Fundamentals of Marketing
Exam 1 – Fall 2015
The following are the key topic areas to be included on this exam. Please note that this list is not
exhaustive, but is a good reference to start your preparation for the exam. In addition to closely
studying the lecture notes, you should reread the textbook chapters, paying close attention to the
concepts covered in class. You should also review the assigned readings
Chapter 1: Creating Customer Relationships and Value Through Marketing
• Definition of Marketing
• Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its
stakeholders.
•Customer Need vs. Want
• Target Market
• A specific group of potential consumers
• Marketing Mix Elements (Price, Product, Promotion, Place)
• What are the two tasks of marketing?
• Discovering and satisfying needs
• What are the 4 P’s of marketing?
• Product, Price, Promotion, Place
■Product – Goods, Services, Ideas
■Price – Money, bartering, cognitive resources (Ikea), relationship
costs
■Promotion – Advertising, Guerilla Marketing (not attached to a
specific product, but gets people to buy a certain product), Public
relations (ALS), product placement
■Place – retail, QVC, Pop ups, Vending machines, internet
Chapter 2: Corporate and Marketing Strategy
• Mission Statements
• Identifies customers, markets, products, technologies
• Should be clear, concise, meaningful, inspirational, long-term
•Corporate culture
• Set of shared values, ideas, and attitudes that is learned and shared
amongst members of the organization
• Organizational Levels
• Corporate Business Unit Stategy Functional Strategy
■Corporate – Defined by core values and mission statement
■Strategy moves down, information moves up
• Business Unit – responsible for each part of the business (product
category)
• Goal setting
•Measurable, specific time period, consistent, prioritized
• Difference between tactic and strategy
• Strategy – specific plan of action designed to accomplish an objective
• Tactics – Logistics necessary to execute strategy
