MKT 3401, Exam 1, Ledet, University Course Material, Comprehensive Study
Guide
Marketing - correct answer ✔✔ 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.
true or false
Marketing does not just focus on selling goods - correct answer ✔✔ true
Exchange - correct answer ✔✔ people giving up something in order to receive something else
they would rather have
Production Orientation - correct answer ✔✔ a philosophy that focuses on the internal
capabilities of the firm rather than on the desires and needs of the marketplace. This does not
help a firm in a competitive market.
Sales Orientation - correct answer ✔✔ the belief that people will buy more goods and services
if aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept - correct answer ✔✔ the idea that the social and economic justification for
an organization's existence is the satisfaction of customer wants and needs while meeting
organizational objectives.
Market Orientation - correct answer ✔✔ a philosophy that assumes that a sale does not
depend on an aggressive sales force but rather on a customer's decision to purchase a product;
it is synonyms with the marketing concept.
, societal marketing orientation - correct answer ✔✔ the idea that an organization exists not only
to satisfy customer wants and needs and to meet organizational objectives, but also to preserve
or enhance individuals and society's long-term best interest.
Who has the power? - correct answer ✔✔ the customers
customer value - correct answer ✔✔ the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - correct answer ✔✔ customers' evaluation of a good or service in terms
of whether it has met their needs and expectations
Empowerment - correct answer ✔✔ delegation of authority to solve customers' problems
quickly—usually by the first person the customer notifies regarding a problem
teamwork - correct answer ✔✔ collaborative efforts of people to accomplish common
objectives
Customer Relationship Management (CRM) - correct answer ✔✔ a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on
highly defined and precise customer groups
on-demand marketing - correct answer ✔✔ delivering relevant experiences, integrated across
both physical and virtual environments, throughout the consumer's decision and buying process
Strategic Planning - correct answer ✔✔ the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market opportunities
characteristics of an SBU - correct answer ✔✔ -a distinct mission and a specific target market
Guide
Marketing - correct answer ✔✔ 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.
true or false
Marketing does not just focus on selling goods - correct answer ✔✔ true
Exchange - correct answer ✔✔ people giving up something in order to receive something else
they would rather have
Production Orientation - correct answer ✔✔ a philosophy that focuses on the internal
capabilities of the firm rather than on the desires and needs of the marketplace. This does not
help a firm in a competitive market.
Sales Orientation - correct answer ✔✔ the belief that people will buy more goods and services
if aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept - correct answer ✔✔ the idea that the social and economic justification for
an organization's existence is the satisfaction of customer wants and needs while meeting
organizational objectives.
Market Orientation - correct answer ✔✔ a philosophy that assumes that a sale does not
depend on an aggressive sales force but rather on a customer's decision to purchase a product;
it is synonyms with the marketing concept.
, societal marketing orientation - correct answer ✔✔ the idea that an organization exists not only
to satisfy customer wants and needs and to meet organizational objectives, but also to preserve
or enhance individuals and society's long-term best interest.
Who has the power? - correct answer ✔✔ the customers
customer value - correct answer ✔✔ the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - correct answer ✔✔ customers' evaluation of a good or service in terms
of whether it has met their needs and expectations
Empowerment - correct answer ✔✔ delegation of authority to solve customers' problems
quickly—usually by the first person the customer notifies regarding a problem
teamwork - correct answer ✔✔ collaborative efforts of people to accomplish common
objectives
Customer Relationship Management (CRM) - correct answer ✔✔ a company-wide business
strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on
highly defined and precise customer groups
on-demand marketing - correct answer ✔✔ delivering relevant experiences, integrated across
both physical and virtual environments, throughout the consumer's decision and buying process
Strategic Planning - correct answer ✔✔ the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market opportunities
characteristics of an SBU - correct answer ✔✔ -a distinct mission and a specific target market
