Marketing 344 Mid-Term Preparation: Key Terms to Know & Apply
Chapter 1
Define strategic planning and its function (pg. 15-16)
How has the increased availability of information affected power in the supply chain? (pg. 3)
What happens in mature markets to competition and perceived differentiation? Define commoditization (pg. 2)
What is media fragmentation? What advantages and disadvantages has it provided advertisers? (pg. 4)
Define “product” and its scope in today’s marketplace (pgs. 10-11)
Define Product Positioning & Branding (pg. 19)
Understand the evolution of Marketing from planning the Marketing mix to value creation for customers (pg. 7-8)
Chapter 2 & 3
What is a mission statement? How does it differ from a vision statement and why is it important to marketing strategy? (pgs. 30-34)
How has the marketing concept evolved in the twenty-first century? (pg. 46-47)
What is the Purchase Funnel and why is it important for Marketers to understand and apply? (Purchase Funnel worksheet)
Sarbanes-Oxley Act of 2002
What are the major trends in U.S. sociocultural environment (pg. 77)
Chapter 5
Data mining process and insight (pg. 120)
Define the Consumer buying process (Exhibit 5.1) pg. 122
What is Market segmentation and why do Marketers use it? (pgs. 133-138)
How are segments analyzed for possible selection as target market(s)? What is lifetime value of a customer (LTV)? (Refer to Segmentation worksheet)
Identify the different data types used in segmentation- Demographic (age, income, etc.), Behavior (purchase, usage), Psychographic (needs, preferences, lifestyle, attitudes) pgs. 139-144. Behavioral segmentation is usually most predictive.
Population diversity growth Define Mass Marketing, Differentiated Marketing and Niche marketing; identify benefits and challenges (pg. 134-136)
Define and apply mass-customization Lecture & PP on segmentation (week 3 folder)
Chapter 4
SWOT Matrix process, goals and applications (Exhibit 4.5) Pg. 96-98
