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Marketing 301 – Review for Exam 1

This is not meant to be a comprehensive review – you are responsible for all material covered
in class as well as in the assigned readings. That being said, I base much of my exams off of the
in-class material we discuss.

Class 1 & Create/Capture Value (Ch. 1):

- Modern-day marketing – its current definition, pivotal features of this definition, and
how the definition differs from marketing in the 1960s
- The three laws of marketing and be able to give examples that fit each law
- Customer perceived value
- The marketing process (USPEC)
- Needs vs. wants vs. demands
o Maslow’s hierarchy, the ordering of the basic needs, and why marketers care
about Maslow’s hierarchy
- Market offerings
- Marketing myopia
- Market exchange
- Target market
- Value proposition
- Customer satisfaction, customer delight
- Customer lifetime value, customer equity

Strategic Market Planning (Ch. 2):

- Mission statement, objectives/goals
- Social business
- Business model
- Value delivery network
- Market segmentation, market segment, market targeting, positioning, differentiation
- Marketing mix and a general understanding of what falls under each category
- Product/market expansion grid, what falls into each quadrant, and when to use each
- Marketing control
o Operating control
▪ Marketing ROI and difficulties with measurement, Key Performance
Indicators (KPI), Customer-centric metrics
o Strategic control
▪ Growth-share matrix, SWOT analysis

Marketing Environment (Ch. 3):

- Marketing environment
- Macroenvironment – what falls under each factor, why it’s important to know about
that factor, and why it’s important to know how it might change in the future
- Microenvironment – what falls under each factor and how they can affect a business
- Publics
 2

o General, local, internal, financial, media, government, citizen-action

- Value chain
- Reactive vs. proactive firms

Marketing Research (Ch. 4):

- Marketing information system (e.g., its components and how they interact)
- Internal database
- Competitive marketing intelligence
- Marketing research – what it is and its purpose
- The two questions for assessing management’s needs
- Need and feasibility in relation to collecting data for marketing research
- A pitfall of big data
- Why working together for managers and researchers is important (e.g., specialization
based on the type of information they have expertise with)
- Steps in designing research and what each step is about: research question, research
approach, sampling plan, implementation
- Types of research and when to use each: exploratory, descriptive, causal
- Primary vs. secondary data and possible sources of these data
- Research approaches and what they are about
o Observational research: ethnography, tracking (online and offline), marketing
analytics
▪ Types of tracking research: behavioral targeting, online listening, scanner
data
o Survey research: questionnaires (and the advantages of using them)
o Focus groups
o Experimental research: A/B testing
- Sampling plan: population, sample, sampling unit, sample size, sampling procedure (e.g.,
simple random)