MKT - Exam 1 Study Guide

MKT - Exam 1 Study Guide - M3305 Study Guide for Exam 1...

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M3305 Study Guide for Exam 1 Class, the exam will consist of 60 multiple choice questions based on: - Text and slides for chapter 3-9 (terms, concepts, categories, and frameworks) - Appendix B (selected formulas) The exam will be closed notes/closed book and you will need to bring a pencil. The level of difficulty will require you to understand and remember: important definitions, concepts from class thus far, as well as distinguish them from each other. So, if I list a term below – like the “The six forces in the marketing environment” – what I want you to know is: what they are, defining each of them, and being able to recognize examples of them in a business context … not knowing every sub-term (like the precise definition of “willingness to spend” under Economic Forces). As you are studying hard, remember that – just like our examples of Home Depot, Dell , and Northwest Airlines from Monday’s articles who shot for short term goals – the true goal is not scoring your desired grade (although that may be one outcome) but rather that the time and effort you spend helps you achieve in part the first 3 course objectives: - Learning the “language of marketing” - Understand marketing’s philosophies, logic, and major decision areas. - Learn financial metrics to analyze and justify marketing decisions. Note: not all of the topics below will be on the exam, but you can be confident that topics outside what you find below will not appear. Ch. 3/Slides: The Marketing Environment The six forces in the marketing environment Competitive – All firms must compete. When marketing managers define a target market, they simultaneously establish a set of competitors. EX. Coca-cola Classic, Pepsi-cola, Diet Coke, etc. Economic – Overall state of the economy fluctuates in all countries. Changes in economic conditions affect supply and demand, buying power, willingness to spend, consumer expenditure levels, and intensity of competitive behavior. Therefore, current economic conditions and changes could have a broad impact on the success of organizations’ marketing strategies. Political – Marketing org. strive to maintain good relations with elected and appointed officials for a few reasons: officials well disposed toward a particular firm is less likely to create/enforce laws unfavorable to those companies. Also, gov. are big buyers and political officials can influence how much a gov. agency purchases and from whom. Finally, political officials can play key roles in helping organizations secure foreign markets. Org. help elect political officials who regard them positively by campaign contributions. They will organize PACs so the company, which can’t donate to candidates, goes through individuals in the co. EX. The WHO suggested a relationship between food advertising and child obesity. This prompted the US ad industry to mount lobbing efforts to influence the regulation of food ad. Legal/Regulatory
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This note was uploaded on 04/30/2008 for the course MKT 3305 taught by Professor Blocker during the Fall '07 term at Baylor.

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MKT - Exam 1 Study Guide - M3305 Study Guide for Exam 1...

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