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Principles of Marketing 3321 - Final Exam Study Guide

by: Faris Hijjazi

Principles of Marketing 3321 - Final Exam Study Guide MARK 3321

Marketplace > University of Texas at Arlington > Marketing > MARK 3321 > Principles of Marketing 3321 Final Exam Study Guide
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About this Document

This document is a study guide for the marketing final exam on May 12, 2016. I highly recommend you use this document along with notes posted on Blackboard, even reading the book helps.
Principles of Marketing
Elten D Briggs
Study Guide
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This 12 page Study Guide was uploaded by Faris Hijjazi on Friday April 29, 2016. The Study Guide belongs to MARK 3321 at University of Texas at Arlington taught by Elten D Briggs in Summer 2015. Since its upload, it has received 74 views. For similar materials see Principles of Marketing in Marketing at University of Texas at Arlington.


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Date Created: 04/29/16
Principles of Marketing – Final Exam Study Guide Chapter 1: An Overview of Marketing  Define marketing. There are several definitions for marketing that you  should be able to define (for the different years they were established).  ­ Creating value  ­ Communicating value  ­ Deliver value  Define and understand exchange. Be familiar with the necessary conditions  for exchange.  ­ At least two parties  ­ Something of exchange ­ Communication and delivery  ­ Freedom to accept or reject ­ Desire to deal with another party   Marketing management philosophies. Be familiar with and understand the  four marketing management philosophies ­ Production  ­ Sales ­ Market  ­ Societal   Define and understand the marketing concept. The marketing concept  includes:  ­ Focusing on customer wants and needs to distinguish products from  competitors’ offerings. ­ Integrating all the organization’s activities to satisfy these wants. ­ Achieving the organization’s long­term goals by satisfying customer  wants and needs legally and responsibly.  Be able to differentiate between sales orientation and market orientation.  Refer to the slides posted on Blackboard and read from the textbook if  possible.   Know what an outward looking firm considers:  ­ Customer value  ­ Customer satisfaction  ­ Relationship marketing   Define and understand customer relationship management (CRM)  Know some of the reasons why people may study marketing.  Chapter 2: Strategic Planning for Competitive Advantage  Define and understand strategic planning. Refer to the notes posted on  Blackboard and read from the book.   Understand Ansoff’s strategic opportunity mix. Refer to Exhibit 2.1 in the  notes posted on Blackboard.   Define and understand strategic business units (SBU). Be familiar with some of the characteristics an SBU may have.   Understand the Boston Consulting Group Matrix (BCG). Refer to the notes  posted on blackboard to understand further.   Define and understand the marketing plan.   Be familiar with the elements of the marketing plan. Refer to Exhibit 2.5 in  the notes to get a better understanding.   Define the business mission. Understand the following concepts:  ­ Mission statement  ­ Marketing myopia   Understand the situational/SWOT analysis. S  Strengths  W  Weaknesses  O  Opportunities  T  Threats  Strengths and Weaknesses are internal  Opportunities and Threats are external  Refer to the notes to look at some of the factors associated with each.   Define and understand environmental scanning.  Define and understand competitive advantage. Be familiar with the different  types of competitive advantages.  ­ Cost  ­ Product/service differentiation ­ Niche strategies   Understand the different sources of cost reduction.  ­ Expensive curves  ­ Product design  ­ Efficient labor  ­ Reengineering   ­ No­frills product ­ Product innovations ­ Government subsidies ­ New service delivery methods   Define and understand sustainable competitive advantage.   Define and understand marketing objective. Know some of the factors that  make an objective useful:  ­ Realistic  ­ Measureable ­ Time specific  ­ Compared to a benchmark   Define and understand marketing strategy.   Describing the target market. Know the three strategies for selecting target  markets.  ­ Entire market ­ Multiple segments ­ One segment   Be familiar with the marketing mix and it’s elements. ­ Product ­ Place  ­ Promotion  ­ Price   Understand the parts of following up on the marketing plan: ­ Implementation ­ Evaluation and control  Chapter 8: Segmenting and Targeting Markets  Define and understand the following terms: ­ Market ­ Market segment  ­ Market segmentation  Be familiar with and understand the different criteria for successful  segmentation:  ­ Substantiality  ­ Identifiability and measurability  ­ Accessibility  ­ Responsiveness   Define, understand and be familiar with the different types of segmentation  bases used. Also be familiar with the variables associated with each. ­ Geographic segmentation  Region of the country or world  Market size   Market density  Climate  ­ Demographic segmentation  Age   Gender   Income  Ethnic   Family life cycle ­ Psychographic segmentation  Personality   Motives   Lifestyles   Geodemographics ­ Benefit segmentation ­ Usage rate segmentation. Define and understand.   80/20 principle   Be familiar with the steps in segmenting markets. Refer to notes to view  the steps.   Understand the undifferentiated targeting strategy. Be familiar with the  advantages and disadvantages associated with this strategy.   Understand the concentrated targeting strategy. Know the advantages and  disadvantages associated with this strategy.  Understand the multi­segment targeting strategy. Know the advantages and  disadvantages associated with this strategy.   Define and understand the following terms: ­ Positioning  ­ Position  ­ Repositioning   Be familiar with the different positioning bases: ­ Attribute  ­ Emotion ­ Use or application ­ Product user ­ Product class ­ Competitor  ­ Price and quantity Chapter 10: Product Concepts  Define and understand product.   Be familiar with the different types of consumer products. ­ Consumer products  Convenience products   Shopping products  ­ Business products  Specialty products   Unsought products   Define and understand the following terms: ­ Product item  ­ Product line  ­ Product mix  Refer to Exhibit 10.1 in the notes to look at Campbell’s product lines  and product mix.   Define and understand product modification. Be familiar with the three  different types of product modifications: ­ Quality modification ­ Functional modification ­ Style modification   Define and understand brand. Also, be able to understand and define the  following terms associated with brand: ­ Brand name  ­ Brand mark ­ Brand equity ­ Global brand  Be familiar with and understand the following branding strategies: ­ Manufacturer’s brand ­ Private brand ­ Captive   Be familiar with the different advantages of a manufacturer’s brand (from  the reseller’s perspective.) Refer to notes on Blackboard to view these  advantages.   Be familiar with and understand the different advantages of a private brand.  Refer to notes to view these advantages.  Define and understand: ­ Individual brand  ­ Family brand  Understand the concept of co­branding. Be familiar with the types of co­ branding: ­ Ingredient branding  ­ Cooperative branding  ­ Complementary branding   Be familiar with the functions of packaging: ­ Contain and protect ­ Promote ­ Facilitate storage, use and convenience  ­ Facilitate recycling   Understand labeling. Be familiar with the two types of labeling: ­ Persuasive labeling  ­ Informational labeling  Define and understand universal product codes (UPC)  Define and understand warranty. Be familiar with and understand the two  types of warranties: ­ Express warranty  ­ Implied warranty  Chapter 14: Marketing Channels  Define and understand marketing channel. (Channel of distribution)  Specialization and the division of labor. Understand and know some of the  effects.  ­ Creates greater efficiency ­ Provides lower production costs ­ Create time, place, form, and exchange utility   Understand the concept of contact efficiency. Refer to the notes to view  this concept.   Define and understand the following intermediaries: ­ Retailer  ­ Merchant wholesaler ­ Agents and brokers  Be familiar with and understand the different functions of channel  intermediaries. ­ Transactional functions  Contacting/promotion ­ Logistical functions  Transporting   Storing   Sorting  ­ Facilitating functions   Researching   Financing   Refer to Exhibit 14.2 in the notes to view the marketing channels for  consumer products.   Be familiar with the alternative channel arrangements: ­ Dual distribution (multiple distribution) ­ Reverse channel   Be familiar with the factors involved in making channel structure decisions: ­ Factors affecting channel choice:  Market factors   Product factors   Producer factors  ­ Level of distribution intensity   Intensive distribution   Selective distribution   Exclusive distribution   Know the different types of channel relationships. Understand these  relationships, and know the benefits and hazards. ­ Arm’s length relationship  ­ Cooperative relationship ­ Integrated relationship   Define and understand the concept of co­opetition.   Define and understand the following terms:  ­ Channel power  ­ Channel control ­ Channel leader (channel captain)   Define and understand the following: ­ Channel conflict  Horizontal conflict   Vertical conflict  ­ Opportunism  Passive opportunism   Active opportunism   Be familiar with the types of channel management: (retail) ­ Multichannel marketing ­ Omnichannel marketing Chapter 16: Marketing Communications   Define and understand promotion.  Define and understand promotion strategy. Be familiar with the elements of  promotion: ­ Advertising  ­ Public relations  ­ Sales promotion  ­ Personal selling  ­ Social media   Define and understand communication. Be familiar with the two types of  communication: ­ Interpersonal communication  ­ Mass communication   Be familiar with the communication process. Refer to notes to view the  communication process.   Refer to Exhibit 16.4 to read about characteristics for the different  elements of the promotional mix.   Understand and be familiar with the AIDA concept.  A  Attention I  Interest  D  Desire  A  Action Refer to Exhibit 16.5 to view the promotional mix and AIDA.   Define and understand integrated marketing communications.   Be familiar with the various factors affecting the promotional mix: ­ Nature of the product  ­ Stage in PLC (Product Life Cycle) ­ Target market factors  ­ Type of buying decision  ­ Available funds  ­ Push or pull strategy. Refer to Exhibit 16.7 in the notes to understand  more about the push/pull strategies.  Chapter 20: Pricing Concepts   Define and understand price.  Define and understand the following terms: ­ Revenue  ­ Profit   Be familiar with and understand the three types of pricing objectives.  ­ Profit oriented  ­ Sales oriented  ­ Status quo oriented   Define and understand the following terms: ­ Demand  ­ Supply  Refer to Exhibit 20.4 to view the Supply and Demand graph.   Define and understand: ­ Price equilibrium  ­ Elasticity of demand   Know the formula used to determine elasticity. ­ Elasticity (E) =  %Δ∈QuantityDemanded ¿Δ∈Price ­ Be familiar with the three types of elasticity:   Inelastic   Elastic   Unitary  Refer to the notes to understand the three types of elasticity and to  look at the effect of changing price.   Be familiar with the factors that affect the elasticity of demand:  ­ Availability of substitutes  ­ Price relative to purchasing power  ­ Product durability  ­ A product’s other uses ­ Rate of inflation   Define and understand yield management system.   Be familiar with the two types of costs  ­ Fixed costs ­ Variable costs  Refer to the graph in the notes to understand the break­even point.  Know how to calculate break­even quantities and revenue. Total ­ Break­even quantity =  ¿Costs ¿ ¿CostContribution ­ Fixed cost contribution = Price – Average Variable Costs  Define and understand the following terms: ­ Profit maximization ­ Marginal revenue ­ Marginal cost   Define and understand markup pricing.  Cost ­ Markup pricing =  1−Desiredreturnonsales  Be familiar with the other determinants of price.  ­ Stages of the Product Life Cycle ­ Competition ­ Distribution strategy ­ Promotion strategy  ­ Perceived quality  Chapters 18&19: Personal Selling and Social Media  Define and understand personal selling.  Refer to Exhibit 18.1 to look at the comparison between personal selling  and advertising/sales promotion. Be familiar with the differences.   Define and understand relationship selling (consultative).   Refer to the notes to examine the table showing time spent in key steps of  the selling process (sales cycle)   Be familiar with the different types of generating leads: ­ Advertising  ­ Webinars ­ Referrals  ­ Trade shows/conventions ­ Direct mail ­ Networking ­ Social media ­ Telemarketing ­ Cold calling   Define and understand the concept of need assessment.   How to handle objections:  ­ View objections as requests for information ­ Anticipate specific objections ­ Investigate the objection with the customer ­ Be aware of competitor’s products ­ Stay calm ­ Use the objection to close the sale  Be familiar with the aspects of closing the sale: ­ Look for customer signals ­ Keep an open mind ­ Negotiate  ­ Tailor each market  Understand and know the aspects of following up: ­ Delivery schedules are met ­ Goods or services perform as promised ­ Buyer’s employees are trained well to use the product  Define and understand social media.  Understand social media and integrated marketing systems: ­ Allows marketers to:  Have conversations with customers  Forge deeper relationships  Build brand loyalty ­ Allows consumers to:  Connect with each other  Share opinions   Collaborate on new ideas according to interests   Be familiar with the different categories of media: ­ Owned media ­ Earned media ­ Paid media  Understand the listening system a marketing team may use. Be familiar with the eight stages of effective listening. Refer to Exhibit 19.1 in the notes.  Know the different social media tools and platforms. ­ Social networks  ­ Blogs ­ Microblogs ­ Media sharing sites  Define and understand blog. Know and understand the two types of blogs: ­ Corporate blogs ­ Non­corporate blogs


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