Study Guide for MKT 445 Midterm Exam by IGkNbE

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									         Study Guide for MKT 340 Midterm: SUM I 2010
Exam is worth 150 points. There will be 50 MULTIPLE CHOICE questions worth 2
points each and 2 ESSAY QUESTIONS worth 25 point each. The exams will cover
chapters 1-7 as well as notes, slides, and classroom discussion.

The short answer questions will come directly from the slides, notes and class
discussions. The essay questions are designed to assess your ability to apply concepts
from the course to an actually business situation, e.g.

   1) Would a Customer Relationship Management (CRM) be essential for your
      proposed business/project?
   2) Who is the target market for your proposed business? What values/benefits
      would they most desire and how would you provide them?

Essay questions require you to not only be familiar with the concepts but know how the
concepts can be used by decision makers to make better decisions. Essay questions will
come from material we have discussed/emphasized in class (there should be no
surprises).

MULTIPLE CHOICE questions can come from anywhere..I will focus on the specific
areas we discussed in class.

Key Areas for Focus (source of essay questions and some short answer):

      Marketing concept – customer driven marketing strategies.
           o Difference between needs and wants
           o Implementing the marketing concept being customer centric
           o Focus on target market
      Customer Relationship Management
           o Relationship marketing
           o Building trust, communication and understanding
           o Relate to marketing concept
      Value-Driven marketing
           o Benefits – backward segmentation
           o Value propositions – customer intimacy, product leadership & operational
               excellence
           o Sustainable competitive advantages
           o Positioning => target market
      Strategic Marketing (product & market)
           o Strategic business unit
           o SWOT analysis – relate to macroenvironment (effects of marketing
               environment)
           o Marketing Plan
           o Implementation of strategies
           o Internal customer – organizational development – consistency
       o Accountability, control & balanced scorecard
       o Product/SBU Portfolio Models
   Corporate social responsibility
       o Triple bottom line – profit, people, and planet
       o Importance of marketing ethics
       o Employee assessment, e.g. GE performance review includes community
          service
   Customer Relationship Management
       o Modules of CRM, e.g. sales force automation
       o Social media as a marketing tool (very general)
       o Life time value of a customer – annuity
                Life cycle strategies – growth, retention, etc.
   Marketing Research Process – know each phase
       o Importance of market research
       o Marketing Research Process
       o Types of research
       o Types of data
       o Behavioral vs. Attitudinal Research
       o Fishbein Attitude Formation Model
   Segmentation and Target Marketing
       o Know each stage of target market selection process
       o Various types of segmentation variables - advantages & disadvantages
       o Assessing segments – good segmentation criteria, e.g. measureable,
          researchable, etc.
       o Forecasting Methods.
   Consumer and Business Markets – Buyer Behavior
       o Decision Making Process
       o Involvement – Decision Model
       o Need State – Problem Recognition
       o Factors influencing buyer decision
       o Cognitive Dissonance

								
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