Principles of Marketing Chapter 02

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					                      Marketing 3343 – Principles of Marketing
                              Review for Final Exam

Chapter 1: Creating Customer Relationships and Value through Marketing
    Define marketing and identify the requirements for marketing to occur
    Understand how marketing discovers and satisfies consumer needs
    Know what relationship marketing involves and understand the consumer value

Chapter 2: Developing Successful Marketing and Organizational Strategies
    Describe how core values, mission, organizational culture, business, and goals are
      important to organizations
    Understand the strategic marketing process, including what developing a
      situational and SWOT analysis entails
    Know how the marketing mix elements are blended into a cohesive marketing

Chapter 3: Scanning the Marketing Environment
    Know how environmental scanning provides information about social, economic,
      technological, competitive, and regulatory forces. More specifically:
           Describe how social forces such as demographics, population, culture and
             the changing family can have an impact on marketing strategy
           Understand how macroeconomic conditions and consumer income affect
           Explain how technological changes can affect marketing
           Understand the forms of competition that exist in a market
           Understand the role that regulation plays in the marketing environment
           Understand what is meant by multicultural marketing programs and why
             they are important

Chapter 4: Ethical and Social Responsibility in Marketing
    Be able to differentiate between what is ethical and what is legal
    Identify factors (e.g., societal, business and corporate culture) and moral
      philosophies (e.g., moral idealism and utilitarianism) that influence ethical and
      unethical marketing decisions
    Understand the various components of social respo nsibility
    Be aware of some of the different types or manifestations of societal
      responsibility (e.g., green marketing, sustainable development)

Chapter 5: Understanding Consume r Behavior
    Know and understand the purchase decision process model (e.g. vario us stages
      and what occurs during each stage)
    Distinguish among three variations of the consumer purchase decision process:
      routine, limited, and extended problem solving
Chapter 6: Understanding Organizations as Customers
    Understand the key characteristics of organizational buying that make it different
      from consumer buying
    Know the three types of buying situations

Chapter 7: Understanding and Reaching Global Consume rs and Markets
    Understand issues that a marketer must consider in global environmental scanning
      (e.g., values, customs, cultural symbols, cross cultural analysis, semiotics, cultural
    Know the various global market-entry strategies

Chapter 8: Marketing Research: From Customer Insights to Actions
    Understand the differences between secondary and primary data
    Know the different types of primary data (observational, questionnaire,

Chapter 9: Segmenting, Positioning and Forecasting Markets
    Be able to define market segmentation and product differentiation and understand
      when to use it
    Have a conceptual understanding of segmentation strategies (e.g., one product and
      multiple market segments, multiple product and multiple market segments,
      segments of one and the segmentation trade-off)
    Understand what variables are used to segment markets (e.g. demographic,
      geographic, psychographic, behavioral)
    Understand the concepts of positioning and repositioning

Chapter 10: Developing New Products and Services
    Know terminology regarding the variation of products (e.g., product line, product
      mix, product item, product line breadth and depth)
    Understand how products are classified and the different types of consumer and
      business goods
    Describe the factors contributing to a new product’s or service’s success or

Chapter 11: Managing Products and Brands
    Have a thorough understanding of all the stages of the product life cycle, what
      occurs at each stage and implications for marketers
    Know what the Diffusion of Innovation concept is and its implications for the
      product life cycle
    Have an understanding of branding and brand management (including terms such
      as branding, brand name, trade name, brand equity, brand licensing and brand

Chapter 12: Managing Services
    Know the four I’s of service
Chapter 13: Building the Price Foundation
    Understand how various combinations of price, fixed cost, and unit variable cost
      affect a firm’s breakeven point

Chapter 14: Arriving at the Price
    Understand how to establish the “approximate price level” using demand-
      oriented, cost-oriented, profit-oriented, and competition-oriented approaches

Chapter 15: Managing marketing Channels and Wholesaling
    Understand what is meant by a marketing channel of distribution and why
      intermediaries are needed

Chapter 16: Customer-Driven Supply Chain and Logistics Management
    Understand the relationship between marketing channels, logistics, and supply
      chain management
    Describe the key logistics functions in a supply chain

Chapter 17: Retailing
    Know the ways in which to classify retail outlets (e.g., form of ownership, level of
      service, and merchandise line)
    Identify how changes in retailing occur using the wheel of retailing and the retail
      life cycle concepts

Chapter 18: Integrated Marketing Communication and Direct Marketing
    Know what the promotion mix is and the uniqueness of each component

Chapter 19: Advertising, Sales, Promotion and Public Relations
    Know the steps used to develop, execute, and evaluate an advertising program
    Understand the different types of consumer-oriented and trade-oriented sales

Chapter 20: Personal Selling and Sales Management
    Identify the different types of personal selling

Chapter 22: Pulling It All Together: The Strategic Marketing Process
    Know the marketing planning frameworks (e.g., Porter’s generic business
      strategies, diversification analysis and synergy analysis)
    Know the various marketing plans that exist
    Understand what makes up an effective marketing plan

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