Exam 2 Review
Instructions that will appear on exam
Please answer the following essay questions using complete sentences. Feel free to use any diagrams, tables, or drawings that will help clarify your answers. The best answers will be thorough yet concise. Brief, sketchy answers will not be rewarded with a majority of the possible points. Sheer length does not substitute for quality. Good luck!
1. Define and discuss the concept of the augmented product.
2. Describe and discuss the stage-gate new product development system.
3. Define and contrast the pricing strategies of EDLP and High-Low. Define and discuss trade loading., making sure to include how the two pricing strategies are related to this concept.
4. Discuss the pricing strategies of skimming, penetration, and status quo. Under what general environmental circumstances would each be used?
5. Define vertical marketing systems (VMSs). Discuss three different types of VMSs.
6. Discuss the four elements of successful channels.
7. Define and discuss the three major goals/tasks of promotion.
8. Discuss how strategic circumstances might affect the relative importance of personal selling as a promotional tool (i.e., versus advertising). List and discuss five factors that represent such circumstances (e.g., size and importance of purchase).
9. List and discuss four diagnostic questions for new-economy marketing decisions.
10. Discuss two strategic choices each for, a) share leaders and b) challengers, in growth markets.
11. Describe and discuss ethical guidelines. Include in your discussion considerations regarding pricing decisions, channel issues, and product decisions.