Exam Review 3 - Chapters 2 & 6

**Exam Review 3** **Exam 3 Chapters 2 & 6 Plus Key concepts** **Directions:** These questions should help you prepare for the exam and the final heavily weighted Kahoot. So, you should not only answer the questions but study them! Please keep in mind that you should use your notes and not Google t...

**Exam Review 3** **Exam 3 Chapters 2 & 6 Plus Key concepts** **Directions:** These questions should help you prepare for the exam and the final heavily weighted Kahoot. So, you should not only answer the questions but study them! Please keep in mind that you should use your notes and not Google to find answers. New material: 1. What is the most important thing to remember about international marketing? -- Seek Local Help, 2. What is the difference between ethics, morals, and laws? Review: 1. What is marketing? Creating values through the 4ps 2. What is STP? segmenting, targeting, and positioning 3. What is value? benefit -- cost = value 4. What is satisfaction? Expectations -- perceived performance 5. What are the 4Ps? Product price promotion 6. Define and give an example of demographic and psychographic segmentation. 7. What are the four components of a consumer persona? Title, demographics, pictures, description 8. What is a product? anything 9. What is a brand? promise 10. What are the 4 phases of the PLC? Introduction, growth, maturity, decline 11. Give examples of Fixed Costs and Variable Costs. Fixed cost is the same. ex-rent Variable -- changes Ex- noodles 12. Explain the price/quality heuristic. High price high quality 13. What is the difference between internal and external reference price? External -- buy one get one free. Internal -- fixed price you have in your head. 14. Give an example of a product that should be distributed intensively? Selectively? Exclusively? Intensively -- paired with self-service, intensely distributed. Exclusive- shop by brand, like going to car dealership to buy car, protected areas 15. What are the 5 forms of integrated marketing communications? Advertising, Sales promotion, public relations, personal selling, Direct Marketing You can segment market based on demographic, psychographics, geographic. Brand is a promise