Foundations of Marketing | Fall 2021 Final Exam Preparation Exam Format: The

Foundations of Marketing | Fall 2021
Final Exam Preparation
Exam Format:
The exam will be administered via MyLab. You will have 110 minutes to complete approx 60 questions:
Multiple choice
True or false
Short answer
The exam is open notes, however, please be mindful that it is timed. You should be careful NOT to spend too much time searching for answers as you may run out of time to answer questions.
You MUST take the exam using a computer with Lockdown Browser installed. The LockDown Browser prevents students from opening applications or other browser windows while they are taking tests or quizzes online. In addition, learning aids are not allowed while students are taking a locked-down test or quiz. You will not need to have your camera on during the exam.
The software is available for download at no cost. You will be prompted to install the LockDown Browser when you access any of the locked-down tests
IMPORTANT: the Lockdown Browser is only compatible with PC’s and Macs – unfortunately, it does not work with a Chromebook. You can borrow a computer for the remainder of the semester at no cost from the Student Help Desk! If you would like to do this you should submit the request ASAP.
If you do not have access to a computer, CSUSM has a computer lab available on the main campus. The Lab is located on the 2nd floor of the Kellogg Library and it is open from Monday – Friday, 8 a.m. – 5 p.m. on a first-come, first-served basis. For real-time workspace availability, use the “On-Campus” button in the Campus App.
For more information, please see the Taking locked-down tests and quizzes section of the Student Help system at Pearson support Student Help website.
IMPORTANT: PLEASE NOTE THAT NO OTHER APPLICATIONS (TABS) CAN BE OPEN on your computer when beginning the test as you will get locked out and will need to contact the instructor to access the exam. Save yourself some stress and follow the instructions carefully and be sure to do the browser check.
You should run the browser check and canl install the lockdown browser from the Practice Test
I have created a ‘Practice Test’ with unlimited attempts (and no points) for you to get comfortable with the testing platform and ensure that your computer is working properly with the browser. Extra bonus – you get 30 practice questions to help you prepare!
How to prepare:
You should review the textbook & videos, as well as the slides and notes from class
Identify important topics based on what has been emphasized through repetition in your various learning activities
Focus on understanding the content, not memorization. For example:
applying frameworks
understanding processes
differentiating between two key concepts
recognizing applied examples
Conceptual questions: test your knowledge of definitions, theories, and processes by asking questions that require you to think about them, often in a way that is different from how the concept was discussed in the text or in class.
Applied questions: require you to use what you have learned to identify the appropriate response for a question using a new situation or scenario.
Exam Content:
You should review all chapters covered (chapters 8-14), with a specific focus on the following:
The Product Life Cycle
Know the product life cycle characteristics and how marketing objectives and strategies vary by the lifecycle stage – be sure to use what you learned in later chapters to build on how the PLC impacts product mix decisions
Understand the relationship between the Diffusion Process and the Product Life Cycle
Product Decisions
Understand the product offering – core vs. augmented – and the implications of different product types/classifications.
Understand the implications of product mix decisions and adjustments, repositioning, packaging, planned obsolescence, etc.
Know why brands are valuable and understand the differences between brand ownerships, licensing, and co-branding
Understand how new innovations get adopted by consumers (diffusion of innovations) and factors that affect the adoption rate
Understand how and why companies develop new products and the different types of innovations
Pricing Decisions
Understand the price-quality relationship
Understand the considerations in setting a price (company objectives, costs, customers, competition, channel members)
Know how to interpret the demand curve, as well as how break-even and price elasticity are calculated
Be able to articulate the advantages and disadvantages of the new product pricing strategies (market skimming vs. penetration)
Be familiar with other pricing strategies and tactics discussed in the chapter (e.g. psychological, bundle, EDLP, etc..)
Place/Distribution Decisions
Understand the value of intermediaries in the marketing channels, different types, and the functions they perform
Understand channel design dimensions (length vs. intensity) and the implications for marketers
Know the different types of retailers and characteristics
Promotion Decisions
Be clear about the main function of promotions and understand the different goals
Know how to compare and assess different elements of the promotion mix
Understand the different advertising types.