Buad 307 Midterm Study Guide

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Prep Topics for Test 1
Marketing Fundamentals – Fall 2010

Marketing Overview / Customer Satisfaction / Marketing Environment 1.What is marketing?
2.How does marketing add value to an organization?
3.Distinguish between a “market-driven” and a “market-driving” approach. 4.What is value? What is a value proposition?
5.What is a market-oriented approach? What are its limitations? 6.Define utility, and be able to describe spatial utility, knowledge utility, value utility, temporal utility, and ownership utility. 7.Why is customer satisfaction important to marketers?

8.Describe effective ways for measuring customer satisfaction (we covered 8). 9.Identify and describe the four tactical elements of the marketing mix. 10.Distinguish among the elements within the marketing macro-environment and micro-environment.

Global Marketing
11.Describe why a firm might want to pursue international markets. 12.Describe options companies have for expanding overseas (indirect exporting, direct exporting, etc.) 13.Which potential pitfalls exist for companies selling into world markets? 14.Describe how the following terms relate to international trade: WTO, GATT, Dumping.

Marketing Planning
15.List and describe 7 steps within the marketing planning process. 16.What is an SBU? Which key strategic decision areas are critical to the success of an SBU? 17.Define and create a simple mission statement.

18.Distinguish among the four different SWOT attributes.
19.Identify characteristics of a strong objective and be able to write a sample marketing objective. 20.Distinguish among the qualitative and quantitative forecasting techniques covered in class.

Ethics
21.Distinguish among influence, manipulation and deception. Identify how redemptive knowledge and redemptive value relate to these terms.

Competitors and Collaborators
22.What is a competitor?
23.Distinguish between a market and an industry.
24.Describe the 5 competitive forces...
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