Unit 1 Test Review 1 TOPICS COVERED You should have the following in your notes: 1. what is marketing a. goods and services 2. the marketing process 3. market segmentation 4. consumer profiling 5. product life cycle 6. customer service 7. competition (two separate notes) 8. competition and ethics 9. non-profit 10. market research 2 TEST FORMAT The test will have these approximate values: Section Multiple choice, true false, fill in the blank Short Answer Long Answer, case study style questions # Questions 20 Section Value 20 10, complete 8 3, complete 2 24 16 3 SAMPLE QUESTIONS & REVIEW 1. Define, describe the following terms: a. Marketing, Good, Service, Idea, Raw materials, processed goods, finished goods b. Needs, wants, demands, exchange, relationship c. Market segmentation, geographic, demographic, behavioural, psychographic d. Primary vs secondary markets e. Product life cycle: introduction, growth, maturity, decline, decision point, fad, trend, niche market, seasonal products provide graphs f. Competition, benefits of competition, indirect vs direct competition (with examples), value-added services, market share, joint venture, tariffs, landing costs g. Company ethics, employee ethics h. Not-for-profit i. Market research, advantages and disadvantages of market research, primary vs secondary data (provide examples of each), qualitative vs quantitative data, test market, types of surveys, types of survey questions (open ended vs close ended), observations, focus groups, data mining, sources of secondary data, types of sampling 2. Draw the traditional Product Life Cycle and label the 4 stages (Product Development is considered a pre-PLC stage) 3. List and describe the aspects of demographics (ie: age, family life cycle, etc.)? 4. What is a consumer profile, and why would a marketer use demographics, geographics, and psychographics to develop a consumer profile. 5. Who are the Baby Boomers and why are they considered such an important demographic? 6. What are the 4 motivational forces that activate and direct consumer behaviour? Which of these apply to Industrial customers? 7. Briefly describe the following: a. Alderfer’s ERG Theory b. Maslow’s Hierarchy of Needs c. Thorndike’s Law of Effect 8. What are the defining aspects of a Free Market? What aspects of Canada make it not a “pure” free market? 9. What are some of the ways that products can gain a competitive advantage over one another? Which of these are considered the least sustainable? 10. How do Service based businesses compete against one another? 11. Distinguish between Perfect Competition, Monopolistic Competition, Oligopolies and Monopolies. 12. What is the difference between Market Share and Market Segments? 13. What are the two ways a business can increase its market share? 14. Discuss how any 3 competition factors create unique challenges for marketing products or services internationally.