BUAD 307 Exam 1 Topics PDF

Test 1 – BUAD 307 Eligible Topics – Fall 2024 Week 1 Lecture Class – Introduction to Marketing Class learning objectives: Describe marketing impacts on business models and financial statements. Week 1 Discussion Class – Overview of Marketing Textbook l...

Test 1 – BUAD 307 Eligible Topics – Fall 2024 Week 1 Lecture Class – Introduction to Marketing Class learning objectives: Describe marketing impacts on business models and financial statements. Week 1 Discussion Class – Overview of Marketing Textbook learning objectives (chapter 1): Know the different aspects that marketing encompasses Understand the marketing concept and how it relates to the marketing management process Learn the elements of the marketing mix (emphasis on class version over book version) Class learning objectives: Distinguish between a “market-driven” and a “market-driving” approach. Identify how customer satisfaction is important to marketers. Distinguish among types of loyalty…heart, head, hand. Marketing metric: Net promoter score Week 2 Lecture Class – Marketing Research Textbook learning objectives (chapter 2): Understand why marketers need marketing research. Define marketing research and its importance. Describe why and how to conduct marketing research. Class learning objectives: Identify the 5 steps in the marketing research process. Describe the 4 primary quantitative and 4 primary qualitative data collection techniques. Summarize the differences between secondary data and primary data. Distinguish among the research purposes for which surveys, experiments and focus groups are best suited? Identify the relationship between experimental research and A/B testing. Terms: big data, syndicated data, panel data, data warehouses. Week 2 Discussion Class – The Marketing Environment Textbook learning objectives (chapter 15): Recognize the (potential) influence of the immediate environment on an organization Interpret the (potential) influence of the external environment on the organization Understand environmental scanning for an industry or a company Class learning objectives: Link PESTEL macro-environment elements to 5C framework. Relate technology advances to new capabilities for marketing. Compare and contrast the various international market entry strategies. Describe reasons firms are attracted to global markets. Distinguish Hofstede’s six important cultural dimensions from one another. Distinguish between the roles of the former WTO and current GATT. Week 3 Lecture and Discussion Classes - Segmentation and Target Marketing (covered over 2 days) Textbook learning objectives (chapters 3 and 4): Understand how to segment markets and why doing so is important. Learn how to successfully select a target market for a product or service. Create a buyer persona for a customer segment.  Define what positioning is and why it is important to marketers. Describe how positioning helps brands and products have greater success. Explain how to position products and discuss common positioning problems. Class learning objectives: Differentiate among the following consumer segmentation criteria: benefits sought, demographics, geography, psychographics, behavioral, profitability, and affiliation. Differentiate among business segmentation criteria: demographics, geography, application, and profitability. Articulate differences among undifferentiated, differentiated and concentrated targeting Create a positioning statement Distinguish between a product benefit and a product feature Identify the purpose of a positioning map and how it is used Identify important data needed to calculate customer lifetime value Terms: STP, repositioning Week 4 Lecture Class - The Buyer Behavior Process - Consumers Textbook learning objectives (chapter 5): Understand the overall buyer behavior process. Know how companies can use the buyer behavior process to help market to consumers. Recognize the variations that can occur in the buyer behavior process. Class learning objectives: Connect how a firm’s marketing effectiveness can improve with better understanding of “customer journeys.” Identify how a "Jobs to be Done" approach can help yield helpful insights about buyer behavior. Week 4 Discussion Class - The Buyer Behavior Process - Businesses Class learning objectives (there aren’t any additional textbook learning objectives): Describe the role of the “request for proposal” in the B2B buying process. Identify the roles within the buying center. In what ways are business markets different from consumer markets? Distinguish between derived demand and inelastic demand in B2B markets. Terms: Request for Proposal (RFP), value chain Week 5 Lecture Class - The Marketing Plan and Analytics Process Textbook learning objectives (chapter 16) Learn how the different elements of marketing fit together for a marketing plan Create a basic marketing plan for a product or service (later in the semester) Discuss why marketing analytics are important for tracking marketing success Define marketing analytics approaches and types of metrics to track. Class learning objectives: Summarize portfolio analysis (using the Boston Consulting Group matrix) and its use to evaluate market performance. Describe how firms grow their businesses (through 4 basic growth options) Identify the characteristics and benefits of using a SWOT summary. Understand different criteria for identifying a competitor. Explain common reasons marketing collaborations are sought. Identify characteristics of a strong objective. Differentiate between points-of-parity & points-of-difference in planning. Marketing metrics: market share, wallet share.