Mkt 3401 Exam 1 Study Guide ACTUAL
QUESTIONS AND CORRECT ANSWERS
Product Orientation - CORRECT ANSWER a philosophy that focuses on internal capabilities
of the firm rather than on the desires and needs of the marketplace
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
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
Social 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 societies long-term best interests
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
Customer Value - CORRECT ANSWER the relationship between benefits and the sacrifice
necessary to obtain those benefits
How do you achieve market orientation? - CORRECT ANSWER - obtain information about
customers, competitors, and markets
- examine the information from a total business perspective
- determine how to deliver superior customer value
- implement actions to provide value to customers
, Product - CORRECT ANSWER starting point of the marketing fix; not only physical unit but
also its package, warranty, and after-sale service, brand name, company image, value, etc. Involves
tangible goods, ideas, or services
Place (distribution) - CORRECT ANSWER involves physical distribution that includes storage
and transportation; making product available when and where customers want them; ensuring that
products arrive in usable condition at designated places when needed
Promotion - CORRECT ANSWER includes advertising, public relations, sales promotion, and
personal selling; brings about mutually satisfying exchanges by informing, educating, and persuading,
and reminding buyers about each product
Price - CORRECT ANSWER what is given up in an exchange to acquire a good or service; the
amount that consumers will be willing to pay for a product; most flexible of the P's; multiplied by the
number of units and sold equals total revenue for the firm
What are the elements of a marketing plan? - CORRECT ANSWER -business mission
statement
-situation or SWOT analysis
-objectives
-marketing strategy
-implementation evaluation control
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
A Strategic Business Unit - CORRECT ANSWER a subgroup of a single business or collection
of related businesses within the larger organization
SWOT and Situation Analysis - CORRECT ANSWER identifying internal (S) and weaknesses
(W) and examining external opportunities (O) and threats (T)
Marketing Myopia - CORRECT ANSWER defining a business in terms of goods and services
rather than in terms of the benefits customers seek
QUESTIONS AND CORRECT ANSWERS
Product Orientation - CORRECT ANSWER a philosophy that focuses on internal capabilities
of the firm rather than on the desires and needs of the marketplace
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
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
Social 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 societies long-term best interests
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
Customer Value - CORRECT ANSWER the relationship between benefits and the sacrifice
necessary to obtain those benefits
How do you achieve market orientation? - CORRECT ANSWER - obtain information about
customers, competitors, and markets
- examine the information from a total business perspective
- determine how to deliver superior customer value
- implement actions to provide value to customers
, Product - CORRECT ANSWER starting point of the marketing fix; not only physical unit but
also its package, warranty, and after-sale service, brand name, company image, value, etc. Involves
tangible goods, ideas, or services
Place (distribution) - CORRECT ANSWER involves physical distribution that includes storage
and transportation; making product available when and where customers want them; ensuring that
products arrive in usable condition at designated places when needed
Promotion - CORRECT ANSWER includes advertising, public relations, sales promotion, and
personal selling; brings about mutually satisfying exchanges by informing, educating, and persuading,
and reminding buyers about each product
Price - CORRECT ANSWER what is given up in an exchange to acquire a good or service; the
amount that consumers will be willing to pay for a product; most flexible of the P's; multiplied by the
number of units and sold equals total revenue for the firm
What are the elements of a marketing plan? - CORRECT ANSWER -business mission
statement
-situation or SWOT analysis
-objectives
-marketing strategy
-implementation evaluation control
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
A Strategic Business Unit - CORRECT ANSWER a subgroup of a single business or collection
of related businesses within the larger organization
SWOT and Situation Analysis - CORRECT ANSWER identifying internal (S) and weaknesses
(W) and examining external opportunities (O) and threats (T)
Marketing Myopia - CORRECT ANSWER defining a business in terms of goods and services
rather than in terms of the benefits customers seek
