Marketing 305 Exam 1 Study Guide Chapters 1 3 Chapter 1 Marketing The activity for creating communicating delivering and exchanging offerings that benefit the customers the organization its stakeholders and society Exchange The trade of things of value between a buyer and seller leaving each better off after the trade What is needed for marketing to occur Two or more parties with unsatisfied needs Desire and ability to satisfy those needs A way for parties to communicate Something to exchange The four P s of marketing Product Place Price Promotion Customer Value The unique combination of benefits received by targeted buyers that includes quality convenience on time delivery and both before sale and after sale service at a specific price Relationship Marketing Linking organizations to customers employees and suppliers for mutual long term benefit Marketing Program Plan that integrates the marketing mix to provide a good service or idea to prospective buyers Characteristics of Unethical Practices in Advertising Exploitation Promotion of unethical behavior Unproven results Atypical results False authorities Mocking other products Lying exaggerating Chapter 2 Strategy An organization s long term course of action that delivers a unique customer experience while achieving its goals Three levels of strategy in organizations 1 Corporate level 2 Strategic business unit 3 Functional level Mission Statement A statement or vision of an organization s function in society Goals Targets of performance to be achieved often by a specific time What should be included in an implementation plan 1 Obtain resources 2 Design marketing organization 3 Define tasks responsibilities and deadlines 4 Executing marketing program Diversification analysis Technique a firm uses to search for growth opportunities from among current and new products and markets Chapter 3 Demographics Description of a population according to characteristics such as age gender ethnicity income and occupation Baby boomers Born 1946 1964 Generation X Born 1965 1976 Generation Y Born 1977 1994 Culture A set of values ideas and attitudes that is learned and shared among the members of a group Ways to ensure ethical behavior in organizations Consumer Bill of Rights which includes 1 2 3 4 Right to safety Right to be informed Right to choose Right to be heard Utilitarianism Personal moral philosophy that focuses on the greatest good for the greatest number Three concepts of social responsibility 1 Profit responsibility 2 Stakeholder responsibility 3 Societal responsibility Green Marketing Marketing efforts to produce promote and reclaim environmentally sensitive products Definitions from Marketing The Core Kerin Hartley and Rudelius McGraw Hill Irwin New York 5th edition