MKTG 301 - Exam 3 Study Guide PDF

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MKTG 301 – EXAM 3 (FINAL EXAM) STUDY GUIDE PROF. COUPLAND/PROF. ROTH Below are some studying strategies for Exam 3 (Final Exam). There is no make-up exam for Exam 3. Exam 3 will cover Chapters 9, 10, 12, 13 and 14. Some versions of the textbook may have the chapters renumbered, so just look for the corresponding titles on the study guide.

HONOR CODE REMINDERS 

If you or a friend believe that cheating is justified (e.g., “I’m too busy to study”, “I feel lost in the class”, “I don’t think marketing is important for me to know”, “I need a good grade to get into my major/career”, “I want to help my friend”), you need to convince yourself otherwise. If you start studying earlier, meet with Prof. Coupland/Roth, TA’s or friends to review materials, you won’t be in this position. You will learn something interesting in the process and everyone’s Penn State degrees will be worth more.

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If you suspect that someone is not following the rules, it is your obligation to report this immediately to the exam proctor and to email Prof. Coupland/Roth as soon as possible. Please do so whether or not you have proof or names of individuals.

GENERAL STRATEGIES   

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Make sure you understand the “Agenda” topics from each lecture. These topics are included on the following page, with some added details. Review your notes and the slides on Canvas; these highlight topic areas in more depth—note that some topics covered in class are not covered in the textbook (e.g., undercover marketing). Please consult with the TAs or partner with classmates if you would like to review materials. The examples from class (e.g., specific ad executions, Price is Right examples) are useful to review to help understand the material. You do not need to memorize any of these examples, as we will give you sufficient information to answer questions should they appear on the exam. We may also incorporate examples from the textbook or other sources, but will always provide sufficient information to answer the question (no need to memorize). Study tips at the end of each class session should also be helpful in preparing for the exam. Re-read the assigned chapters from the textbook that pertain to lecture material. Note that some topics were only mentioned in class briefly so you should fill in details using the textbook to make sure you fully understand the concept. There are NO questions from the sections of the textbook listed below (though lecture material is fair game). The pages correspond to the 12th edition of the book. The titles should be similar in the other versions of the textbook.

Ch. 12:

Figure 12.2 (Push vs. Pull Strategy, p. 376); don’t need to know “push strategy” or “pull strategy”.

Ch. 13:

Fig. 13.1 (Major Steps in Sales Force Management, p. 407); don’t need to know “sales force size”. Training/Compensating/Supervising/Motivating Salespeople and associated tables and figures (Pp. 411-top of 414).

Ch. 14:

Public Policy Issues in Direct Marketing (Pp. 457-460)

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Ch. 9:

Price Changes (Pp. 289-294)

SUGGESTED TOPICS TO REVIEW The next two pages contain topics to review for Exam 3. We have tried to provide some details to help guide your review of class notes and textbook readings. Two points to note: (1) we could not list every detail to review so you should “fill in the blanks” on your own; (2) if there are topics in your notes not listed below, we have unintentionally left them out (i.e., all lecture material is fair game unless otherwise stated). PROMOTION/ADVERTISING  What are promotions and promotion mix  Promotion mix tools (e.g., advertising, PR); goals of promo mix  Advertising – What is advertising – Broadcasting, narrowcasting, Madison & Vine – Paid, owned, earned, shared media – (Don’t memorize the figure on Major Ad Decisions, but get the basic idea) – Setting objectives: informative, persuasive, reminder ads – Budget decisions: affordable method, percentage of sales, competitive parity, objective-and-task method – Ad message decisions: the “big idea” – Ad execution styles: • Slice-of-life, lifestyle, fantasy, mood/image, musical, personality symbol, technical expertise, scientific evidence, testimonial – Be able to recognize moderate incongruity, Maslow’s hierarchy – Media decisions: media vehicles, scheduling, media impact, reach, frequency PUBLIC RELATIONS  Public Relations – What is public relations – What is publicity; characteristics of publicity – Public relations tools – Examples of PR and publicity – Undercover Marketing: what is it, in what ways is it useful PERSONAL SELLING AND SALES PROMOTION  Personal Selling – What is personal selling – Major steps in the selling process and characteristics of each step: • Prospecting/qualifying, preapproach, approach, presentation and demonstration, handling objections (& tactics), closing, follow-up – Key talents of successful salespeople – Sales force structure: outside vs. inside sales force, territorial, product, customer, complex – Sales force evaluation: types of reports, what sales people are good and bad at reporting  Sales Promotion – What is sales promotion – Sales promotion techniques: • Recognize and evaluate examples of the techniques below; understand their characteristics

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Sampling, couponing (geofencing, geoconquesting, marketing analytics), premiums, advertising specialties, patronage rewards, point-of-purchase promotions, contests and sweepstakes Reasons for the growth of sales promotion

DIRECT & ONLINE MARKETING  Direct Marketing – What is direct marketing – Forms of direct marketing (e.g., face-to-face selling) and realize that they overlap with other promotion mix elements (e.g., face-to-face is also personal selling) – Direct mail: what it is, benefits, drawbacks – Catalogs: print vs. web-based – Direct response TV: what it is, examples, goals of direct response TV • Online Marketing – Digital marketing: social media marketing, mobile marketing – Click-only, click-and-mortar – The 7 C’s of effective web site design – Forms of online advertising & promotion – Search engine optimization – Online marketing domains (e.g., B2C, B2B) PRICE  What is price?  Traditional vs. value-based pricing – Cost-based and competition-based pricing – Good-value pricing – Market skimming and market penetration pricing – The concept of “value”  Recognize examples and know how each of the following relates to consumer value – Product mix pricing strategies: • Product line pricing, optional-product pricing, captive-market pricing, by-product pricing, product bundle pricing – Price adjustment strategies: • Discount, segmented (and forms of segmented pricing), psychological, promotional, geographical, dynamic • Public policy and pricing – Price fixing, predatory pricing, price discrimination, price maintenance, deceptive pricing PLACE  Why we need channels  Roles of intermediaries in channels  Conventional vs. vertical marketing systems  Types of VMS: corporate, contractual, administered  Horizontal marketing systems  Marketing channel decisions – Design, management, logistics – Number of marketing intermediaries – Major logistics functions  Key trends in retailing  Disintermediation  Marketing channel decisions: design, management, logistics  Major logistics functions (e.g., warehousing, inventory management)

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ETHICS  AMA Statement of Ethics  AMA Ethical Values: be able to recognize and apply the 6 values  Sustainable Marketing Concept Social Criticisms of Marketing  o Individual and society

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