you will need for the essays.You should be receiving this common student study guide at the beginning of the semester. Print it out and keep it close at hand. Be confident(predicate) to review it sleeplessly and ask your faculty member any explicate questions on either test format or content prior to the first day of finals week. Once finals week has begun, your faculty member will not be able to answer any questions regarding the final exam.When you finish your exam, return BOTH the Test Instrument and your completed Answer Sheet to your proctor. Answer Sheets returned without the Test Instrument will not be graded.Part I Definitions (25 percent)You will need to know the definitions for 25 merchandise terms. You will read the definition and make the correct answer from the Word Ba nk. Then, print the number of the correct term on your answer sheet.Following is the exact Word Bank as it will appear on your final exam.WORD BANKAll correct terms for the above 25 recitements sack up be found on this list.1. defect2. set proposition3. sales promotion4. maturity5. motive6. economic environment7. microenvironment8. direct commercialiseing9. consumer perceived measure out10. animationstyle11. merchandise mix in12. market division13. consumer market14. trade information system15. carre quatern mix16. value verbalisey network17. SWOT analysis18. intensive dispersal19. price elasticity20. positioning21. commercialization22. Product life cycle23. product24. target market25. culture1. Brand is a name, sign, symbol, slogan or anything that is implementd to identify and distinguish a specific product, service, or business.2. Value proposition is an analysis and quantified review of the benefits, costs and value that an geological formation can deliver to customers and other constituent groups within and outside of the organization.3. Sales promotion is one of the four aspects of promotional mix. (The other three parts of the promotional mix are advertising, personal selling, and publicity/public relations.) Media and non-media merchandising communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability.4. Maturity5. Motive An emotion, craving, physiological need, or similar impulse that acts as an incitement to action.6. Economic environment Economics is the social acquaintance that studies the production, distribution, and consumption of goods and services.7. The micro-environment consists of stakeholder groups that a firm has regular dealings with. The way these relationships develop can affect the costs, quality and overall success of a business. Suppliers, distributors, customers and competition.8. Direct marketing is a form of advertising t hat reaches its audience without using traditional formal channels of advertising, such(prenominal) as TV, newspapers or radio. Businesses communicate straight to the consumer with advertising techniques such as fliers, catalogue distribution, promotional letters, and street advertising.9. Consumer perceived value The value of a product is the mental estimation a consumer makes of it. Formally it may be conceptualized as the relationship between the consumers perceived benefits in relation to the perceived costs of receiving these benefits. It is often expressed as the equation Value = Benefits / personify10. Lifestyle A manner of living that reflects the persons values and attitudes.11. Marketing mix Product, price, place and promotion. Packaging, People, Public Voice, Pamper, Politics and Physical Evidence.12. Market segmentation Market segmentation is a system that involves dividing a larger market into subsets of consumers who have common postulate and applications for th e goods and services offered in the market. These subgroups of consumers can be place by a number of different demographics, depending on the purposes behind identifying the groups. Marketing campaigns are often designed and implemented based on this type of customer segmentation.13. Consumer market A defined group of consumers. Buyers and potential buyers of goods and services for personal and household use14. Marketing information system Set of procedures and practices employed in analyzing and assessing marketing information, gathered continuously from sources inside and outside of a firm. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion. See also market information system.15. Product mix Range of associated products which yield larger sales revenue when marketed together than if they are marketed individually or in isolation of others.16. Value delivery netwo rk A Value Delivery is a orders supply chain and how it partners with specific suppliers and distributors in the process of producing goods and delivering them to market. It involves using competitive advantages external to the firm (suppliers, distributors, customers).17. SWOT analysis A scan of the internal and external environment is an important part of the strategic planning process. Environmental factors internal to the firm usually can be classified advertisement as strengths (S) or weaknesses (W), and those external to the firm can be classified as opportunities (O) or threats (T). Such an analysis of the strategic environment is referred to as a SWOT analysis.18. Intensive distribution Marketing scheme under which a firm sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go supermarkets, drug stores, gas stations, etc. ticklish drinks are generally made available through intensive distribution.19. Price el asticity Is an elasticity used in economics to show the responsiveness of the measuring demanded of a good or service to a change in its price.20. Positioning In marketing, positioning has come to mean the process by which marketers tense up to create an image or identity in the minds of theirtarget market for its product, brand, or organization.21. Commercialization is the process or cycle of introducing a new product into the market.22. Product life cycle A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.23. Product An item that ideally satisfies a markets want or need.24. Target market Involves breaking a market into segments and then concentrating your marketing attacks on one or a few key segments.25. Culture Represents the behavior, beliefs and, i n many cases, the way we act learned by interacting or observing other members of society. In this way, much of what we do is shared behavior, passed along from one member of society to another.Part II Multiple Choice (20 percent)There are 20 multiple-choice questions from which you can select a, b, c, or d responses. Be careful as closely multiple-choice questions will have at least two choices that look feasible. Select the one that is the most on point. The multiple-choice questions are both definitional and application types. Select the correct letter of your choice and write it on the Answer Sheet in the appropriately numbered box.The following list comprises those concepts from the text, which you can expect to be assessed via the final exam. They are presented in order of the course objectives.Course Objective 1 understand how marketing strategy creates a irresponsiblerelationship between a firm and its customers. (Chapter 1)1. family relationships between needs, wants, demands is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development.1 It is an integrated process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing is used to identify the customer, to keep the customer, and to satisfy the customer.With the customer as the focus of its activities, it can be concluded that marketing concern is one of the major components of business anxiety. The evolution of marketing was caused due to mature markets and overcapacities in the last 2-3 centuries. Companies then shifted the focus from production to the customer in order to keep profitable.The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.2 It proposes that in order to satisfy its organizational objectives, an organization should bear the needs and wants of consumers and satisfy these more effectively than competitors.2. Marketing management orientations An organization with a market orientation focuses its efforts on 1) continuously collecting information or so customers needs and competitors capabilities, 2) sharing this information across departments, and 3) using the information to create customer value.3. The market orientation simply defines an organization that understands the importance of customer needs, makes an effort to provide products of high value to its customers, and markets its products and services in a coordinated holistic program across all departments. In what we call the Marketing Concept, the company embraces a philosophy that the Customer is King.The Marketing Concept is an attitude. Its a philosophy that is driven down throughout the organization from the very top of the management structure. The Marketing Concept com municates that the customer is king. Everything that the company does focuses on the customer. Via the Marketing Concept, a company makes every effort to best understand the wants and needs of its target market and to create want-satisfying goods that best fulfill the needs of that target market and to do this better than the competition.The termmarketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.2 It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.4. Partner relationship management is a business strategy for improving communication between companies and their channel partners.5. Importance and process of Customer Relationship Management (CRM) is a company-wide business strategy designed to reduce costs and increase profitability by solidifyin g customer satisfaction, loyalty, and advocacy.True CRM brings together information from all data sources within an organization (and where appropriate, from outside the organization) to give one, holistic view of each customer in real time. This allows customer facing employees in such areas as sales, customer support, and marketing to make quick yet informed decisions on everything from cross-selling and upselling opportunities to target marketing strategies to competitive positioning tactics.Course Objective 2 Appreciate the importance of ethical motive and social responsibility in marketing. (Chapter 20)Differences between consumerism and environmentalism is a social and economic order that is based on the systematic creation and fostering of a desire to purchase goods or services in ever greater amounts. environmentalism is a broad philosophy and social movement regarding concerns for environmental conservation and improvement of the state of the environment.1. Sustainable m arketing principles2. Role of ethics and corporate responsibilityCourse Objective 3 Understand the role of marketing within an organization and how marketing relates to and drive customer-focused company strategy.(Chapter 2)1. Marketings role in company wide strategic planning2. Difference between value chain and value delivery network 3. Contents of a marketing plan and general idea of what is included in each section 4. Consumer (or customer-driven) oriented marketing strategyCourse Objective 4 Describe the impact of external and internal environments on marketing strategy. (Chapters 3, 18)1. major(ip) actors in a companys microenvironment2. Major forces in a companys macroenvironment3. Competitive positionsCourse Objective 5 Demonstrate ability to analyze, synthesize and integrate key marketing concept of market research, consumer behavior, segmentation, targeting and positioning on practical situations. (Chapters 4, 5, 7)1. Difference between a marketing information system an d marketing intelligence 2. Psychological factors affecting a persons buying choices 3. Marketing targeting strategiesCourse Objective 6 Define and apply the marketing processes underlying product, price, place, and promotion decisions. (Chapters 8, 9, 10, 12, 14)1. Product and service classifications2. trine levels of products3. Branding strategies4. Customer equity5. Characteristics of servicesproduct life cycle strategies6. Role of profits in delivering customer value7. Setting prices based on customer perceptions of value8. Differences between direct and indirect marketing channelsPart III Short Essay Responses (25 percent)There are six short essay response questions but you need to complete ONLY FIVE. All of the short essay questions are looking for something specific and may involve a listing of steps or stages in a marketing process. It will be difficult for you to answer these questions unless you know the material. You do not have to use the exact terminology, but you do have to demonstrate you know the steps or stages for maximum credit.Your essay responses need to be recorded on the Answer Sheet in the space provided (approximately l/3 page), but if you need additional room you may use the shag of the Answer Sheet. Be sure to mark the continued question number clearly. Leave the essay question you are skipping blank. Each short essay response is worth 5 points.Chapter(one question per chapter)Marketing concept to be tested2Elements in a companys microenvironment and why each group is important to create value 20Be prepared to name a company you believe practices enlightened marketing and defend your selection 8Importance and selection of the four brand strategy decisions. 8Characteristics of services9Marketing strategies for each stage of the product life cycle 11Pricing strategies for new productsThere are three long essay questions that will require you to merge multiple marketing concepts and apply them to a specific scenario. You ONLY NEED T O predict TWO OF THE THREE LONG ESSAYS. The more specifics you can demonstrate the more credit you can earn.You may want to outline your response on the backside of the Test Instrumentprior to writing your response on the Answer Sheet so you can organize your thoughts and in the sequence you want them presented to your faculty member for grading. Each long essay question is worth 15 points.The long essay questions will cover the following marketing topics1. Integrated Marketing Communications Be prepared to recommend an IMC strategy including a marketing communications mix and rationale for a new consumer product2. Customer Relationship Management Be prepared to outline a CRM strategy for a small business, including recommendations for specific CRM tools to capture customer value for that companys most valued customers.3. Segmentation, targeting and positioning Be prepared to outline the characteristics of at least three distinct market segments for a national chain referring to the criteria for effective segments. Be prepared to defend your choices.From all your marketing faculty members good luck on this exam and the remainder of your academic career.