Study Guide: Final Exam Principles of Marketing - Spring 2024
Date: Monday 4/29/24, 8:00am-10:00am
TIME ALLOWED: 2 HOURS
INSTRUCTIONS:
1. Answer all the 100 multiple choice questions using pencil on the scantron paper.
2. Write your name and your Test Number, on your scantron answer paper.
3. No exit and re-entry permitted once started exam.
4. No cell phones or any wearable electronics should be on YOUR PERSON, or within your reach during
the exam!
5. NO graphing, or programmable calculators are allowed. Use only a simple regular calculator.
6. NO EXPLANATIONS GIVEN ON ANY QUESTION(S) during exam, except for typographical errors!
7 No collaborations, no textbooks, no notes, no jottings, no talking, no eating! no cheating!
8. Report any cheating or unauthorized "sharing" you see to the Professor.
9. Professor reserves the right to move students to different seats.
10. All students must STOP when the time is up! No extra time will be given for starting the exam late.
Expectations: Know the definition and application of each of the following concepts:
Chapter 1- Introduction to Marketing
1. Define organizational buyers
2. Four factors are required for marketing to occur:
3. Understand the customer relationship era
4. Define marketing
5. Define utility and the four different types of utilities
6. Know the difference between a want and need
Chapter 2– Marketing Strategy
1. Know the components of an organization’s foundation
2. Know the different types of goals a business firm can pursue
3. Know the three steps of the planning phase in the strategic marketing process
4. Know the structure of today’s organizations; understand the three different organizational levels
5. Know the three kinds of organizations
Chapter 3– Marketing Environment
1. Know the different generational cohorts
2. Understand what multicultural marketing is
3. Know the difference between and examples of social forces, economic forces, and technological forces, and
regulatory forces
4. Understand the difference between gross income, disposable income, discretionary income
Chapter 4– Ethics in Marketing
1. Define code of ethics
2. Know the Consumer Bill of Rights and understand its components
3. Understand the four ways to classify marketing decisions according to ethical and legal relationships
4. Understand the difference between economic espionage and corruption
5. Understand what green marketing is
6. Define moral idealism
Chapter 5– Consumer Behavior
1. Understand what cognitive dissonance is and how firms try to lessen it in their consumers
2. Understand what low involvement purchases and high involvement purchases are and know the difference
between each
3. Know the steps of the consumer purchase decision process
4. Know a firm’s marketing strategy when it’s a market leader or market challenger with a low-involvement
product or high involvement product
5. Know internal search vs external search in the consumer purchase decision process
Chapter 7– Global Marketing
1. When it comes to cultural diversity, understand what cultural values are and how a company may
demonstrate appreciation for another country’s values
2. Understand what consumer ethnocentrism is
3. Understand what tariffs are
4. Define economic infrastructure
5. Understand the five different types of global marketing product and promotion strategies
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6. Define Gross domestic product
Ch.8: Marketing Research
1. Definition of marketing research
2. The 5 steps of the marketing research process
3. Sampling in marketing research
Ch.9: Market segmentation and targeting
1. Definition of market segmentation
2. Market segment
3. Market-product Grid
4. The 5 steps of market segmentation and targeting
Ch.10: New product Development
1. Definition of a product
2. Classification of business products
3. Product line
4. Product mix
Ch.11: Managing Products and Brands
1. Definition of product life cycle (PLC)
2. The four stages of the PLC
3. Marketing objectives at different stages of the PLC
Ch.13: Pricing Foundation (Calculations!)
1. The Profit equation
2. Calculation of price
3. Calculation of profit
4. Calculation of quantity sold
5. Calculation of total variable cost
6. Calculation of total fixed cost
Ch.4: Arriving at Final Price
1. Demand-oriented approaches to selecting an approximate price level
Ch. 15: Marketing Channels
1. Marketing Channels
2. Functions of Intermediaries
3. Vertical Marketing Systems
4. Marketing Logistics
5. Customer Values (Utilities)
Ch. 16: Retailing and Wholesaling
1. Classification of Retailers
2. Retailing Mix
3. Types of Wholesalers
Ch. 18: Marketing Communications
1. Promotional Mix
2. Push and Pull Strategy
3. Methods of Setting Advertising Budget
4. Promotion Objective over Product Life Cycle
Ch. 19: Advertising, Sales Promotion, and PR
1. Tools for Advertisements
2. Tools for Sales Promotion
3. Tools for Public Relations
Ch. 20: Social Media and Mobile Marketing
1. Classifying Social Media
2. Measuring Social Media Performance
3. Customer Engagement
4. Mobile Marketing
5. Future of Social Media
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