Economics 307 Review Question 1 Professor Tom K. Lee
(There will be exam questions not from the review questions.)
Define & explain marketing.
State & explain the economic foundation of marketing.
What are the basic marketing questions?
Name & explain the 5 levels of Maslow’s hierarchy of needs.
Define & explain customer-driven vs customer-driving marketing.
Define marketing strategy.
State & explain the 3 steps of marketing strategy.
Define demarketing.
Define & explain marketing mix.
Define & explain customer relationship management.
Define customer lifetime value, customer satisfaction & customer equity.
Define partnership management.
Define & explain supply chain management & value delivery network.
Define vertical marketing system.
State & explain the 3 forms of vertical marketing system.
Define & explain horizontal marketing system.
Define & explain multi-channel distribution system.
State & explain the 3 distribution strategies.
Define total quality management & marketing management.
Define & explain decision management & decision control.
State & explain the 3 stages of marketing.
State and explain the 4 forms of marketing alliances.
State and explain the basic marketing economic questions.
Define a market.
Define & explain cross-price demand elasticity & cross-price supply elasticity.
Define & explain comparative advantage vs competitive advantage.
Define & explain revenue possibility frontier.
State & explain micro-environment vs macro-environment.
State & explain the 3 components of organization architecture.
Define & explain marketing intermediaries.
Define strategic planning.
State & explain the 4 marketing strategies for growth.
State & explain the 3 implications of Economic Darwinism.
Define benchmarking.
State explain the basic economic principles.
Define & explain transaction cost.
What is a firm?
What is a contract?
Distinguish legal contracts vs implicit contracts.
Name & explain the 5 reasons for a firm to exist.
Define specific assets.
Name & explain the 7 reasons for firms to cluster.
Name & explain the 3 facts of a firm.
Name & explain the 11 factors that affect consumer behavior.
Name & explain the 4 types of buying decision behavior.
Name & explain the 5 stages in a new product adoption process.
Economics 307 Review questions 2 Professor Tom K. Lee
(There will be exam questions not from the review questions)
What are the 3 determinants of new product adoption?
Name & explain the 5 product characteristics that determine new
product adoption rate.
Define a brand & brand equity.
Name & explain the 4 major marketing strategic decisions for brand.
Name & explain the 3 types of cobranding.
Define a product line.
Name & explain the 3 objectives of the choice of product line
length.
Name & explain the 2 ways to lengthen product line length.
Define & explain product mix.
Name & explain the 4 ways to increase a company business.
State & explain 2 types of pricing.
State & explain the 4 internal factors of pricing.
State & explain the 3 external factors of pricing.
State and explain the 4 general pricing approaches.
Name & explain the 4 product-quality pricing strategies.
Name & explain the 5 product-mix pricing strategies.
Define explain the 4 degrees of price discrimination.
Name & explain the 5 forms of pricing.
Name & explain the 7 steps to develop new product pricing.
State explain the 5 promotional tools.
State explain the 2 promotion mix strategies.
State & explain the 4 methods to set promotion budget.
State & explain the 5 major advertising decisions.
Define advertising strategy.
State & explain the 5 stages of product life cycle.
State & explain the 4 steps in advertising media choice.
Name & explain the 3 sets of sales promotion tools.
Name & explain the 6 public relations functions.
Name & explain the 10 public relations tools.