Marketing 305Exam # 1 Study Guide Chapters 1-3Chapter 1Marketing“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 needsDesire and ability to satisfy those needsA way for parties to communicateSomething to exchangeThe four P’s of marketingProductPlacePricePromotionCustomer 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 AdvertisingExploitationPromotion of unethical behaviorUnproven resultsAtypical resultsFalse authoritiesMocking other productsLying/exaggeratingChapter 2Strategy“An organization’s long term course of action that delivers a unique customer experience while achieving its goals.”Three levels of strategy in organizations1. Corporate level2. Strategic business unit3. Functional levelMission 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 resources2. Design marketing organization3. Define tasks, responsibilities, and deadlines4. Executing marketing programDiversification analysis“Technique a firm uses to search for growth opportunities from among current and new products and markets.”Chapter 3Demographics“Description of a population according to characteristics such as age, gender, ethnicity, income, and occupation.”Baby boomersBorn 1946-1964Generation XBorn 1965-1976Generation YBorn 1977-1994Culture“A set of values, ideas, and attitudes that is learned and shared among the members of a group.”Ways to ensure ethical behavior in organizationsConsumer Bill of Rights which includes:1. Right to safety2. Right to be informed3. Right to choose4. Right to be heardUtilitarianism“Personal moral philosophy that focuses on the ‘greatest good for the greatest number’.”Three concepts of social responsibility1. Profit responsibility2. Stakeholder responsibility3. Societal responsibilityGreen 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