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FIU - MKT 3023 - MAR 3023, Study Guide for Midterm - Study Guide

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Schools > Florida International University > Marketing > MKT 3023 > FIU - MKT 3023 - MAR 3023, Study Guide for Midterm - Study Guide

FIU - MKT 3023 - MAR 3023, Study Guide for Midterm - Study Guide

School: Florida International University
Department: Marketing
Course: Introduction to Marketing
Professor: Ron Rody
Term: Fall 2016
Tags: Marketing
Name: MAR 3023, Study Guide for Midterm
Description: This study guide covers all the previous materials that are necessary to revise for the Midterm Exam. It covers CH 1,2,5 and 11-16
Uploaded: 10/13/2017
0 5 3 52 Reviews
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background image Study Guide for EXAM 1 – Marketing 1. Marketing Plan CH 1 P 5  Product specific, market specific, or company­wide plan that describes activities involved in 
achieving specific marketing objectives within a set timeframe. A market plan begins with the 
identification (through market research) of specific customer needs and how the firm intends to 
fulfill them while generating an acceptable level of return. It generally includes analysis of the 
current market situation (opportunities and trends) and detailed action programs, budgets, sales 
forecasts, strategies, and projected (proforma) financial statements.
2. What are the 4 P’s of Marketing? P 7­ 11 Product ­ create value – develop a variety of goods/services that customers need Price – capturing value ­ everything the buyer gives up Place – delivering value – get product to customers where they want it Promotion – communicating value – communication that informs, persuades, and 
reminds potential buyers about the product
1. What tool helps a marketer conduct a situation analysis? CH 2
SWOT analysis (strengths, weaknesses, opportunities, threats)
2. What are the five steps in creating a marketing plan? 27
Establish mission and objectives, situation analysis and SWOT, identify opportunities, 
implement marketing mix and evaluate performance using marketing metrics.
3. What type of strategy is growing the business from existing customers? 42
Product development and market penetration
4. What do the four quadrants of the portfolio analysis represent?
Stars, Cash Cows, Question Marks, Dogs
5. Which are macro strategies that can help a firm develop a sustainable competitive 
advantage?
Customer excellence and Operational excellence Product excellence and Locational excellence 6. What is STP?
Segmentation, Targeting, Positioning
7.What are the components of a marketing strategy? P 23
background image Identifies a firm’s target market Marketing mix (the four Ps) The bases upon which the firm plans to build a sustainable competitive advantage 8. Which strategy is the riskiest?
Diversification
9. What are the four growth strategies?
Market penetration, market development, product development, and diversification
1. What is the Marketing Environment? CH 5 P 84 The Marketing Environment includes the Internal factors (employees, customers, 
shareholders, retailers & distributors, etc.) and the External factors (political, legal, 
social, technological, economic) that surround the business and influence its marketing 
operations. The major external and uncontrollable factors that influence an organization's decision 
making, and affect its performance and strategies. These factors include the economic 
factors; demographics; legal, political, and social conditions; technological changes; and 
natural forces. 2. What is the Macroenvironment?
The major external and uncontrollable factors that influence an organization's decision making, 
and affect its performance and strategies. These factors include the economic factors; 
demographics; legal, political, and social conditions; technological changes; and natural forces. 1. What are the four types of consumer products? CH 11
Specialty, Convenience, Shopping, Unsought
2. Why change product mix depth? Address changing consumer preferences Preempt competitors while boosting sales and realign resources 3. What is the difference between a product mix’s breadth and a product line’s depth?
Breadth is the number of product lines and depth is the number of categories within a product 
line.
4. What is the difference between brand extension and line extension?
Brand extension uses the same brand name for a new product that gets introduced into new or the
same markets, a line extension is simply an increase of an existing product line by the brand.

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School: Florida International University
Department: Marketing
Course: Introduction to Marketing
Professor: Ron Rody
Term: Fall 2016
Tags: Marketing
Name: MAR 3023, Study Guide for Midterm
Description: This study guide covers all the previous materials that are necessary to revise for the Midterm Exam. It covers CH 1,2,5 and 11-16
Uploaded: 10/13/2017
6 Pages 57 Views 45 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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