MKT 300
Review Sheet - Final Exam
Key Concepts and Terms Throughout the Semester
(for Comprehensive portion of Final Exam)
Chapter 1 - Introduction to Marketing
• exchange
• utility (form, place, time, possession, information, service)
• the marketing concept
• marketing management
• the marketing mix (4 Ps) - product, place (distribution), promotion, price
• value package
• the marketing process
Chapter 2 - Strategic Planning
• situation analysis (internal factors, external factors)
• SWOT analysis
• core competencies
• strategic window of opportunity
• marketing strategy
• marketing strategy tools:
- market growth-market share matrix
- cash cows, dogs, stars, question marks (problem children)
- market attractiveness-business strengths matrix
• value chain
Chapter 3 - Environmental Analysis
• uncontrollable variables
• marketing environment- internal environment
- external environment:
• social-cultural environment
• economic environment
• competitive environment
• legal-political environment
• technological environment
• ecological environment
• environmental scanning/environmental analysis/environmental diagnosis
Chapter 4 - International Marketing
• global marketing/international marketing
• domestic marketing
• import, export
• domestic firms, international firms, multinational corporations, global corporations
• reasons for going international
• entry stages:
- exporting
- licensing, franchising
- joint ventures
- direct ownership/direct investment
• international marketing strategy:
- customized marketing strategy/localized approach
- global marketing strategy/standardized approach
Chapter 5 - Marketing Information, Research, and Analysis
• marketing research
• primary data/secondary data
• quantitative data/qualitative data
• data collection methods:
focus groups, observation, experiments, surveys
• independent variable/dependent variable
• sample
probability sample, nonprobability sample
Chapter 6 - Consumer Buying Behavior
• consumer behavior
• ultimate consumers
• purchase decision process
• postpurchase dissonance
• influences on consumer behavior
• high-involvement purchases, low-involvement purchases
• reference groups:
- membership groups, aspiration groups, disassociative groups
• types of problem solving
- extented problem solving, limited problem solving, routine problem solving
Chapter 7 - Organizational Buying Behavior
• organizational markets
- industrial markets
- institutional markets
- government markets
- reseller markets
• organizational (business-to-business) marketing
• differences between business and consumer markets
• derived demand
• buying center
initiators, users, influencers, gatekeepers, deciders, buyers
• types of buying decisions:
new task buy, modified rebuy, straight rebuy
Chapter 8 - Market Segmentation, Targeting, and Positioning
• market segmentation
• bases of segmentation:
- geographic, demographic, geodemographic, psychographic, behavioral
• criteria for selecting target segments:
- size, reachability, responsiveness
• target market
• target marketing strategies:
- undifferentiated (mass) marketing
- differentiated marketing
- concentrated marketing
- customized marketing
• positioning
Chapter 9 - Basic Product Concepts
• total product:
- basic (generic) product, expected product, augmented product, potential product
• classification of products:
- convenience goods, shopping products, specialty products, unsought products
• packaging
- key factors in package design, functionality, advertising, communication
Chapter 10 - Product Development and Management
• innovations
• why new products fail/succeed
• new product development process
• cannibalization
• product strategy choices:
market penetration strategy
product development strategy
market development strategy
product diversification strategy
• product life cycle:
introduction, growth, maturity, decline
Chapter 11 - Services Marketing
• characteristics of services
- intangibility, perishability, heterogeneity, simultaneous production & consumption
- co-production by customers
• three additional marketing mix elements
- people, process, physical evidence
• service quality
- dimensions of service quality: reliability, responsiveness, assurance, empathy, tangibles
• credence qualities, experience qualities, search qualities
• service encounter
Chapter 12 - Pricing and Value
• price
• key factors in price determination:
- pricing objectives, customer influences, cost considerations, product characteristics, competitive forces, legal and regulatory constraints
• profit maximization
• elasticity analysis
- price elasticity of demand
- demand curve
Chapter 13 - Pricing Management
• understanding costs
- cost analysis
- fixed costs, variable costs, total costs
- breakeven analysis
- breakeven point
- marginal analysis
- marginal cost, marginal revenue
• pricing strategies:
- demand-based pricing
- cost-based pricing
- profit-based pricing
- competitive-based pricing
Chapter 14 - Channels Management
• marketing channel of distribution
• intermediaries
- wholesalers, retailers, merchants, agents, brokers
• market coverage
• intensive distribution
• exclusive distribution
• selective distribution
Chapter 15 - Wholesaling and Retailing
• full-function wholesalers, limited function wholesalers
• agents, brokers, manufacturer’s representatives
• merchandize carried:
- depth of product line, breadth of product line
- general merchandise retailer, limited-line retailer, scrambled single-line retailer
• level of service offered by retailers:
- full service, limited service, self-selection, self-service
• method of operation:
- store retailer
supermarket, superstore, convenience store, catalog showroom, warehouse club
- non-store retailer
mail-order, in-home, direct response, telemarketing
• retail management decisions
- target market, information system, product mix, pricing, store image/ambience
Chapter 17 - Integrated Marketing Communication
• integrated marketing communication (IMC)
• promotional mix:
- advertising, personal selling, sales promotion, publicity/public relations, packaging
• push strategy, pull strategy
Chapter 18 - Advertising
• advertising
- media choices: television, radio, newspapers, magazines, direct mail, billboards, Internet
- advantages/ disadvantages of each
• types of advertising:
pioneering advertising
reminder advertising
competitive advertising
comparative advertising
advocacy advertising
Chapter 19 - Sales Promotion and Public Relations
• sales promotion
- consumer promotions (samples, coupons, premiums, refunds/rebates, contests, event sponsorship)
- trade promotions (trade allowances, p.o.p. displays, contest/dealer incentives, trade shows)
• public relations/publicity
publicity, public relations, difference between the two
advantages/disadvantages