MAR 1011 18e W Facebook Mid-Term Review Sheet C1-6 & 8-10 PDF

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Midterm Review Sheet for Chapters 1-10 (excluding 7)...

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MAR 1011 18e – Principles of Marketing with Pathstream Course Mid-Term Exam Covering Chapters 1-6 & 8-10 Instructor Ruth Barrow The mid-term exam consists of 50 multiple choice questions derived from the textbook and/or class lectures. Any/all topics contained in textbook chapters 1-6 and 8-10 could be on the exam. Below are the topics you are most likely to see on the exam. Chapter 1 Utility (definition) and the 4 types of utility, including examples of each (see Exhibit 1.1) 1. Form utility 2. Time utility 3. Place utility 4. Ownership utility Marketing (definition) and the target market (definition) Marketing mix (see Exhibit 1.2) • Product strategy • Distribution strategy • Promotional strategy • Pricing strategy A consumer orientation and focus on building relationships using social media Relationship marketing: Converting new customers to advocates (see Exhibit 1.4) 6 Categories of Marketing, including examples of each (see Exhibits 1.5 & 1.6) 1. Product Marketing 2. Person marketing 3. Place marketing 4. Cause marketing 5. Event marketing 6. Organization marketing 8 Universal marketing functions (see Exhibit 1.7): • Exchange functions 1. Buying 2. Selling • Physical distribution functions 3. Transporting 4. Storing • Facilitating functions 5. Standardizing and grading 6. Financing 7. Risk taking 8. Securing marketing information

MAR 1011 18e – Principles of Marketing with Pathstream Course Mid-Term Exam Covering Chapters 1-6 & 8-10 Instructor Ruth Barrow Chapter 2 Marketing planning • Strategic, operational, and tactical planning (see Exhibit 2.1) o How each type of planning differs o Planning at different managerial levels Marketing plan and basic components of the marketing plan (see Exhibit 2.2) Steps in the marketing planning process, including concepts in the process (see Exhibit 2.4) 1. Defining the organization’s mission 2. Determining the organization’s objectives 3. Assessing organizational resources and evaluating environmental risks/opportunities 4. Formulating, implementing, and monitoring a marketing strategy Porter’s 5 Forces Model (see Exhibit 2.5) SWOT analysis (see Exhibit 2.6) Strategic business units and the BCG Matrix, including classifying business units using the matrix (see Exhibit 2.7) • Cash Cows • Stars • Question Marks • Dogs Chapter 3 The 5 dimensions of the marketing environment (see Exhibit 3.1) 1. The competitive environment 2. The political-legal environment 3. The economic environment 4. The technological environment 5. The social-cultural environment Marketing ethics and ethical issues in marketing (see Exhibit 3.3) Social responsibility and the 4-step pyramid of social responsibility (see Exhibit 3.4)

MAR 1011 18e – Principles of Marketing with Pathstream Course Mid-Term Exam Covering Chapters 1-6 & 8-10 Instructor Ruth Barrow Chapter 4 e-Business, e-commerce, and digital marketing (online marketing or Internet marketing) Online marketing capabilities (see Exhibit 4.2) • Global reach • Personalization • Interactive marketing • Right-time marketing • Integrated marketing B2B (Business-to-Business) versus B2C (Business-to-Consumer) Major challenges faced by online marketers and consumers • Safety of online payment • Privacy issues • Fraud and scams o Phishing Assessing e-commerce site effectiveness • Unique visitors • Engagement • Conversion rate and conversion cost • Click-through-rate (CTR) Chapter 5 Social media (definition) Social media platforms and examples of each (see Exhibit 5.1) • Social networking sites • Social bookmarking sites • Blogging sites and forums Social Media Marketing (SMM) campaign • Why marketers focus their efforts on setting clear goals • 5 SMM goals o Increase brand awareness and generate leads ▪ Influencers o Increase revenue o Improve customer service o Manage a crisis o Market research and customer feedback Monitoring & measuring social media marketing • Measures of activity o Total likes/followers/subscribers o New likes/followers/subscribers o Impressions for social media content • Measures of engagement o Likes/comments on social media content o Re-tweets/shares/re-pins o Click-through rate

MAR 1011 18e – Principles of Marketing with Pathstream Course Mid-Term Exam Covering Chapters 1-6 & 8-10 Instructor Ruth Barrow Chapter 5 (cont.) Measures of conversion o Conversion rate (# of sales/# of visitors) Ethics in social media • Respect privacy • Be honest • Be accountable Content marketing • Guidelines for effective social media content o A strong brand focus o A focus on the audience rather than the organization o Targeted keywords o Relevant information o Shareworthy text and images o Invitations to generate content via posts, shares, discussions, reviews or other dialogue with the organization and fellow customers o Promotions that offer discounts, gifts, or other special deals in exchange for participation •

Chapter 6 Consumer Behavior • Social factors • Psychological factors • Situational factors The Consumer Decision Process • 6 Steps in the Consumer Decision Process (see Exhibit 6.1) 1. Problem-opportunity recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Purchase behavior (decision and act) 6. Post-purchase evaluation • Involvement: High-involvement and low-involvement purchase decisions 5 Societal factors influencing consumer behavior 1. Culture and subcultures 2. Social class 3. Reference groups 4. Opinion leaders 5. Family Needs and Motives

MAR 1011 18e – Principles of Marketing with Pathstream Course Mid-Term Exam Covering Chapters 1-6 & 8-10 Instructor Ruth Barrow Chapter 6 (cont.) Marketing strategies based on Maslow’s Hierarchy of Needs (see Exhibit 6.5) • 5 levels of needs according to Maslow 1. Physiological 2. Safety 3. Belongingness 4. Esteem 5. Self-actualization Self-Concept, including the 4 components of self-concept (see Exhibit 6.6) 1. Real self 2. Self-image 3. Looking-glass self 4. Ideal self Chapter 8 2 Categories of global trade: exporting and importing International marketing environment Strategies for entering foreign markets and examples of each (see Exhibit 8.6) • Exporting • Contractual agreements o Franchising (franchise) o Foreign licensing o Subcontracting • International direct investment o Acquisitions o Joint ventures o International divisions 5 International marketing mix strategies (see Exhibit 8.5) 1. Straight extension 2. Promotional adaptation 3. Product adaptation 4. Dual adaptation 5. Product invention

MAR 1011 18e – Principles of Marketing with Pathstream Course Mid-Term Exam Covering Chapters 1-6 & 8-10 Instructor Ruth Barrow Chapter 9 A market Types of products • Consumer products • Business products Target market and market segmentation Four common bases for segmenting consumer markets 1. Geographic segmentation 2. Demographic segmentation 3. Psychographic segmentation 4. Behavior segmentation 3 Strategies for reaching target markets (see Exhibit 9.6) 1. Undifferentiated marketing (mass marketing) 2. Differentiated marketing 3. Concentrated marketing (niche marketing) Positioning; unique value proposition; the positioning map (see Exhibit 9.8) Chapter 10 Marketing research (what is it & how does it help decision making) The marketing research process 1. Defining the problem 2. Conducting exploratory research a. Exploratory research 3. Formulating a hypothesis a. Hypothesis 4. Creating a research design a. Research design 5. Collecting data a. Primary data (including advantages/disadvantages & sources of) b. Secondary data (including advantages/disadvantages & sources of) 6. Interpreting & presenting the research information Primary research methods 1. Observation 2. Surveys a. Focus groups b. Online surveys 3. Test marketing Big data, data mining, and predictive analysis...