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Study-Guide-for-exam-1...not test

Study-Guide-for-exam-1...not test - Study Guide The exam...

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Study Guide: The exam will have 50 multiple choice and true or false questions. There will be no short answer or essay answer questions. The majority will be multiple choice questions. You will need to know the concepts discussed in class, with examples. The questions will be application oriented. This means that there will be a scenario and you will have to answer according to the particular scenario. That is why you need to know the concepts but do not need to memorize the definitions. Know all the concepts with examples: Chapter 1: 1. What is an exchange? Know the conditions of exchange. Also, under what conditions exchange may not take place. 2. What is marketing, know with examples. 3. What are the 4 marketing management philosophies: production, sales, market and societal orientations. Know these with examples. 4. What is the marketing concept? What it focuses on? 5. How can you have marketing and societal orientations? 6. Know the differences between sales and marketing orientations. 7. What is customer value? How do you generate value? 8. How do you maintain customer satisfaction? 9. What is relationship marketing? How do you build it? 10. Difference between benefits and goods/services way of defining a firm’s business. Chapter 2: 1. What is strategic planning? Know with examples. Why is strategic planning important? 2. What is a marketing plan? What is its purpose? What are the elements of a marketing plan?
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