GB 350 CHAPTER 1 EXAM QUESTIONS AND
ANSWERS
Oversees revisiting concepts in marketing and determining if those concepts have
evolved overtime and what they mean in today's marketplace - Correct Answers -the
American Marketing Association (AMA)
the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at
large - Correct Answers -marketing
Any entity that can be affected or affect a marketer's actions, directly or indirectly -
Correct Answers -stakeholders
What do good marketers focus on? - Correct Answers -the value and benefits they
deliver to their customers, not just the goods and services they sell (aka marketing
myopia)
Marketing is about communication and determining what 3 things? - Correct Answers -
your company's value proposition, the important features and attributes of your
company's products or services, and your company's price-value equation
5 conditions for exchange - Correct Answers --At least 2 parties involved
-Something of value must be present
-Clear communication and delivery of terms (extremely important/huge point of scrutiny)
-Desire to deal with the other party exists (or each party sees the other as acceptable
for exchange)
-Each party is free to accept or reject the offer
What does marketing work to facilitate? - Correct Answers -mutually beneficial
exchanges, but it does not promise that they will occur
What are marketing management philosophies all about? - Correct Answers -the
organization's perspective on how it approaches marketing strategy
Basic beliefs, concepts, and attitudes of an individual or group - Correct Answers -
philosophy
What are the 4 orientations of marketing? - Correct Answers -production, sales, market,
and societal (first 2 bad, last 2 good)
ANSWERS
Oversees revisiting concepts in marketing and determining if those concepts have
evolved overtime and what they mean in today's marketplace - Correct Answers -the
American Marketing Association (AMA)
the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at
large - Correct Answers -marketing
Any entity that can be affected or affect a marketer's actions, directly or indirectly -
Correct Answers -stakeholders
What do good marketers focus on? - Correct Answers -the value and benefits they
deliver to their customers, not just the goods and services they sell (aka marketing
myopia)
Marketing is about communication and determining what 3 things? - Correct Answers -
your company's value proposition, the important features and attributes of your
company's products or services, and your company's price-value equation
5 conditions for exchange - Correct Answers --At least 2 parties involved
-Something of value must be present
-Clear communication and delivery of terms (extremely important/huge point of scrutiny)
-Desire to deal with the other party exists (or each party sees the other as acceptable
for exchange)
-Each party is free to accept or reject the offer
What does marketing work to facilitate? - Correct Answers -mutually beneficial
exchanges, but it does not promise that they will occur
What are marketing management philosophies all about? - Correct Answers -the
organization's perspective on how it approaches marketing strategy
Basic beliefs, concepts, and attitudes of an individual or group - Correct Answers -
philosophy
What are the 4 orientations of marketing? - Correct Answers -production, sales, market,
and societal (first 2 bad, last 2 good)
