Marketing MKT 337 Exam 1 Study Guide and Practice
Questions
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
exchange - correct answer ✔✔ people giving up something in order to receive something else
they would rather have
5 steps of an exchange - correct answer ✔✔ 1. There must be at least two parties.
2. Each party has something that might be of value to the other party
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
The 4 competing philosophies that influence an organization's marketing process - correct
answer ✔✔ 1. Production
2. Sales
3. Market
4. Societal Marketing Orientations
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. (What can we
do best/Where do our talents lie?)
sales orientation - correct answer ✔✔ the belief that people will buy more goods and service 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
synonymous 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 interests
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 expectation or needs
relationship marketing - correct answer ✔✔ a strategy that focuses on keeping and improving
relationships with current customers
empowerment - correct answer ✔✔ delegation of authority to solve customers' problems
quickly- usually by the first person the customer notifies regarding problem
The organization's focus - correct answer ✔✔ 1) Customer Value
2) Customer Satisfaction
3) Building Relationships
4) Customer-Oriented Personnel
Questions
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
exchange - correct answer ✔✔ people giving up something in order to receive something else
they would rather have
5 steps of an exchange - correct answer ✔✔ 1. There must be at least two parties.
2. Each party has something that might be of value to the other party
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
The 4 competing philosophies that influence an organization's marketing process - correct
answer ✔✔ 1. Production
2. Sales
3. Market
4. Societal Marketing Orientations
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. (What can we
do best/Where do our talents lie?)
sales orientation - correct answer ✔✔ the belief that people will buy more goods and service 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
synonymous 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 interests
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 expectation or needs
relationship marketing - correct answer ✔✔ a strategy that focuses on keeping and improving
relationships with current customers
empowerment - correct answer ✔✔ delegation of authority to solve customers' problems
quickly- usually by the first person the customer notifies regarding problem
The organization's focus - correct answer ✔✔ 1) Customer Value
2) Customer Satisfaction
3) Building Relationships
4) Customer-Oriented Personnel
