The following study guide is meant to help you prepare for the final exam. This material is for your practice and review only. You will not be asked to turn in your responses to the questions and activities below. As you work through these study guides, take note of your confidence level with the material. Ask yourself if you feel comfortable with your grasp of these topics, and take the suggestions for resources to re-watch or re-read seriously before proceeding to the final exam.
4a.1. Conducting marketing activities – the act of providing customers with a product or service they want and need and making them aware of those goods and services – can provide the entrepreneur with a wide range of tools with which to develop, launch, and grow a business.
A. The elements of the marketing mix are product, price, place, and promotion.
B. Some important examples of demographic information which help entrepreneurs define a consumer segment are age, income, education, culture, religion, gender, marital status, and occupation.
4a.2. Gathering as much information as possible about the market, the competition, and the enterprise’s potential customers provides a competitive advantage.
A. Differentiate between primary research and secondary research.
B. Identify at least four sources each of primary research and secondary research.
4a.2. Learning about the external environment can enable more effective strategy.
A. Define psychographics and explain how this information helps a company to refine their knowledge of their target market.
B. A company’s competitors may be enterprises within the same industry or businesses which provide a similar or substitute product and service.
Ask yourself whether any of the above concepts are still unclear to you. Be sure you are confident about these areas, as they will appear on the final exam in several questions. You can review these course resources to refresh your memory:
4b.1. The marketing plan is an essential tool for defining a company’s mission, identifying potential customers, describing the benefits the company will provide to those customers, and outlining the activities the company will conduct to communicate with customers.
A. Describe the various kinds of analyses within the marketing plan: SWOT, 5C analysis, and Porter’s Analysis.
B. Define the value proposition and discuss the ways a company incorporates this into their marketing efforts.
C. Explain how companies identify and define their target markets.
D. Define integrated marketing communications strategy.
4b.2. Explore the strategies that companies utilize to address the competition.
A. Define total customer management as a focus on customers and a corporate philosophy that focuses on a service orientation.
B. Identify the pricing strategies companies consider for their products and services; penetration pricing, cost-plus pricing, skim pricing, and psychological pricing.
Are you completely familiar with the elements of a marketing plan? What about the ways in which companies price their goods and services and the impact the competition has on those decisions? In case you need to review these concepts before taking the final exam, review these valuable course resources:
This vocabulary list includes terms that might help you answer some of the review items above and some terms you should be familiar with to be successful in completing the final exam for the course.