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Study Guide Exam

University/College: University of Arkansas System
Date: November 5, 2017
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Study Guide Exam

Sections of a Marketing Plan Consumer Culture Environmental consumers 1 Acculturation,’uncontrolled/reverse acculturation Regulatory bodies Corporate social responsibility 1 OFF Ethical Development levels Business-to-business Marketing Types of business demand Business vs.. Consumer markets Buying situations Global market standardization Entering the global marketplace Module 3: 5-Step Decision-Making Process Consumer decision strategies – make sure you can tell me which choice is made with each of the three different decision models, given a chart similar to our Four Vacation

Choice chart Cognitive Dissonance Factors Influencing Purchase Social/reference groups Personal influences – lifestyle/personality Psychological Situational Theory of Reasoned Action Beliefs and attitudes Central-route/peripheral-route processing Internal/external components Formulation of TORT (Blob = Act + SIN) No need to work through any calculations here, Just know the theory Consumer Insight/marketing research Marketing research process Secondary vs. Primary data Exploratory/descriptive/explanatory Measurement scales Closed-ended questions

Sampling plans Reliability/validity/representatives Marketing information systems BID and CDC – here are sample problems that will be similar to those on the exam (remember, no calculators as this isn’t a math test): IQ . Let’s say that there are 50 finance majors in my class of 250 students. I’ve found that my class drinks 100 bottles of Fiji water a week and that 40 of those bottles are consumed by finance majors. What’s the BID for Fiji and finance majors? Q. There are 60,000 undergrads at ASS, of these 15,000 are seniors.

These 60,000 dents purchased 100,000 boxes of cereal last month and 25,000 boxes of cereal were purchased by seniors. What’s the CDC (same thing as BID, Just for a product category instead of a brand) for cereal purchased by seniors? BID/CDC Answers: IQ. BID = (percent this group consumes/percent of the population that this group is) x 100. Numerator is the percent consumes, denominator is the percent the group represents of the entire population. 50 Finance majors out of 250 students puts finance majors at 20% of the students. They consume 40/100, so they consume 40% of the Fiji water in my class. 0% of all consumption/20% of the population) x 100 = 200. The BID for finance majors at Fiji water is 200, which is quite high. This means finance majors drink twice the amount of Fiji water that they are expected to drink. Q. 15,000 Seniors out of 60,000 students, puts seniors at 25% of the undergrads. They consume 25,000 out of 100,000 total consumed boxes of cereal which is also 25%. (25% actual consumption / 25% of the population) x 100 puts the CDC of Seniors and Cereal boxes at exactly 100. This means that seniors consume exactly the expected amount of cereal boxes.

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