Marketing Concepts Review - Chapters 2 & 6

Exam Review 3 - Chapters 2 & 6 Key Concepts

• International Marketing: Seek local help is crucial.

• Ethics, Morals, and Laws: Not defined in this document.

• Marketing: Creating value through the 4Ps (Product, Price, Promotion, Place).

• STP: Segmentation, targeting, and positioning.

• Value: Benefit minus cost.

• Satisfaction: Expectations minus perceived performance.

• 4Ps: Product, price, promotion, and place.

• Segmentation: Demographic and psychographic examples needed.

• Consumer Persona Components: Title, demographics, pictures, and descriptions.

• Product Definition: Anything.

• Brand Definition: A promise.

• PLC Phases: Introduction, growth, maturity, and decline.

• Fixed vs. Variable Costs: Examples of fixed and variable costs are needed. Fixed costs remain the same; variable change. For example, rent is fixed, while noodles are variable.

• Price/Quality Heuristic: High price often correlates with high quality.

• Internal vs. External Reference Price: Internal reference is the fixed price you have in your head; external examples include buy-one-get-one-free promotions.

• Intensive, Selective, and Exclusive Distribution:

  • Intensive: Paired with self-service, distributed widely.
  • Selective: Shop by brand, like car dealerships
  • Exclusive: Shop by brand, like going to car dealerships to buy a car (protected areas)

• Integrated Marketing Communications: Advertising, sales promotions, public relations, personal selling, and direct marketing.

• Market Segmentation: Based on demographic, psychographic, and geographic factors.

• Brand: A promise.

This quiz reviews key concepts from Chapters 2 and 6 of International Marketing, focusing on essential elements like the 4Ps, STP, and consumer satisfaction. Test your understanding of topics such as ethics in marketing, brand definitions, and pricing strategies. Perfect for students preparing for an exam in marketing fundamentals.