Exam 1 Study Guide
EXAM 1 STUDY GUIDE
The exam will consist of about 40 or 50 multiple choice questions.
The exam material is Chapters 1-4; chapter 5 has been moved to the next exam
1. Know the roles and responsibilities of a CMO and how they differ from those of a traditional marketing manager
a. CMO – Chief marketing officer – Implement and manage marketing budget, reduce costs, prepare the overall marketing strategy, increase revenue, facilitate growth, sales and marketing strategies.
2. Know the components of a business definition
a. A definition of the company from the customer or market perspective
3. Know the components of a business mission
a. A businesses mission stems from three key factors. The company’s values, core purpose and visionary goals. The mission communicates the firm’s ideology and future visions.
4. Know the types and characteristics of business goals/objectives
a. Strategic Goals - Set at the top of an organization and are directly supported in the mission statement.
b. Tactical Goals – Directly related to the strategic goals of the organization. Levels of achievement necessary in the departments.
c. Operational Goals – Determined at the lowest level of the firm and apply to individual employees or subdivisions in the company.
5. Organizational growth opportunities – what the concept means and what are its components
a. Environmental opportunities – what they are and how they differ from organizational growth opportunities:
i. Unmet or changing customer needs ii. Unsatisfied buyer groups iii. New means or technology for delivering value to prospective buyers
b. Distinctive competencies – their characteristics and importance
i. An organization’s unique strengths or qualities (skills, technology, resources) that make it different than other organizations
c. Industry success requirements – what they are
i. Basic tasks a company needs to perform in order to