MARKETING 3310 WOLTER FINAL EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
What are the eras of different orientations in the history of American business? - (ANSWER)Simple Trade
Era - families traded with each other
Production Era (1860-1920) - Company focused on production of a few goods
Sales Era (1920-1950) - Company emphasizes selling because of increased competition.
Marketing Era - when all marketing activities are brought under one department. (marketing dept era,
marketing company era, relationship marketing era, 1 to 1 era
Are all companies now in the marketing era? - (ANSWER)no
What are the two characteristics that define a market? - (ANSWER)ability and desire to purchase
What is marketing? - (ANSWER)Co-creation of Value
...a business philosophy (marketing concept)
...a business discipline (marketing ideas)
...a distinct unit in an organization (marketing department)
...a set of business activities (market research, etc.)
What is marketing not? - (ANSWER)Advertising, a necessary tool, the devil, selling more things to more
people for more money
What is the marketing concept? - (ANSWER)Extent that a company focuses on a customers needs,
wants, desires, and then a profit
What is a market orientation? - (ANSWER)How integrated the concept has become(< Not sure this is
accurate)
The primary responsibility of a business is to fulfill the needs, wants, and desires of customers......while
making a profit.
From the book: "Instead of just trying to get customers to buy what therm has produced, a marketing-
oriented firm tries to offer customers what they need."
, MARKETING 3310 WOLTER FINAL EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
What 3 characteristics of a firm are needed to be market oriented? - (ANSWER)Generate info about the
market
Disseminate info through the company
Incentivize use of the info
What is a production orientation and how does this exemplify narrow thinking? - (ANSWER)Just focused
on the product, can lead to marketing myopia
What is value? - (ANSWER)What you get / What you give
What is the unique contribution of marketing to a firm? - (ANSWER)Acquiring resources from customers
What is a shareholder orientation? - (ANSWER)Focused on maximizing returns to shareholders
What are potential problems with a focus on shareholders? - (ANSWER)Makes people have a short term
focus and you can mine profit by undermining the long term viability
What is the macro-micro dilemma? - (ANSWER)Micro decisions aren't unethical create a macro problem.
What may be beneficial to some companies or customer may be harmful to others or the environment.
What is the Milton Friedman view of businesses role in the world? - (ANSWER)Make money as long as it
is legal and not fraudulent; no matter what the cost to society
"There is one and only one social responsibility of business -- to use it resources and engage in activities
designed to increase its profits so long as it stays within the rules of the game, which is to say, engages
in open and free competition without deception or
"fraud."
What is an argument for why this (Milton Friedman) is the correct view? - (ANSWER)A business cannot
run without money. Technology will gradually improve due to competition
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
What are the eras of different orientations in the history of American business? - (ANSWER)Simple Trade
Era - families traded with each other
Production Era (1860-1920) - Company focused on production of a few goods
Sales Era (1920-1950) - Company emphasizes selling because of increased competition.
Marketing Era - when all marketing activities are brought under one department. (marketing dept era,
marketing company era, relationship marketing era, 1 to 1 era
Are all companies now in the marketing era? - (ANSWER)no
What are the two characteristics that define a market? - (ANSWER)ability and desire to purchase
What is marketing? - (ANSWER)Co-creation of Value
...a business philosophy (marketing concept)
...a business discipline (marketing ideas)
...a distinct unit in an organization (marketing department)
...a set of business activities (market research, etc.)
What is marketing not? - (ANSWER)Advertising, a necessary tool, the devil, selling more things to more
people for more money
What is the marketing concept? - (ANSWER)Extent that a company focuses on a customers needs,
wants, desires, and then a profit
What is a market orientation? - (ANSWER)How integrated the concept has become(< Not sure this is
accurate)
The primary responsibility of a business is to fulfill the needs, wants, and desires of customers......while
making a profit.
From the book: "Instead of just trying to get customers to buy what therm has produced, a marketing-
oriented firm tries to offer customers what they need."
, MARKETING 3310 WOLTER FINAL EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
What 3 characteristics of a firm are needed to be market oriented? - (ANSWER)Generate info about the
market
Disseminate info through the company
Incentivize use of the info
What is a production orientation and how does this exemplify narrow thinking? - (ANSWER)Just focused
on the product, can lead to marketing myopia
What is value? - (ANSWER)What you get / What you give
What is the unique contribution of marketing to a firm? - (ANSWER)Acquiring resources from customers
What is a shareholder orientation? - (ANSWER)Focused on maximizing returns to shareholders
What are potential problems with a focus on shareholders? - (ANSWER)Makes people have a short term
focus and you can mine profit by undermining the long term viability
What is the macro-micro dilemma? - (ANSWER)Micro decisions aren't unethical create a macro problem.
What may be beneficial to some companies or customer may be harmful to others or the environment.
What is the Milton Friedman view of businesses role in the world? - (ANSWER)Make money as long as it
is legal and not fraudulent; no matter what the cost to society
"There is one and only one social responsibility of business -- to use it resources and engage in activities
designed to increase its profits so long as it stays within the rules of the game, which is to say, engages
in open and free competition without deception or
"fraud."
What is an argument for why this (Milton Friedman) is the correct view? - (ANSWER)A business cannot
run without money. Technology will gradually improve due to competition
