Exam 1 Review

With Matilda
When will the exam be?
• The exam is open from Monday-Friday
• You will be taking the exam at either the FSU testing center, or
another proctored site
• Make sure you have designated the alternative site with FSU so that they can
send over the exam information
• If you have not signed up for an appointment with the testing center do so
asap
Exam Overview
• The exam will be 40 questions
• All of them will be multiple choice
• Mostly evenly distributed over the 4 sections we have covered so far
• The questions will be concept based, and mostly example style questions
• You will have 60 minutes to complete the exam
Agenda for Review
• General overview of the material so far (not fully extensive)
• 10 Practice questions
• If you have questions on the materials
• Please reach out to your assigned TA (assignments and contact info in
syllabus)
• If you are having trouble with making your testing appointment or have
technical questions you can reach out to me: cvevera@fsu.edu
What is marketing?
• “The aim of marketing is to know and understand customers so well
the product or service fits them and sells itself”
• Peter Drucker
• Marketing is about:
• Products and customers
• Answers the question of why you buy a product
• Great marketers:
• Develop products that people want or need
• Price them at a level that maximizes profits
• Distribute them wherever consumers are
Why is marketing misunderstood?
• The iceberg metaphor
• Promotion is what most people see
• Underneath: marketing is complex, strategic, multi-faceted, quantitative
• Why is promotion so prominent?
• Time/reality
• The market will react and competitors will be introduced
• Dominant firm has to convince consumers their product is the best (differentiation)
• It’s powerful and works really well
• Consumers don’t buy unfamiliar products
• McDonalds vs unknown restaurant on a road trip
• Consumers rate branded products higher than generic (even if they are exactly the same)
History of Marketing
• Simple Trade Era (Pre-1860s)
• Products made, grown, traded in small quantities
• Production Era (1860-1920)
• “You can buy any color Model T” – a sellers market
• Sales Era (1920-1940)
• Sell what we make, aggressive promotion
• The Marketing Era (1940-1990)
• Consumers become the central focus of the firm – make what we sell
• Relationship Marketing Era (1990-2010)
• Focus on long term relationships with consumers – loyalty
• Societal Marketing Era (2010-Now)
• Focus on effects on society
Marketing Orientations (definitions)
• Customer Centric Marketing: collaborative relationships based
on customers’ individual needs and concerns
• Relationship Marketing: long term mutually satisfying, buyer
seller relationships.
• Customer Relationship Management: using information about
customers to develop and sustain desirable customer
relationships.
• Green Marketing: meaningful long-term relationships while
maintaining, supporting, and enhancing the natural environment
4 P’s of Marketing

•Promotion
•Place
•Price
•Product
Marketing Strategies
• Matching opportunities and competencies
• Creates competitive advantages
• Creating:
• Value – deals etc
• Relationships – think Disney
• Segmenting Markets
• Ex: different soft drinks for different people
The Real Brand World
SWOT Analysis
• Strengths
• Weaknesses
• Opportunities
• Threats
Origins of Market Strategy (Internal)
Origins of Market Strategy (External)
Types of competitors
Competitive Structures
• Monopolistic – when firms in competitive industries
attempt to differentiate a product.
• A “normal” market
• Pure Competition – exists when there are a large number of
sellers with similar products and low barriers to entry.
• Farmer’s Market? Ebay?
“CSR”
• Corporate Social Responsibility
• Is an organization’s obligation to maximize its
positive impact and minimize its negative impact on
society
• Can generate positive publicity
• Attracts potential customers and employees
• Generates indirect long-term benefits such as greater employee commitment and
improved business performance
• Promotes goodwill
The triple bottom line
• The triple bottom line is a business concept that
holds firms should commit to measuring their social
and environmental impact—in addition to their
financial performance—rather than solely focusing
on generating profit, or the standard “bottom line.”
• It can be broken down into “Three Ps”:
• Profit,
• People,
• the Planet.
Pyramid of CSR
Practice Questions J
Practice Question 1
Practice Question 2
Practice Question 3
Practice Question 4
Practice Question 5
Practice Question 6
Practice Question 7
Practice Question 8
Practice Question 9
Practice Question 10
Good Luck Everyone!