Marketing Management: Exam Study Notes

1. MarketingManagement:Exam Study Notes Tom Gillpatrick, Ph.D. Juan Young Professor of Marketing & Executive Director Food Industry Leadership Center School of Business Administration Portland State University Zagreb, Croatia Spring 2003

2. Chapter to Focus on for Exam • Chapters: 1,6,7,10,11,14, Part 5 as related to lecture materials. • Short/Answer Essay Questions: • Look at questions that were introduced as FAQ’s about marketing, page 8 text. These questions might be adopted with an example.

3. Example multi-choice questions • 1. The final step in the development of a positioning strategy is to: • A. Choose the actual positioning strategy. • B. Communicate the strategy effectively to consumers. • C. Evaluate the positioning strategy against criteria aimed at determining the potential success of the strategy. • D. Determine which product benefits consumer consider most important. • E. Select the product benefit to promote. ( answer is B , page 313) • 2. The ultimate level of market segmentation is _______ marketing? • A. Local • B. Niche • C. Individual • D. Homogenous • E. Mass (answer is C from page 282)

4. Example multi-choice questions • 3. The first macro-environmental issue that marketers typically monitor is: • A. The international political legal environment. • B. The technology environment. • C. The economy. • D. Population issues. • E. Suppliers, consumers and employees. (Answer D, page 163) • 4. The first step in the buying process is the: • A. Information search. • B. Evaluation of alternatives. • C. Purchase decision. • D. Location of alternatives. • Recognition of need or problem. ( E, page 204)

5. Example multi-choice questions • 5. Which of the following factors that often forces a company to choose the marketing concept in their firms? • A. Changing buying patterns. • B. Increasing marketing expenditures. • C. A decline in sales. • D. Increasing competition. • E. All of the above. ( E, page 24) • 6. The first step in the target marketing process is: • A. Mass marketing. • B. Mass targeting. • C. Market segmentation. • D. Market concentration. • E. Market positioning. (answer is C, p. 279)

6. Example Short answer Essay/question(Note most questions are multi-part, please answer all parts) • 1. What are the main factors a company should consider when setting a price for the first time? Give an example of how you could apply this for a Croatian company such as Podravka who wants to sell its soup products in a market such as USA? • 2. What is a product? What criteria should global marketers consider when making product design decisions? What are the major combinations of product-communications strategies that were described in the slides and text? • 3. What is market segmentation and how is it different from product positioning? What were the two basic types of market segmentation that your professor described in the lecture? Can companies over-segment a market? Give a brief example.

7. Know the Core Concepts of Marketing- from text and lecture Target Markets & Segmentation Needs, Wants, and Demands Product or Offering Value and Satisfaction Exchange and Transactions Relationships and Networks Marketing Channels Supply Chain Competition Marketing Environment

8. FAQ’s for Marketers • How can we spot and choose the right customer segment? • How can we differentiate our offering from competitive offerings? • How should we respond to customers who press us for a lower price? • How can we compete against lower price competitors from at home and abroad?

9. FAQ’s for Marketers-cont’d • How far can we go in customizing our product offering for each customer? • What are the major ways we can grow our business? • How can we build stronger brands? • How can we cut the cost of customer acquisition? • How can we keep our customers loyal? • How can we tell which customers are most important?

10. FAQ’s for Marketers-cont’d • How can we measure the payback from Advertising, sales promotion & PR? • How can we improve sales force productivity? • How can we use multiple channels, but control channel conflict? • How can we get other company departments to be more customer oriented?