Principles of Marketing (MRKT 310) Study Guide Essay

OverviewWelcome to the disciple Study Guide for Spring 2010. This document give assist you watch finishedout the semester and as you prep are for the common nett trial postulate for all sections of MRKT 310. Your faculty member has been instru intellectual in the design of this try. watch to seek his or her help witnessing the material as the semester progresses. many an opposite(prenominal) of the text models are not included in the final exam and your faculty member through written assignments, case studies, conferences, or different methods exit assess your understanding of them.UMUC requires all proctored final exams in the schooling of Undergraduate Studies be closed book. at that placefore, no notes or other consume aids will be allowed in the runing center. This is a spatiotemporal final exam righting the entire course. entirely policies and procedures required by UMUC and the testing center apply.For those of you victorious the paper and pencil version o f the final exam, there are two versions (Version A and Version B) each consisting of an eight-page canvass performer and a six-page repartee Sheet (pages 9 through 14).You may find it useful to detach the Answer Sheet from the canvass puppet to allow you easier access to both documents. Write your name and section name (e.g., 6980, 6981, 6982, etc.) on the Answer Sheet. You may write on the test instrument, save only solutions on the Answer Sheet will be graded.For those of you taking the online version of the final exam, all instructions will be tell on your computer screen. The online final exam is identical to the paper-and-pencil version moreover for the question rule. We strongly encourage you to sign up for the online version if it is easy at your testing site.Please be warned that this is not an easy test and you should be nimble to spend the entire terce-hour time allotment at your proctored testing center. Most of your time should be spent on the scam(p) a nd long searchs. Do not dwell on the definitions and the multiple-choice sections. You will either hunch forward them or you wont, depending on your preparation, and you will redundance valu fitting time you will pauperization for the experiments.You should be receiving this common bookman study guide at the beginning of the semester. Print it out and save up it close at hand. Be sure to review it carefully and beseech your faculty member any clarifying questions on either test format or content prior to the first day of finals week. in one case 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 grocerying terms. You will read the definition and get the correct answ er from the Word Bank. Then, print the come in 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 statements can be set in motion on this list.1. Brand2. hold dear proposition3. gross sales promotion4. maturity date5. motive6. economic milieu7. microenvironment8. direct commercialiseing9. consumer perceived take account10. lookstyle11. marting mix12. grocery store class13. consumer market14. merchandising information dust15. product mix16. value deli real interlock17. SWOT abbreviation18. intensive distribution19. price elasticity20. posture21. commercialization22. growth life cycle23. product24. signal market25. culture1. Brand is a name, sign, symbol, slogan or anything that is used to fall upon and distinguish a ad hoc product, service, or product line.2. Value proposition is an analysis and quantified review of the benefits, be and value that an physica l composition can deliver to guests and other constituent groups within and outside of the organization.3. Sales promotion is one of the quartette aspects of promotional mix. (The other three parts of the promotional mix are advertising, personal selling, and publicity/public relations.) Media and non-media market communication are active for a pre-determined, limited time to increase consumer imply, stimulate market demand or improve product availability.4. Maturity5. Motive An emotion, desire, physiological need, or similar impulse that acts as an incitement to action.6. Economic environment political economy is the social science that studies the output, distribution, and consumption of goods and services.7. The micro-environment consists of stakeholder groups that a firm has regular traffic with. The way these kinships develop can affect the costs, quality and overall winner of a business. Suppliers, distributors, clients and competition.8. Direct trade is a form of a dvertising that reaches its audience without using traditional formal channels of advertising, much(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 purposeualized 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 / Cost10. modus vivendi A manner of living that reflects the persons values and attitudes.11. merchandise 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 adjudge common involve and operations for the goods and services offered in the market. These subgroups of consumers can be identified by a number of different demographics, depending on the purposes rump identifying the groups. trade campaigns are often intentional and implemented based on this type of customer segmentation.13. Consumer market A defined group of consumers. Buyers and electromotive force buyers of goods and services for personal and household use14. selling information system Set of procedures and practices employed in analyzing and assessing merchandise information, gathered continuously from sources at bottom and outside of a firm. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media removeion, 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 i solation of others.16. Value address network A Value Delivery is a attach tos supply chain and how it partners with specific suppliers and distributors in the puzzle out 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 inside and external environment is an important part of the strategic planning do work. Environmental factors internal to the firm usually can be classified 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 strategy under which a firm sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go supermarkets, medicate stores, gas stations, etc. Soft drinks are generally made addressable thr ough intensive distribution.19. Price elasticity Is an elasticity used in economics to show the responsiveness of the quantity demanded of a good or service to a change in its price.20. Positioning In marketing, spot has come to mean the process by which marketers try to create an plan or identity in the minds of theirtarget market for its product, smear, or organization.21. commercialisation 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 floors 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 suppositionlly satisfies a markets ask or need.24. Target market Involves breaking a market into segments and thusly concentrating your marketing drives on one or a few reveal segments.25. Cultu re Represents the behavior, beliefs and, in many cases, the way we act learned by interacting or observing other members of society. In this way, much of what we do is divided up behavior, passed along from one member of society to another.Part II three-fold Choice (20 percent)There are 20 multiple-choice questions from which you can select a, b, c, or d responses. Be careful as most multiple-choice questions will have at least two choices that look feasible. ask 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 enquire to be assessed via the final exam. They are presented in order of the course objectives. communication channel Objective 1 understand how marketing strategy creates a corroboratoryrelationship between a firm and its custom ers. (Chapter 1)1. Relationships between inescapably, 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 encounter the customer.With the customer as the focus of its activities, it can be conclude that marketing management is one of the major components of business management. 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 stay profitable.The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets an d 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.2. Marketing management orientations An organization with a market orientation focuses its efforts on 1) continuously collecting information about 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 twin(a) 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 f rom the very top of the management structure. The Marketing Concept communicates 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 str ategy designed to reduce costs and increase profitability by solidifying 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. data track Objective 2 prize the importance of ethics and social responsibility in marketing. (Chapter 20) disputes between consumerism and environmentalism is a social and economic order that is based on the systematic origination and fostering of a desire to purchase goods or services in ever greater amounts. environmentalism is a broad philosophy and social crusade regarding concerns for environmental conservatio n and improvement of the state of the environment.1. Sustainable marketing principles2. character of ethics and corporate responsibilityCourse Objective 3 scan 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 actors in a companys microenvironment2. Major forces in a companys macroenvironment3. Competitive positionsCourse Objective 5 Demonstrate ability to analyze, synthesize and integrate nominate marketing concept of market research, consumer behavior, segmentation, targeting and positioning on practical situations. (Cha pters 4, 5, 7)1. Difference between a marketing information system and marketing parole 2. Psychological factors affecting a persons buying choices 3. Marketing targeting strategiesCourse Objective 6 Define and apply the marketing processes rudimentary product, price, place, and promotion decisions. (Chapters 8, 9, 10, 12, 14)1. Product and service classifications2. Three levels of products3. Branding strategies4. Customer fairness5. 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 one-third Short Essay Responses (25 percent)There are six short render 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 preserve on the Answer Sheet in the space provided (approximately l/3 page), but if you need additional room you may use the commode 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 wherefore 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 combine multiple marketing concepts and apply them to a specific scenario. You ONLY charter TO ADDRESS 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 set customers.3. Segmentation, targeting and positioning Be prepared to outline the c haracteristics 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 helping on this exam and the remainder of your academic career.