MK 380 Exam 1 questions and answers well illustrated.

MK 380 Exam 1 questions and answers well illustrated. Definition of marketing - correct answers.Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Facets of Marketing - correct udes and behaviors Conditions for an exchange - correct answers.At least two parties must be involved Something of value must be present Parties are capable of communication and delivery Desire to deal with the other party exists Each party is free to accept or reject the offer Marketing management philosophies - correct answers.Production, Sales, Market, Societal Definition/requirements of strategic planning - correct answers.Definition: Creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities Requirements: What is the organization's main activity at a particular time? How will it reach its goals? Characteristics of SBU's - correct answers.Distinct mission and specific target market Control over its resources Its own competitors Single business or a collection of related businesses Plans independently of other SBUs in the total organization Ansoff's Opportunity Matrix - correct answers. Portfolio matrix - correct answers.Star, Cash Cow, Question Mark (problem child), Dog Marketing plan components - correct answers.Business mission statement, SWOT analysis, Objectives, target market strategy, marketing mix (4 p's), implementation/evaluation/control Three levels of ethical development - correct nventional morality, conventional morality, postconventional morality Influential factors of ethical decision making - correct t of problems, top management actions, potential consequences, social consensus, probability of harm, time until consequences, number affected Creating a code of ethics - correct answers.A code of ethics helps marketing managers and other employees make better decisions Helps employees identify acceptable business practices Helps control behavior internally Avoids confusion in decision making Facilitates discussion among employees about right and wrong Definition of corporate social responsibility - correct a company's concern for society's welfare Definition of sustainability - correct answers.Idea that socially responsible companies will outperform their peers by focusing on the world's problems and viewing them as opportunities Pyramid of social responsibility - correct answers.a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure Target markets - correct answers.Group of people or organizations for which an organization designs, implements, and maintains a marketing mix External environment - correct answers.Involves: Understanding current customers Understanding how customers make decisions Identifying the most valuable customers and understanding their needs Understanding the competition Important for marketing managers in order to plan for the future Social factors - correct answers.Social change is the most difficult external variable for marketing managers to forecast, influence, or integrate into marketing plans Influence: Products people buy Price paid Effectiveness of specific promotions