BAYLOR UNIVERSITY MKT 3305 FINAL – PAGEL MARKETING FINAL EXAM STUDY
GUIDE & REVIEW 2026/2027
CHAPTER 1 - ✔✔
components of the marketing mix - ✔✔product, place, price, promotion
want - ✔✔desire to satisfy need in a specific way
tangible vs intangible products - ✔✔tangible = goods (ownership) intangible = services (no ownership)
need - ✔✔difference between actual and desired state
demand - ✔✔the desire to own something and the ability to pay for it
benefit - ✔✔is achieved when customers need is satisfied
market - ✔✔consists of all consumers who share a common need that can be satisfied by a specific
product; have resources, willingness, and authority to purchase
mass marketing - ✔✔developing base product/strategy to reach all possible customers in market
form utility - ✔✔transforms raw materials into finished products
place utility - ✔✔making products available where consumers want them
time utility - ✔✔stores product until they are needed
possession utility - ✔✔allows consumer to own and enjoy a product
marketing concept - ✔✔identifying and satisfying needs of consumer to ensue profitability
relationship era - ✔✔customer oriented; satisfies buyers needs and wants
triple-bottom-line era - ✔✔businesses emphasize the need to maximize:
1. Financial BL: financial profits to stakeholders
2. Social BL: contribute to communities in which competition operates
3. Environmental BL: sustainable business practices
market segments - ✔✔distinct group of similar consumers
value proposition - ✔✔marketplace offering that fairly sums up value that will be realized if a
good/service is purchased
positioning - ✔✔developing a marketing strategy to influence how a particular market segment
perceives a good or service in comparison to the competition
,distinctive competency - ✔✔a superior capability of a firm in comparison to its competitors
differential benefit - ✔✔properties of products that set them apart from competitors' products by
providing unique customer benefits
value chain - ✔✔A series of activities involved in:
1. designing
2. producing
3. marketing
4. delivering
5. supporting (Customer service)
Each link in the chain has the potential to either add or remove value from the product the customer
eventually buys.
lifetime value of a customer - ✔✔potential profit of a single customer offers over a lifetime
CHAPTER 2 - ✔✔
External marketing influences - ✔✔-Economic
-Technological
-Political/legal
-Socio/Cultural
-Competitive
How do these effect a firm's marketing efforts?
Market entry strategy - ✔✔-Export
-Contractual Agreement (Licensing & Franchising)
-Strategic Alliance
-Direct Investment
Export - ✔✔
contractual agreement - ✔✔
strategic alliance - ✔✔
direct investment - ✔✔
Marketing Mix strategies include - ✔✔1. Localization strat
2. Standardization strat
3. Product strat
Localization vs Standardization - ✔✔Localization: tailor marketing and product to local environments
, Standardization: basic needs/wants are same everywhere; firm doesn't have to make changes in
marketing strategies to compete in foreign countries
Product strategies - ✔✔straight extension, product adaptation, product invention
straight extension strategy - ✔✔firm offers the same product in both domestic and foreign markets
product adaption strategy - ✔✔firm offers a similar but modified product in foreign markets
product invention strategy - ✔✔firm develops a new product for foreign markets
CHAPTER 3 - ✔✔
3 levels of business planning - ✔✔1. strategic
2. functional
3. operational
startegic planning - ✔✔managerial decision process that matches an organization's resources and
capabilities to its market opportunities for long-term growth and survival; top level exec
functional planning - ✔✔a decision process that concentrates on developing detailed plans for
strategies and tactics for the short term, supporting an organization's long-term strategic plan
operational planning - ✔✔focuses on short-term actions dealing with a company's day-to-day
operations
Steps in Strategic Planning - ✔✔1. defining the company mission
2. evaluate environment
3. set SBU objectives
4. establish business portfolio
5. develop growth strategies
Mission Statement - ✔✔a formal document that describes the firm's overall purpose
SWOT analysis - ✔✔identifying internal factors:
strengths (S)
weaknesses (W)
AND
external factors:
opportunities (O)
threats (T)
BCG Matrix - ✔✔a portfolio analysis model developed by the Boston Consulting Group that assesses
the potential of successful products to generate cash that a firm can then use to invest in new products
Growth Strategies - ✔✔1. market penetration
GUIDE & REVIEW 2026/2027
CHAPTER 1 - ✔✔
components of the marketing mix - ✔✔product, place, price, promotion
want - ✔✔desire to satisfy need in a specific way
tangible vs intangible products - ✔✔tangible = goods (ownership) intangible = services (no ownership)
need - ✔✔difference between actual and desired state
demand - ✔✔the desire to own something and the ability to pay for it
benefit - ✔✔is achieved when customers need is satisfied
market - ✔✔consists of all consumers who share a common need that can be satisfied by a specific
product; have resources, willingness, and authority to purchase
mass marketing - ✔✔developing base product/strategy to reach all possible customers in market
form utility - ✔✔transforms raw materials into finished products
place utility - ✔✔making products available where consumers want them
time utility - ✔✔stores product until they are needed
possession utility - ✔✔allows consumer to own and enjoy a product
marketing concept - ✔✔identifying and satisfying needs of consumer to ensue profitability
relationship era - ✔✔customer oriented; satisfies buyers needs and wants
triple-bottom-line era - ✔✔businesses emphasize the need to maximize:
1. Financial BL: financial profits to stakeholders
2. Social BL: contribute to communities in which competition operates
3. Environmental BL: sustainable business practices
market segments - ✔✔distinct group of similar consumers
value proposition - ✔✔marketplace offering that fairly sums up value that will be realized if a
good/service is purchased
positioning - ✔✔developing a marketing strategy to influence how a particular market segment
perceives a good or service in comparison to the competition
,distinctive competency - ✔✔a superior capability of a firm in comparison to its competitors
differential benefit - ✔✔properties of products that set them apart from competitors' products by
providing unique customer benefits
value chain - ✔✔A series of activities involved in:
1. designing
2. producing
3. marketing
4. delivering
5. supporting (Customer service)
Each link in the chain has the potential to either add or remove value from the product the customer
eventually buys.
lifetime value of a customer - ✔✔potential profit of a single customer offers over a lifetime
CHAPTER 2 - ✔✔
External marketing influences - ✔✔-Economic
-Technological
-Political/legal
-Socio/Cultural
-Competitive
How do these effect a firm's marketing efforts?
Market entry strategy - ✔✔-Export
-Contractual Agreement (Licensing & Franchising)
-Strategic Alliance
-Direct Investment
Export - ✔✔
contractual agreement - ✔✔
strategic alliance - ✔✔
direct investment - ✔✔
Marketing Mix strategies include - ✔✔1. Localization strat
2. Standardization strat
3. Product strat
Localization vs Standardization - ✔✔Localization: tailor marketing and product to local environments
, Standardization: basic needs/wants are same everywhere; firm doesn't have to make changes in
marketing strategies to compete in foreign countries
Product strategies - ✔✔straight extension, product adaptation, product invention
straight extension strategy - ✔✔firm offers the same product in both domestic and foreign markets
product adaption strategy - ✔✔firm offers a similar but modified product in foreign markets
product invention strategy - ✔✔firm develops a new product for foreign markets
CHAPTER 3 - ✔✔
3 levels of business planning - ✔✔1. strategic
2. functional
3. operational
startegic planning - ✔✔managerial decision process that matches an organization's resources and
capabilities to its market opportunities for long-term growth and survival; top level exec
functional planning - ✔✔a decision process that concentrates on developing detailed plans for
strategies and tactics for the short term, supporting an organization's long-term strategic plan
operational planning - ✔✔focuses on short-term actions dealing with a company's day-to-day
operations
Steps in Strategic Planning - ✔✔1. defining the company mission
2. evaluate environment
3. set SBU objectives
4. establish business portfolio
5. develop growth strategies
Mission Statement - ✔✔a formal document that describes the firm's overall purpose
SWOT analysis - ✔✔identifying internal factors:
strengths (S)
weaknesses (W)
AND
external factors:
opportunities (O)
threats (T)
BCG Matrix - ✔✔a portfolio analysis model developed by the Boston Consulting Group that assesses
the potential of successful products to generate cash that a firm can then use to invest in new products
Growth Strategies - ✔✔1. market penetration
