BUSI 406
PRINCIPLES OF MARKETING:
FIRST EXAM REVIEW
Today’s Agenda
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Answer any questions
Wednesday, September 17 – First Exam
First Exam Review
Sample Exam Questions
 Material Covered in Chapters 1 – 5
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Select your team marketing strategy planning project
client by Wednesday, September 24
First Exam Review
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First Exam Questions
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40 multiple-choice (2 points each, 80 points total)
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3 short answer questions (20 points total)
75 minutes to complete the exam
How to study?
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Can explain choices if stuck between 2 or 3 options
Re-read the chapters
Go through slides (and access notes on slides)
Do the practice exam questions
Study with a partner
Material Covered in Chapters 1 – 5 and Classes in this portion
Closed book, closed notes
Sample Exam Questions
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Ideally, the ingredients of a good marketing mix should:
A. match the ingredients typically used by key competitors.
B. be determined by which ingredients cost the least.
C. not include much advertising because it’s expensive.
D. flow logically from all the relevant dimensions of a target
market.
E. All of the above are true.
Sample Exam Questions

Ideally, the ingredients of a good marketing mix should:
A. match the ingredients typically used by key competitors.
B. be determined by which ingredients cost the least.
C. not include much advertising because it’s expensive.
D. flow logically from all the relevant dimensions of a
target market.
E. All of the above are true.
Sample Exam Questions
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With regard to a firm’s resources (when searching for
attractive opportunities):
A. lack of financial strength is often a barrier to entry.
B. large companies always have an advantage over smaller
companies.
C. a good marketing strategy will probably use new facilities
rather than present facilities.
D. a patent owner had a 5-year monopoly to develop its
product.
E. a manufacturer need skilled production people more than
skilled salespeople.
Sample Exam Questions

With regard to a firm’s resources (when searching for
attractive opportunities):
A. lack of financial strength is often a barrier to entry.
B. large companies always have an advantage over smaller
companies.
C. a good marketing strategy will probably use new facilities
rather than present facilities.
D. a patent owner had a 5-year monopoly to develop its
product.
E. a manufacturer need skilled production people more than
skilled salespeople.
Sample Exam Questions
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When studying consumer needs, a marketer
should:
A.
B.
C.
D.
E.
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.
Sample Exam Questions
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When studying consumer needs, a marketer
should:
A.
B.
C.
D.
E.
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.
Sample Exam Questions

Until recently, good microcomputer software for voice
recognition was not available, but was much in demand by
businesses. The first companies to produce a specific type of
program had good sales even though they did little promotion
and their programs were not “user-friendly” or even
particularly accurate. It seems that many of these “innovators”
operated as if they were in the:
A. simple trade era
B. marketing department era
C. sales era.
D. marketing company era
E. production era.
Sample Exam Questions

Until recently, good microcomputer software for voice
recognition was not available, but was much in demand by
businesses. The first companies to produce a specific type of
program had good sales even though they did little promotion
and their programs were not “user-friendly” or even
particularly accurate. It seems that many of these “innovators”
operated as if they were in the:
A. simple trade era
B. marketing department era
C. sales era.
D. marketing company era
E. production era.
First Exam Major Topic Review
What is Marketing?
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Why do we care?
What is marketing?
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Consumers’ needs, wants and demands
Customer satisfaction
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Definition
Why do companies care about satisfied and dissatisfied
customers?
Marketing mix/ 3Cs, 4Ps
The marketing strategy process
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Analysis, development of strategies, plans and programs,
implementation, and monitor and audit
What is Marketing?
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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
Marketing Concept & Strategy
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Customer value
Marketing concept
Marketing strategy planning
Attractive Opportunities
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Breakthrough opportunities
Competitive advantage
Types of Growth Opportunities to Consider
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Market penetration
Market development
Product development
Diversification
The Marketing Environment
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What is the marketing environment?
 Direct
 Company
 Objectives, mission statement, and resources
 Customers
 Competition
 Indirect
 Economic environment
 Technological environment
 Political/Legal environment
 Cultural/Social environment
Screening opportunities – GE Grid, BCG Growth/ Share
Matrix
Segmenting & Positioning
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Why do we care about segmenting and positioning?
Generic markets and product-markets
Market segmentation? How?
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Dimensions
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Selecting Target Markets
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Behavioral, Geographic, Demographic
Qualifying vs. Determing
Single, Multiple, Combined
Differentiation & Positioning: How? Why?
Final Consumers &Their Buying
Behavior
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Understanding Buying Behavior
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Who are our potential consumers?
Characteristics Affecting Consumer Behavior:
Economic Needs
 Psychological influences
 Social and Cultural influences
 Situational influences
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The Buyer Behavior Model/Decision
Process/Consumers’ Adoption Process
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For the Exam Wednesday September 17–
 Just bring a pen/pencil
 Closed book/closed notes exam
 No calculators, laptops, phones, or other material
For Monday, September 22…
 Chapter 6 Business and Organizational Customers and
Their Buying Behavior
 Select your team marketing strategy planning project by
Wednesday, September 24