MKTG 327 - Marketing Principles
Review, Exam #1, Chapters 1, 3, 4, 7, 8, 9
Terms to Know

Chapter 1
Marketing
Target market
Marketing mix
Product
Exchange
Marketing concept
Marketing orientation
Relationship marketing
Customer relationship management
Value
Marketing Management

Chapter 3
Environmental scanning
Environmental analysis
Brand competitors
Product competitors
Generic competitors
Total budget competitors
Buying power
Income
Disposable income
Discretionary income
Wealth
Federal Trade Commission
National Advertising Review Board
Consumerism

Chapter 4
Social responsibility
Stakeholders
Cause-related marketing
Strategic philanthropy
Green marketing

Chapter 7
Marketing research
Hypothesis
Exploratory research
Descriptive research
Causal research
Reliability
Validity
Primary data
Secondary data
Population
Sample
Probability sampling
Random sampling
Nonprobability sampling
Mail survey
Telephone survey
Personal interview survey
Focus-group interview
Experiment
Marketing information system
Single source data
Marketing decision support system

Chapter 8
Consumer market
Business market
Undifferentiated targeting strategy (mass marketing)
Homogenous market
Heterogenous market
Market segmentation market segment
Concentrated targeting strategy
Differentiated targeting strategy
Segmentation variables
Benefit segmentation
Market potential
Company sales potential
Breakdown approach
Buildup approach
Sales forecast techniques (executive judgment, customer survey, sales force survey, etc.)
Market test

Chapter 9
Level of involvement
Routinized response behavior
Limited problem solving
Extended problem solving
Internal search
External search
Consideration set
Evaluative criteria
Cognitive dissonance
Perception
Selective exposure
Selective distortion
Selective retention
Motive
Maslow’s hierarchy of needs
Learning
Attitude
Personality
Self-concept
Reference group
Opinion leader
Social class
Culture
Subculture

Samples of Short-Answer Questions

1. Define what is meant by the term "marketing concept," and discuss the implementation of this concept in an organization.

2. A typical marketing exchange contains both benefits and costs of acquisition. What are the benefits and costs of acquisition in purchasing a lawn mower? BE COMPLETE!

3. Explain the difference between macromarketing and micromarketing.

4. Describe four different types of utility and provide an example of each.

5. What are the steps of the marketing research process? (in order) As discussed in class, which stage is the most important, and why?

6. What are the four things which must be present in order to create a market?

7. List and explain the four characteristics that a market segment must possess in order to be viable.

8. There are several different bases for segmentation. One of these bases is “demographic segmentation.” List and briefly describe two other bases of segmentation.

9. What are the four Ps of marketing? What other two-word phrase is used to describe the four Ps?

10. According to Porter's model of the competitive environment, explain the effect of each of the following on overall industry profitability:
    a. rivalry among existing firms
    b. bargaining power of suppliers
    c. bargaining power of buyers
    d. threat of substitute products or services
    e. threat of new entrants

11. What are the three components that must be present in any well-written marketing objective? Provide an example of a well-written marketing objective.

12. What are the two components necessary for a company to possess a competitive advantage?

13. Write an example of a semantic differential scale to measure someone’s attitude towards this class.

14. List two advantages and two disadvantages of a mail survey, and two advantages and two disadvantages of a telephone survey.

15. List and briefly describe the three types of competitive advantages.

16. There are eight possible sources of a company having a cost competitive advantage. List four of these advantages.

17. In the context of marketing strategy, explain the concepts of underbenefitting and overbenefitting?

18. Define and provide a marketing example of the following:
    a. Positive reinforcement
    b. Negative reinforcement

19. What is the relationship between schedules of reinforcement (regular and irregular) and learning (rate and resistance to extinction)?