MKTG 3301 EXAM 1 QUESTIONS AND VERIFIED
ANSWERS
What is marketing? - Answers - the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
What is a market? - Answers - the set of actual and potential buyers of a product or
service
Marketing management orientations - Answers - 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
Production concept - Answers - the idea that consumers will favor products that are
available and highly affordable; therefore, the organization should focus on improving
production and distribution efficiency
product concept - Answers - the idea that consumers will favor products that offer the
most quality, performance, and features; therefore, the organization should devote its
energy to making continuous product improvements
Selling Concept - Answers - the idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort. Aka:
aggressive marketing.
Marketing Concept - Answers - a philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do
societal marketing concept - Answers - the idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-run
interests, and society's long-run interests
Characteristics of a good mission statement - Answers - - Contains a formulation of
objectives that enables progress towards them to be measured
- Differentiates the business from its competitors
- Defines the markets or business in which the firm wants to operate
- Is relevant to all major stakeholders - not just shareholders and managers
- Excites, inspires, motivates, and guides - particularly important for employees
ANSWERS
What is marketing? - Answers - the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
What is a market? - Answers - the set of actual and potential buyers of a product or
service
Marketing management orientations - Answers - 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
Production concept - Answers - the idea that consumers will favor products that are
available and highly affordable; therefore, the organization should focus on improving
production and distribution efficiency
product concept - Answers - the idea that consumers will favor products that offer the
most quality, performance, and features; therefore, the organization should devote its
energy to making continuous product improvements
Selling Concept - Answers - the idea that consumers will not buy enough of the firm's
products unless the firm undertakes a large-scale selling and promotion effort. Aka:
aggressive marketing.
Marketing Concept - Answers - a philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do
societal marketing concept - Answers - the idea that a company's marketing decisions
should consider consumers' wants, the company's requirements, consumers' long-run
interests, and society's long-run interests
Characteristics of a good mission statement - Answers - - Contains a formulation of
objectives that enables progress towards them to be measured
- Differentiates the business from its competitors
- Defines the markets or business in which the firm wants to operate
- Is relevant to all major stakeholders - not just shareholders and managers
- Excites, inspires, motivates, and guides - particularly important for employees
