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BUS121 Test 4 Study Guide

While this is not an exhaustive list, these will help you prepare for Test 3 over Chapters 13, 14, 15, and 16

Chapter 13: Marketing: Helping Buyers Buy

• What is the definition of marketing?

• How has marketing evolved? What are the four eras of marketing?

• Compare the marketing concept and customer relationship management (CRM).

• How does marketing apply to non-profit organizations?

• What are the four parts of the marketing mix?

• What is the marketing process? What is testing marketing? Brand name?

• What is the definition of a product?

• What is involved with conducting market research?

• Understand what primary and secondary data sources are for market research.

• Explain the different parts of the marketing environment.

• Understand the variables that can be used to define a market segment (demographic, etc.)

• What is a target market?

• What is mass marketing? What is relationship marketing? How are they similar/different?

• What are the steps in the consumer decision-making process? What is cognitive dissonance?

• What are the outside influences on the consumer decision-making process?

• How do the business-to-business market and the consumer market differ?

Chapter 14: Developing and Pricing Goods and Services

• What is the meaning of the term “value?”

• What makes up a total product offer?

• What is a product line? What is a product mix? How do they differ?

• What is product differentiation?

• What is the difference between convenience, shopping, specialty and unsought goods?

• What are industrial goods?

• Why has product packaging become so important?

• What is bundling?

• What is a brand? What is a trademark?

• How do the brand categories of manufacturers’ brands, dealer brands, generic brands and knockoff brands differ?

• What is brand equity, brand loyalty, brand awareness and brand association?

• What does a brand manager do?

• Understand the new-product development process.

• Understand the product life cycle and what happens at each stage.

• Understand the different pricing strategies and how they work. What can affect pricing?

• Understand break-even point and how to calculate it.

Chapter 15: Distributing Products

• What are marketing intermediaries, channels of distribution, agents/brokers and wholesalers?

• Do marketing intermediaries add value?

• Explain the different types of utility created by intermediaries.

• What are the different types of wholesale intermediaries? limited-function merchant wholesalers?

• What are agents? Brokers?

• What are the different types of retail intermediaries?

• What are intensive, selective and exclusive distribution retail strategies?

• What are different types of nonstore retailing? What is direct selling? What is direct marketing?

• What are corporate, contractual, and administered distribution systems?

• What is a supply chain? What is supply chain management?

• What types of distribution systems are there? How do they work?

• What is logistics? Outbound logistics? Reverse logistics? What is material handling?

• How do the different transportation modes for goods compare?

• What is intermodal shipping?

• What are storage warehouses? Distribution warehouses?

• How are goods tracked through the supply chain?

Chapter 16

• What is integrated marketing communication?

• What is advertising? What are the major types of advertising?

• What are different advertising mediums and their pros and cons?

• What is product placement? Infomercials?

• How has online advertising evolved?

• What are potential advantages and issues with global advertising?

• What is personal selling?

• What are the steps in the selling process? What happens at each step? How do the consumer and B2B selling processes differ?

• What is public relations? What is publicity? When can it be bad?

• What should sales promotions do in general? What are examples of sales promotions?

• What is word-of-mouth promotion?

• Understand newer marketing techniques like viral marketing, blogs, podcasts, email and mobile media promotions.

• Explain the push and pull promotional strategies.

• What is the “pick economy?”

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