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Review for Exam Three

Comment:  The exam will be identical in format and "flavor" to the first two exams.  However, this exam will be a bit longer because of material pulled from earlier in the semester.  That material is clearly and specifically identified for you at the end of this review.  If the material does not appear on the study guide, you will not be tested on it.

The exam will be comprised of the following:

Forty four multiple choice questions worth 1.5 points each (30 to 35 from material since exam two, about 10 to 15 from earlier material).  Total points from multiple choice: 66
Five or six short answer questions, all from material covered since exam two.  Total points from short answer: 34.

 

1.    Personal Selling and Sales Management

Personal Selling Basicspersonal selling definition and comments (dyadic, interactive, process oriented, problem solving)

Jobs and Tasks in Personal Selling

tasks (order getting, order taking, sales support)
jobs (trade selling, industrial selling, missionary selling, technical selling, retail selling)  Note:  Your Web Notes do not mention retail selling specifically, but I did in class.  Not discussing retail selling in the Web Notes was an oversight on my part.  Please know that retail selling a a type of selling job and that it entails selling to the final consumer.
 

Personal Selling Process

prospecting and qualifying (difference between a lead and a prospect)
preparation

approach (including preapproach, know what they are, importance)
sales presentation (per Web Notes: canned versus adaptive selling)
objections and trial closes (know what a trial close is, why they're useful)
closing the sale (what a close is, common error associated with closing)
follow-up

Sales Management Issues

Unique characteristics of the personal selling job: (separation from company, nonroutine, boundary spanning, degree of persistence and self-motivation, directly quantifiable productivity).

Personal selling and organizational structure (Know that it's organized separately from marketing in many organizations)

Sales management areas of responsibility

Deployment (advantages and disadvantages of all three salesforce deployment approaches)
Motivation and Compensation

motivation (intrinsic versus extrinsic rewards, use of quotas in personal selling)
compensation (issues related to each of the three basic compensation methods)

2. Marketing Services
Basic Concepts
Definition of service
Fundamentals of Services Marketing (goods-services continuum, primary v. facilitating services)
Characteristics of Services (intangibility, inseparability, perishability, variability)
Evaluating service quality with the "Gap Model"
Evaluating service quality; difficulty, role of expectations, dimensions of evaluation
Gap Model (basic function, overview of service delivery gaps.  You will not be asked to list all the gaps identified in the Gap Model.  You will need to pay special attention to Gap Six and know the details we discussed in class.)

3.  Branding Strategy

What branding does for business, for customers

Outcomes of effective branding:

position: what position is, role of memory schema
brand equity: what brand equity is, know components of brand equity
brand loyalty: what brand loyalty is, distinguish between brand loyalty, variety seeking, routinized behavior, derived behavior

Branding Polices.  You should be able to recognize each of the four policies below if described on the test.

individual branding: what it is, appropriateness
brand extensions:  what it is, appropriateness
family branding: what it is, appropriateness
co-branding: what it is, appropriateness

4. Issues in global marketing

Stages of evolution into international marketing (domestic, international, multinational, global)
Understanding international marketing environment
culture (definition, self-reference criterion, ethnocentrism)
level of economic development (stages of economic development: preindustrial, less developed, etc.)
political climate (protectionism & trade restrictions, types of political risk: confiscation, etc.)
Ways to enter international markets (exporting, licensing, joint venture, direct investment.)
5. Marketing Law and Ethics

Law

Know the basics of the Sherman Act and the Clayton Act
FTC:  Authority of FTC (TRRs, Laws passed by Congress, Trade Practice Guidance, Penalties), know what a consent decree is, know the three conditions that must be met for the FTC to act

Ethics

definitions of ethical content, ethical conflict, ethical dilemma, ethical sensitivity, ethical judgments
top ethical issues faced by marketing managers
Deontological versus teleological reasoning.

6. Material from earlier exams

definition of marketing
central activity of marketing, central activities of marketers
know the marketing mix
the marketing concept
know what the three basic steps to the marketing management process are
know the difference between primary and secondary data
definitions of market, product market, market segment, target market
know steps to the product life cycle; be able to reproduce the PLC graph from class notes
know definitions of penetration pricing and price skimming
difference between consumer and organizational goods
know what a distribution channel is, firms in the industrial part of the channel, firms in the retail part of the channel.
be able to list and define the elements of the promotion mix
know the three parts to managing the advertising function