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Marketing Exam I Study Guide (September 25, 2014)

1. Chapter 1
a. Objective 1
i. Understanding who marketers are, where they work,
and marketings role in a firm.
b. Objective 2
i. What is marketing? Who does it affect?
1. Marketing is the activity of creating,
communicating delivering and exchanging
offerings that have value for customers,
CUSTOMERS NEEDS. Getting the customer to
buy the good and or service through effective
marketing. Buyer and seller relationship. What
are benefits, needs, wants?
2. Value seekers cause shifts in brands
3. Brand Awareness is main goal of marketers
4. Customers are the most valuable asset
c. Objective 3
i. Explain the evolution of the marketing concept
1. Advertisements have evolved throughout the
2. Commitment to quality and value
3. Concern for both economic and social profit
4. Return on Investment (ROI) majorly important
5. Identifying the needs, wants and demands
a. Need to eat
b. Want specific type of food
c. Demand is a desire for something more
d. Objective 4
i. Understanding the range of goods and services that
organize the market.
1. Anything can be marketed from goods and
services to ideas and mindsets (tangible vs.
2. Anything that can be marketed is a product
3. Non-for-Profit (Market ideas) Ex: Wounded
Warrior Project, Got Milk? Methodist Church
e. Objective 5
i. Understand value from the perspective of customers,
producers and society
1. Value is in the eyes of the customer

2. The value encompasses the entire package

(product, what it promises to deliver, and the
benefits of the product)
3. Value Proposition
a. Benefits (Why/What is offered)
b. Price (Cost)
c. Target (Whom)
4. For Consumers- Peace of mind (firsthand
5. For Corporation- Strong Brand/Customer
Loyalty & Satisfaction
6. For Society- Better shopping experience
7. STP (Strategy, Targeting, Proposition)
8. Niche Market (Dividing market into smaller
f. Objective 6
i. Explain the basics of marketing planning and the
marketing mix tools managers use in the marketing
1. Assessment of factors that could help or hinder
marketing development.
2. Marketing Mix
a. Product
b. Price
c. Place
d. Promotion
a. Objective 1
i. Explain business planning and its three levels
1. Making decisions about how to best allocate
2. Developing growth strategies
3. Business planning is key
b. Objective 2
i. Describe the steps in strategic planning
1. Marketing planning evaluation of internal and
external environments
2. SWOT Analysis
a. Strengths
b. Weaknesses
c. Opportunities
d. Threats
3. BCG Growth Matrix
a. Stars

b. Cash Cows
c. Dogs
d. Question Marks
c. Objective 3
i. Describe the steps in marketing planning.