I need help with preparing for the Test 2 of business foundation 5113. I learn better by watching videos that explain the topic with examples, flashcards, and multi-choice questions in comparison to reading textbooks or slides which makes it harder to know which topics might be more important in comparison to other topics. any tips and suggestions that helpes me maximize my score above 3.5 would be appreciated.

Here is the test review provided by the professor:

Session 5b

Bain/Mason industrial organization paradigm (performance dependencies

Determine production level for profit-maximizing monopolist and profit

Porter 5-force model be able to draft model

identify factors that contribute to high rivalry among existing competitors

natural (or structural) barriers to entry

Rule of thumb for effective competition

Natural monopoly (definition)

Economies of scale (definition)

Industry market structures and attributes for each (e.g., perfect competition, monopolistic completion, monopoly, oligopoly)

Calculate CR4 concentration ratio

Game Theory determine Nash Equilibrium for two firm scenario

Session 6a

Marketing (definition)

CREST model (controllable and uncontrollable variables)

Marketing mix.(what is a product, which factor is most flexible, etc.)

Customer value (equation)

Customer value proposition (definition)

Four marketing orientations/eras (e.g., production era, sales era, etc.) focus and when

Marketing concept

Social responsibility (definition and pro/cons)

Sustainability (definition)

Session 6b

Strategic marketing process

mission statement

marketing myopia

SWOT (which are internal and external, identify appropriate element if given example)

Market share (be able to calculate share)

Porter Competitive Advantage Model

Boston Consulting Group grid (axes and each grid)

Ansoff model (identify strategy if given scenario)

Session 7

Five stages of Purchase Decision Process (identify stage if given scenario)

Involvement and factors that influence level of involvement

Characteristics of each problem solving level (e.g., routine, limited, extended) and typical product examples/charateristics

Best practice for low-share or dominant firm in industry with low-involvement products

Consideration set (definition)

Evaluation criteria (e.g., cutoff, rank attributes, etc.)

Means to mitigate perceived risk

Cognitive dissonance (definition and scenario)

Customer lifetime value (definition)

Family life-cycle (definition: A series of stages determined by a combination of age, marital status, and the presence or absence of children)

Social class

Major categories of business customers and largest single market

Business versus Consumer Markets (differences)

Buying center roles (identify role given a scenario)

Organizational buy classes

Session 8a

Problem (definition)

Types of research (exploratory, descriptive, and causal) when use each or purpose

3 criteria for evidence of causality

Probability vs. nonprobability sample

primary data vs. secondary data (advantages and disadvantages)

basic rule of research -- collect secondary data first.

observational research

Relative Advantages of Survey Methods

Good questionnaire design identify problems in sample questionnaire

Session 8b

Target market (definition)

Segmentation methods advantages/disadvantages of each strategy (e.g., undifferentiated, concentrated, multisegment)

Ways to Segment Markets (e.g., why is demographic most common)

Ways to Segment organizational markets (satisficers and optimizers)

Criteria for good segment/selecting target market

Perceptual map (definition)

Product positioning (definition)

Session 9a

Product Life cycle stages (characteristics of each stage, typically application of 4Ps, and promotional objective)

Product level: class vs. form

Five categories of diffusion of innovation

Rogers ACCORD model

Types of consumer products (characteristics of each)

product item, product line, and product mix

Symptoms of product line overextension

Brand name and Brand mark (definitions)

Private label vs. Manufacturers/national brand (advantages of each for retail store)

How Services differ from Goods

How/when services are assessed

Components of service quality

Session 9b

Sacrifice and information effects of price

Calculate Break-even (must know formula)

Determinates of price and pricing considerations

Price skimming vs. penetration pricing

Price discrimination

Predatory pricing

price bundling (example)