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Review: Exam 1: Chapters 1, 2, 3, 4Define marketingWhat is an exchange?Conditions in order for an exchange to occurFour management Philosophies (Production, Sales, Marketing, Societal)Define customer valueDefine relationship marketingGoal of strategic planningElements of a marketing planWhat question does a mission statement answer?What are we really buying?Define SBU (Strategic Business Unit)What is a marketing objectiveFour criteria for marketing objectivesWhat is a SWOT analysisExamples of Strengths, Weaknesses, Opportunities and ThreatsEnvironmental managementThree categories of competitive advantagesEffective strategic plan requirementsDefine target marketWhat is a Marketing Mix? (4 P’s)Final step in Strategic PlanningProcess to evaluate marketing objectivesTarget market selection Define Corporate Social ResponsibilityDefine ethics as it relates to MarketingWhat is a Code of EthicsEnvironmental factors that impact a marketing mix (demographic, social, economic, legal/political, competitive)What are characteristics of tween, Gen Y, Gen X and Baby BoomerThree fastest emerging demographic groups for targeting products and servicesDefine inflation and recession ................
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