Revision
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Exam discussion
Revision
Exam Tips
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All exam info is issued by the lecturers
The use of bullet points is okay. Be succinct.
Leave nothing to interpretation
1st or 3rd person is okay
Work efficiently and keep track of time.
Read instructions and questions carefully
Attempt all questions
Answer all parts of the question
Ensure you address the question being asked
Start revision early!
Final Exam Overview
• Held during the exam period-6th Dec (Thurs),
2-4 pm, at Innovation center
• 2 hours
• The exam will consist of two parts (Worth 60% of
your grade)
– Part A: 5 short answer questions
(worth 6 marks each, total 30 marks)
Part B: 1 case study + 5 questions (30 marks)
Practice short Answer questions will be given
Sample Short Answer Question
Q. What is the FLC? List some variables we must consider when we try to
understand different stages in the FLC, and why is it important to marketers?
Answer:
The FLC combines trends in income and family composition with the changes
these demands place on this income. For example, The money a couple
with no children spends on dinners out and vacations will go to quite
different purchases after the birth of a child.
In FLC model, We need to focus on some variables to adequately describe these
changes:
1)
Marital status: Young bachelors and newlyweds are the most likely to
exercise; to go out to bars, concerts, movies, and restaurants; and to drink
alcohol.
2)
Age: Although people in their 20s account for less than 4 percent of all
household spending, their expenditures are well above average in such
categories as apparel, electronics, and gasoline.
3)
The presence or absence of children in the home: Newlyweds are the most
likely to own appliances such as toaster ovens and electric coffee grinders.
whereas older couples and bachelors are most likely to employ home
maintenance services.
Case Study Tips
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Read the case. Highlight key information.
Identify the problem
State assumptions
Provide justifications
Remember, there is no right or wrong answers
as long as you have strong reasons to support
your view.
• The best case answers:
– Started by summarising the problem
– Use evidence provided, if possible, in the case
to support their answers
– Realised Limitation
– Justification
Sample case study question
• Q: Which theory of behavior economics influence
consumers choice over product XXX? Why or why not?
• Answer:
The Anchoring theory of behavior economics would
influence consumer choice in this case. (Define
Anchoring) It refers to the fact that when people are
given a number, they tend to use that number as the
standard for future judgments, because… Then (link to
the case) and show you argument (could be both ways).
Lastly show the limitations if possible.
• Carefully read and understand all practice
Qs.
• Short answer Qs will be from those 10
Practice Qs.
THANK YOU AND
GOOD LUCK FOR THE EXAM…