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Study_Guide_Exam1

Study_Guide_Exam1 - Study Guide for Exam 1 Chapter 1 What...

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Study Guide for Exam 1 Chapter 1 What is marketing? What is “exchange?” Relationship between marketing and exchange. What are four marketing management philosophies? (Production, sales, marketing, and societal marketing) What is marketing myopia? What are the following terms? Customer Value Customer Satisfaction Relationship Marketing Chapter 2 What is strategic planning? Why is it so important? What is “Competitive Advantage?” What are the sources (or kinds) of competitive advantage? Cost Competitive Advantage Product/Service Differentiation Niche Competitive Advantage What is “Sustainable Competitive Advantage?” Why is it important for firms? What is “Business Mission?” What is a “Strategic Business Unit (SBU)?” What is SWOT Analysis? (Strengths, Weaknesses, Opportunities, and Threats) What are the following terms? Environmental Scanning Environmental Management (refer to Ch.3) Chapter 3 What are “Ethics” and “Morals?” What are the levels of ethical development?
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