Bus 120 Final Exam
W2024
Course Review
This exam is written at the Abbotsford campus for all
sections including online sections.
You must report to the room assigned to your section.
Notes
Introduction to Marketing
Final Exam:
Date: December 16, 2024
Time: 2:00 pm to 5:00 pm, PST
Place: AB2: B132
AB4: B132
Exam Rules: This is NOT an open book exam.
By selecting to start this exam you are agreeing to the following:
•
I will not give or receive aid on this examination. This includes, but is not limited to, viewing
the exams of others, sharing answers with others, making unauthorized use of books,
notes, or electronic devices while taking the exam, discussing the exam with students who
have not yet taken it, or have taken it. Anybody found doing so will be subject to UFV
Policy 70 on Academic Misconduct.
•
I understand that anybody who is found to cheat on the exam, or have a cell phone, or
have another unauthorized electronic device accessible during the exam will be subject to
UFV Policy 70 on Academic Misconduct.
•
I understand that if I am aware of any cheating on this examination, I have an obligation to
inform my professor. I also understand that my professor will follow UFV Policy 70 if they
witness any acts of academic misconduct.
Exam Rules:
•
This exam is written in person, on campus.
•
Late arrivers WILL NOT be given extra time. You have 1.5 hours (90 minutes) in total to
write this exam. At the end of the 1.5 hours you will be asked to stop writing.
•
Anybody who is found to be talking to a neighbour during the exam will IMMEDIATELY BE
REMOVED from the exam without warning. Your exam will be over. If you have a
question, do not ask your neighbour, ask your instructor.
Introduction to Marketing
Exam Total Score: 70 marks Exam
Exam Coverage:
• Chapters 9, 10, 11, 12&13, 2&15 (75%)
• All other course concepts included in the CRNs (25%)
Exam Composition: Not confirmed
• 50 MCQs (50 marks):
• 4 Mini Case Questions (20 marks)
Course Review Notes:
All concepts tested in the Final Exam are found in these Course Review Notes
(CRNs). If the concept is not in these slides, it will NOT be tested on your exam.
Students are encouraged to read these notes using NOTE VIEW. Important
information is often included at the bottom of every slide. You can only see this
information if you are looking at the slide in NOTE VIEW.
Where there are no notes at the bottom of a slide, students are expected to consult
their class notes, Student Lecture Notes, Concept Videos and textbook. You must
be able to IDENTIFY and EXPLAIN to the level of detail as discussed in class and
described in the textbook.
Chapters 1&14
Introduction to Marketing
Defining Marketing | Philosophies | Value | Marketing Mix | CRM|
The Marketing Mix: 7Ps
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Product
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online
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offline
Chapters 2&15
Introduction to Marketing
Planning Process | Strategic Planning | Marketing Planning |Managing Marketing
Strategizing the Marketing Mix:
Segmentation
People
Targetin
g
Differentiation
Product
Positioning
Price
Place
Promotion
Profit
Chapters 1&14
Introduction to Marketing
Defining Marketing | Philosophies | Value | Marketing Mix | CRM|
Marketing Business Function:
🞈 Define the buyer and seller (Ch 7)
🞈 Understand the consumer needs (Ch 6)
🞈 Create wants to satisfy needs (Ch 8)
🞈 Building a competitive advantage
Marketers are in the business of creating unique wants to satisfy
needs.
Chapters 1&14
Introduction to Marketing
Data Types / Research Process / Research Types /
Interpretation
Customer Satisfaction:
Expectations
=
What buyer believes
the company
Delivered
>
What company
promised brand
experience will be
Perceive
Performance
Chapters 1&14
Introduction to Marketing
Data Types / Research Process / Research Types /
Interpretation
Why Focus on Satisfaction?
❑ Greater customer loyalty
❑ Repeat purchasing
❑ Brand evangelist
❑ Increased share of wallet
BUS 120 _Midterm #1 –
Chapters 1&14
Introduction to Marketing
Defining Marketing | Philosophies | Value | Marketing Mix | CRM|
Customer Relationship Types:
Potential Profitability
Goodness of Fit
Butterflies
Best
Friends
Projected Loyalty
Strangers
Barnicles
Chapter 1 & 14
Introduction to Marketing
Defining Marketing | Philosophies | Value | Marketing Mix | CRM|
Customer Relationship Activities:
Customer Acquisition: The cost of the incentives companies use to
attract customers.
Customer Development: Activities companies use to get you to buy
more, more often. Activities include often include upselling, multi-items
purchase (add-on selling)
Customer Retention: Activities companies do to get you to continue
to buy from them. Often include loyalty programs and club membership with
special benefits.
Chapter 4
Introduction to
Marketing
Data Types / Research Process / Research Types / Interpretation
Applying 5Ws to Research Design:
Who - are we going to survey (target population)?
What – behaviour/characteristic are we observing or measuring? E.g. beer drinking
preferences
When – time of measurement; would results differ if selected different time of day,
time of year? E.g. evening telemarketing calls
Where – do we conduct the field study? Would the results change if we changed
the location? E.g. in bar, at hockey game
Why – what is the deliverable; what question is being answered (hypothesis being
tested). Why do you care? What will you do with the info?
How – what survey format will we use? E.g. Questionnaire, observation,
telephone, in-person, or mail.
Chapter 4
Introduction to Marketing
Data Types / Research Process / Research Types /
Interpretation
Types of Exploratory Designs:
⮲ Literature Search
⮲Depth Interviews
⮲ Experience Surveys
⮲Projective Techniques
⮲ Focus Groups
⮲Ethnography
⮲ Analysis of selected cases
Projective Techniques only one to capture emotional data.
Exploratory Research method are generally qualitative in nature.
Chapter 4
Types of Research Methodologies:
Exploration - designed to discover ideas and insight
Descriptive - designed to determine the frequency of an
occurrence or relationship between two variables
Causal - designed experiment to determine cause and effect
relationships between two or more variables
There is no one best research methodologies (method)
Introduction to
Marketing
Consumer Participation:
Chapters 3&5
Data Types / Research Process / Research Types / Interpretation
Simple Random
Convenience
Sample Types
Stratified Random
Quota
Introduction to
Marketing
Applying 5Ws to Buyer Profiles:
Chapters 3&5
Data Types / Research Process / Research Types / Interpretation
Who - are they (demos, psychos, behavs)?
What – do they want (features & benefits being sought)?
Why – do they seek it (needs being met)?
When – do they use or buy product?
Where – do they use/ buy product?
How – do they use product / pay for product / learn about the
product?
Chapter Six
Introduction to
Marketing
Identification | Segmentation | Positioning | Ethics & Globalization
Positioning Map: AMA
the various products are plotted onto maps,
using product attributes as dimensions.
Attribute A
American Marketing Association
A product’s position is the space it occupies in
the mind of a consumer.
A product positioning is the strategy of
comparing your product features benefits to
your competitors to create an advantage.
Repositioning- updating the existing positioning
strategy to reflect the current marketplace.
Attribute B
Chapter Six
Demographics:Behaviouristics:
🞈
Age
🞈
Income
🞈 Ethnicity
🞈 Geography
🞈 Life-stage
🞈 Benefits segmentation
🞈 Usage segmentation
🞈 Occasion segmentation
🞈 User status
Chapter Six
Psychographics:
🞈 VALs
Firmographics: B2B only
🞈 Size of firm in terms of employees
🞈 AIOs
🞈
Size of firm in terms of sales
🞈 Personality
🞈
Status in industry
🞈 Prizms
🞈 Geographic location
/ number of locations
🞈 Behaviouristics
Chapter 7
Introduction to
Marketing
Strategy | Management | Communication | Equity
Brand Equity: $$$$$
+ Our Product $1069.00
- Their Product $ 499.00
Price Premium
x Average # buyers
Brand Equity
Chapter Seven
Introduction to
Marketing
Strategy | Management | Communication | Equity
Brand Architecture:
❖ Individual brands
❖ Family (Umbrella) brands
❖ Co-branding
❖ National vs. Private Label brands
❖ Brand Licensing
❖ Multibrands
❖ Brand Extension
Chapt
er 8
Introduction to Marketing
Products | Product Line | Product Mix | PLC
Product Types (Forms) :
Good
Person
Service
Product
Types
Idea
Place
Experience
Introduction to Marketing
Chapt
er 8
The Service Concept:
erishability
P
I nseparability
V ariability
I ntangibility
Chapters 2&15
Introduction to Marketing
Planning Process | Strategic Planning | Marketing Planning |Managing Marketing
The Planning Process:
🞈 Strategic Planning
🞈 Operational Planning
🞈 Individual Action Plans
🞈 Evaluation and Control
Chapters 2&15
Introduction to Marketing
Planning Process | Strategic Planning | Marketing Planning |Managing Marketing
Market Analysis:
Internal
External
SWOT
Chapters 2&15
Introduction to Marketing
Planning Process | Strategic Planning | Marketing Planning |Managing Marketing
P: Political
E: Economical
S: Social
T: Technical
E: Environmental
L: Legal
P: People
Chapter 6
Planning Process | Strategic Planning | Marketing Planning |Managing Marketing
Porter’s
Six
Forces:
Suppliers
Direct
Competitors
Us
Buyers
Complementors
Chapters 2&15
Introduction to Marketing
BCG Model:
Chapters 2&15
Introduction to Marketing
Planning Process | Strategic Planning | Marketing Planning |Managing Marketing
Ansoff’s Grow a Business Grid
Current
Products
New
Products
Current Markets
New Markets
Market Penetration:
entice consumers to buy
more products.
Market Development:
geographically develop
new markets
Product Development:
develop new line of
products aimed at existing
market.
Diversification: expand
into new consumer market
segment
More of the cart
Value | PEof Demand | Profit | Market Share | Competitive | Tactics
Chapter 9
Calculation of Value:
+ utilitarian benefits (faster, safer, better)
+ emotional benefits (image, status, prestige)
- operating costs (training, maintenance, etc.)
- opportunity cost (benefits- cost forgone)
- switching costs ( cost to relearn)
= Value Received
Chapter 9
Value | PEof Demand | Profit | Market Share | Competitive | Tactics
Consumer Reference Price:
❑ Buyer Pricing Expectations
❑ Internal Reference Price
❑ Price-Quality Inference
Chapter 9
Introduction to
Marketing
Value | Cost | Competitive | Strategic | Adjustments | Online | Globalization
Strategic Pricing Decisions: New Products
1. Price Skimming Pricing
Setting prices based on willingness
to pay
2. Penetration Pricing
Low introductory price to
create widespread rapid
adoption
Chapter 9
Introduction to
Marketing
Value | Cost | Competitive | Strategic | Adjustments | Online | Globalization
Strategic Pricing Decisions: New Products
3. Trial Pricing – Initially set the price below the
regular price for a fixed period of time, to attract
buyers. If you keep the price low for too long (more
than 3 months), buyers will believe it is the regular
price and you will have a hard time increasing the
price.
Chapter 9
Introduction to
Marketing
Value | Cost | Competitive | Strategic | Adjustments | Online | Globalization
International Pricing:
❖ Exchange rates
❖ Transportation costs
❖ Affordability
❖ Convenience
Chapter 9
Introduction to
Marketing
Value | Cost | Competitive | Strategic | Adjustments | Online | Globalization
On-line Pricing:
❖ Auction Pricing – E-bay
❖ Dynamic Pricing – price easily changed to
meet changes in marketplace
❖ Price Discrimination - easier to do and less likely to be caught
❖ On-line Price Advantages – intense competition driving down price
Introduction to
Marketing
Consumer Channel Types:
Chapter 10
Channels | Functions | Supply Chain | Value Chain | Logistics
Direct
Indirect
Chapter 10
Managing the Channels:
⮚ Managing channel partners
(Channel coverage)
Introduction to
Marketing
Channels | Functions | Retailing | Non-retailing
Intensive
Selective
Exclusive
Single
⮚Distribution Channel Strategy
Dual
Omni
⮚ Managing movement of goods
Sea freight
Truck freight
Train freight
Air freight
Chapter 10
Supply Chain:
Introduction to
Marketing
Channels | Functions | Retailing | Non-retailing
Chapter 10
Vertical/Horizontal
Marketing System:
Introduction to
Marketing
Channels | Functions | Retailing | Non-retailing
Corporate:
Single company
owns all the firms in
the chain
Vertical:
Cooperate
from top to
bottom
Contractual:
formal contract
governs
relationship
Horizontal:
Administered:
No formal contractindustry leader
dictates rules
Cooperate across level
Chapter 10
Introduction to
Marketing
Channels | Functions | Supply Chain | Value Chain | Logistics
Value Chain:
R&D
Marketing
and Sales
Customer
Service
Chapter 10
Introduction to
Marketing
Channels | Functions | Retailing | Non-retailing
Logistics Management:
Logistics:
Freight line
Trains
Sea line
Air
Freight
JIT
MIS
❖Time
❖Cost
❖Safety
❖Outsource
Reverse Logistics:
❖Who pays
❖Cost
❖Safety
❖Outsource
Chapter 11
Retailing | E-tailing | Other
Types of Retailers and product types:
Convenience
Warehouse
Superstore
Factory Outlet
Supermarket
Specialty
General Merchandise
Discount
Chapter 11
Introduction to
Marketing
Channels | Functions | Retailing | Non-retailing
Retailing Strategy Choices:
Experience
Assortment
Selection
Buyer
Group
Image
Availability
Price
Points
Service
Mix
Chapter 11
Retailing | E-tailing | Other
Retailer Selection:
Product Mix Breadth
Low
High
Narrow assortment/
Broad assortment/
Shallow selection
Shallow selection
High
Brand Offering Depth
Low
Narrow assortment/
Broad assortment/
Deep selection
Deep selection
Chapter 11
Retail Store Image:
⮚ Furnishings and merchandise density
⮚ Store layout
⮚ Music, colour, and lighting
⮚ Store personnel
⮚ Pricing
Retailing | E-tailing | Other
Introduction to
Marketing
Chapter 11
Channels | Functions | Retailing | Non-retailing
Purchase Process:
Showrooming
Prepurchase
Purchase
Webrooming
PostPurchase
Introduction to
Marketing
Chapter 11
Offline Types | Strategy | Image | Online
Textbook: Why Customers Shop online
Convenience
Choice
Cost
Customization
Control
Communication
Click
Why customers shop offline:
Fun (experience, social factor)
Fit
Feel
Fast (no wait, want it now)
You will not find this 4F model online, I have
made it up. However, you will find the data to
support it online.
vs
Advantages:
Choice
Cost (Price)
Convenience
Disadvantages:
Returns
Wait
Distrust
Brick
Advantages:
Fast (Now)
Fit
Feel
Fun
Disadvantages:
Price
Less choice
Chapter 11
Retailing | E-tailing | Other
Marketing Message Strategy:
PULL
PUSH
Advertising
Channel
Partners
Introduction to
Marketing
Chapter 12/13/14
Defining IMC | Message Design | Promotion Mix | Budgeting
Promotion Mix:
1. Advertising
2. Personal Selling
3. Sales Promotion
4. Public Relations
5. Direct Response Marketing
6. Internet
7. Alternative
Introduction to
Marketing
Chapter 12/13
Promotion Mix | Budgeting
Promotion Mix:
Advertising
Broadcast
Print
TV
Newspaper
Radio
Magazines
Internet
Out-door
Personal
Selling
Direct
Selling
Public
Relations
Sales
Promotion
Internet
Other
Salesforce
Traditional
Mail
Publicity
B2B
Website
Vending
Telemarketing
Email
Employee
Relations
B2C
Social
Networking
Guerrilla
Mobile
Mail
Community
Relations
WOM
Investor
Relations
User
Generated
Crisis
Management
Public Policy
Chapter 12/13/14
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Advertising: Broadcast
TV: Cable, Network and Satellite (Linear); Streaming TV
content (Connected TV-CTV)
RADIO: AM, FM, Satellite
Internet: All the places online we pay to place our digital banner (display) ads.
Chapter 12&13
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Broadcast: Mobile Marketing
Introduction to
Marketing
Broadcast-Internet: Social Media Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Agreed upon
nowadays, nobody
looks at FB or YT ads.
Introduction to
Marketing
Advertising: Broadcast- Internet Ad styles
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Banner / skyscraper / button
Floater / Takeover
Interstitial
Pop up / in / downs
Introduction to
Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Marketing Lifecycle Objectives:
Inform
Persuade
Resonate
Build
Remind
Introduction to
Marketing
Personal Selling: Telemarketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Follow-up after the sale
Introduction to
Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Global Marketing:
Product
• Tailor or not
• Change in consumer tastes
Pricing
• Economic affordability
• Consistency
Place
• Build
• Befriend
Promotion
• Brand ownership
• Tailor or not
Chapter 12&13
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Table 12.1 Profiles of Major Media Types
Media
Selection:
Medium
Advantages
Limitations
where and when you say it as important as what you say
Size
($US)
Newspaper
(digital/print)
Flexibility; timeliness; broad
coverage; credibility, older
audience, video ads (digital)
Short life; poor quality (print),
where in scroll (digital)
$ 42.8 Bn
Magazines
(digital/print)
Selectivity; pass along (print);
quality; warm audience
Cost, lead time, positioning
$ 10.4 Bn
Television
Mass/Selectivity; multi-media
High cost production and
placement; public abhorrence
$267 Bn
Radio
Selectivity; low cost
Audio; noise
$ 37 Bn
Out-of-home Flexibility; repeat exposure
(static/digital)
Creative restrictions
$ 10.4 Bn
Direct Mktg
Selectivity; flexibility;
personalization
Low response rate
$ 66.84 Bn
Online
Selectivity; low cost; immediacy;
personalization
Low impact; audience controls
exposure
$833.9 Bn
Alternative
High impact
Must go viral to max audience
????
Introduction to
B2C Sales Promotion:
Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Sweepstakes / Contests
Sampling
Bonus Packs
Cents off
Rebates
Frequent Buyer
Premiums
Introduction to
Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
B2B Sales Promotion:
Merchandis
e
Allowances
Event
Marketing
Volume
Discounts
Promo
Products
Gifts
Incentive
s
Sweepstakes /
Contests
Sampling
Chapter 12&13
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Traditional Direct Response Marketing:
1. Catalogues
2. Telephone
3. Mailers
4. 1-800 numbers
Introduction to
Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
e-mail Marketing:
Message personalization
Low response rates- Spam
List driven distribution
Permission - CASL
Introduction to
Marketing
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Promotion Mix #6: Internet Marketing
Company FB Page
Company LinkedIn
Company website
Company TikTok
Company Instagram
Company You-Tube
Channel
Company Blog
Company Pintrest
Company X
(Twitter)
Chapter 12&13
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Digital / Interactive Marketing:
Digital Signage
Website Marketing
Mobile Marketing
e-commerce
Podcasts:
On-line Advertising:
e-mail Marketing
Blogging and Marketing:
Social Media Marketing:
Chapter 12&13
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Guerrilla – generally out of home designed to have
viewers interact with the campaign. The audience
is comparatively small - the hope is that it will go
viral and EARN advertising.
Chapter 12&13
Marketing Lifecycle
• New brand driven
• New brands always start at the
beginning.
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Product Lifecycle
• New product category driven
• A new brand can be in the maturity
stage of the product lifecycle. E.g.
SMEG brand of small electronics
(toasters, coffee makers, etc.) all
products are in the mature stage of
PLC but SMEG is a new brand.
Chapter 12&13
Introduction to
Marketing
Defining IMC | Message Design | Promotion Mix | Budgeting
Media Budget:
⮚ What can we afford (Top down)?
⮚ Percent of Sales?
⮚ What are promotion are we planning to do (Bottom up)?
⮚ What are our competitors spending?
Chapter 12&13
Defining IMC | Message Design | Promotion Mix | Budgeting
Media Selection Drivers:
⮚ GI, Frequency, Reach
⮚ CPM
⮚ Budget
Introduction to
Marketing
Introduction to
Marketing
CMA Professional Ethics:
•
•
•
•
•
•
•
•
Individually accountable
Respect the law
Act with integrity
Act with competency
Respect confidentiality
Avoid conflict of interest
Act with professionalism
Adhere to CMA Code of Ethics
Introduction to
Marketing
Chapters 3&5
Data Types / Research Process / Research Types / Interpretation
Regulations:
Pipeda
(collection)
The 10 Privacy Principles of PIPEDA
1.Accountability
2.Identifying Purposes
3.Consent
4.Limiting Collection
5.Limiting Use, Disclosure, and Retention
6.Accuracy
7.Safeguards
8.Openness
9.Individual Access
10.Challenging Compliance
; CASL
(use)
• Include your business name, postal address and either
a telephone number or email address in your emails
• Only sending to those who’ve agreed to receive email
from you
• You keep records of your consents (implicit or explicit)
including the date and time of the consent.
• You must remove people from list as soon as their
consent expires.
• Emails contain a working unsubscribe link and
removing them from list cannot take more than 10
business days.
Chapter 11
Introduction to
Marketing
Offline Types | Strategy | Image | Online
Ethics and Retail:
Selective Hiring – hiring based on brand image
Exchange Policies – defective goods; time limits; packaging
Wages Scales – minimum wage jobs
Working Conditions – hours; overtime; stat holidays
Chapter 10
Introduction to
Marketing
Channels | Functions | Supply Chain | Value Chain | Logistics
Ethics and Distribution:
Outsourcing – loss of blue collar and now WHITE collar jobs
Environmental Concerns – overall carbon footprint of goods
Quality Management – who is responsible; who should be?
Wages Scales – below poverty line pay scales!
Chapter 2 & 15
Introduction to Marketing
Planning Process | Strategic Planning | Marketing Planning | Managing Marketing
International Marketing Tactics:
🞈 Cultural differences
🞈 Standard of Living
🞈 Market channel differences
🞈 Political Differences