Study Guide for Principles of Marketing Test 1 - Chapters 1, 2, 3, 4, 6, & 8
This guide describes the most important terms and concepts that we have covered. It is
not a complete list of what will be on the test. Some items on this list will not be on the
test, and likewise there will be items on the test that are not on this guide
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Major things to know:
Know the difference between the Production, Selling, and Marketing
concepts/orientations/eras (discussion).
Know the elements of the marketing mix and be able to explain them and give a
recommendation or application for each element given a particular situation (discussion
or matching).
Know what the BCG model is including the four sections of it per dogs, cash cows etc.
(matching/multiple choice).
Know what to look at for in deciding an ethical issue and what to do to prevent
employees from being unethical – both as discussed in class and per list or explain or
discuss.
Know what the marketing environment is and the different specific
environments/forces/elements/factors such as competitive and technological (matching or
discussion).
For the competitive environment know both the types of competition (directness) and the
levels/forms of competition (industry structure per monopoly, oligopoly etc.).
Know the different influences on consumer behavior (matching).
Know the steps in the consumer purchase process – discussion or matching.
Know the five sub-decisions that are part of the overall purchase decision per brand,
product, time, etc. per list/explain.
Know the purchase decision variations/types/situations per routine, limited problem
solving/limited decision making/low involvement etc.) – discussion or matching
Know the methods of segmenting (segmentation variables) and be able to apply them to
an actual situation. For example, “How could you segment the clothing market or shoe
markets – what variables would you use and how.” Matching or discussion.
Know criteria that are used for determining whether segmentation makes sense, in other
words if it would be effective per the criteria for forming segments such as potential for
profit, similarity of needs etc. Discussion/list
Key Terms arranged in approximate order of coverage:
Marketing
Exchange
Market
Marketing, production, and selling orientations/concepts/eras
Market segmentation and segmenting
Target markets and targeting
Customer value and satisfaction
Strategic planning
Strategic Business Unit (SBU)
Market plan
Competitive advantage/moat
BCG model and GE models and BCG parts per cash cow, dog, star, and question mark
Marketing mix and elements per price, product, promotion, place, and price
Ethics and social responsibility
Marketing environment
Social, economic, competitive, technological, regulatory, and competitive
forces/environments
Direct, indirect, and general purchase power competition
Monopoly, oligopoly, monopolistic competition, and pure competition
Consumer behavior, problem recognition, information search, internal and external
sources of information, alternative evaluation, evaluative criteria, consideration set,
purchase decision and act including the five sub-decisions brand, product, quantity,
source, and timing, post-purchase evaluation and behavior, and cognitive dissonance.
Psychological influences, black box, needs/wants, motives, perception, attitudes,
personality, lifestyle, self concept/image
Social cultural influences, culture, sub-culture, social class, reference groups, opinion
leaders, family life cycle,
Routine, low involvement/limited problem solving (decision making), and high
involvement extended problem solving (decision making) purchase decisions.
Undifferentiated, differentiated, concentrated, and customization strategies for
segmenting and targeting.
Positioning
Discussion questions will be graded in accordance with the expectations and
instructions contained in the document “Student Guide to Answering and Grading
of Discussion Questions and Writing Assignments” and as well as those given on the
test.