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)
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
knowing every sub-term (like the precise definition of “willingness to spend” under Economic
As you are studying hard, remember
that – just like our examples of
Home Depot, Dell
Monday’s articles who shot for
short term goals
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
– 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.
– 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.
– 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.