mkt 3401 module 1, Questions with Correct Answers (Grade A+)
Question 1: Marketing
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
Question 2: Exchange
Answer: people giving up something in order to receive something else they would rather have
Question 3: Production orientation
Answer: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and
needs of the marketplace
Question 4: Sales orientation
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
Question 5: Marketing concept
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
Question 6: Market orientation
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
Question 7: Societal marketing orientation
Answer: the idea that an organization exists not only to satisfy customer wants and needs and to meet
organizational objectives but also to preserve of enhance individuals' long-term best interests
Question 8: Customer value
Answer: the relationship between benefits and the sacrifice necessary to obtain those benefits
Question 9: Customer satisfaction
Answer: customers' evaluation of a good or service in terms of whether that good or service has met their
needs and expectations
Page 1
, Question 10: Relationship marketing
Answer: a strategy that focuses on keeping and improving relationships with current customers
Question 11: Empowerment
Answer: delegation of authority to solve customers' problems quickly—usually by the first person the
customer notifies regarding a problem
Question 12: Teamwork
Answer: collaborative efforts of people to accomplish common objectives
Question 13: Customer relationship management (CRM)
Answer: a company-wide business strategy designed to optimize profitability, revenue, and customer
satisfaction by focusing on highly defined and precise customer groups
Question 14: On-demand marketing
Answer: delivering relevant experiences, integrated across both physical and virtual environments,
throughout the consumer's decision and buying process
Question 15: Strategic planning
Answer: the managerial process of creating and maintaining a fit between the organization's objectives and
resources and the evolving market opportunities
Question 16: Strategic Business Units (SBUs)
Answer: a subgroup of a single business or collection of related businesses within the larger organization
Question 17: Market penetration
Answer: a marketing strategy that tries to increase market share among existing customers
Question 18: Market development
Answer: a marketing strategy that entails attracting new customers to existing products
Question 19: Product development
Answer: a marketing strategy that entails the creation of new products for present markets
Page 2
Question 1: Marketing
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
Question 2: Exchange
Answer: people giving up something in order to receive something else they would rather have
Question 3: Production orientation
Answer: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and
needs of the marketplace
Question 4: Sales orientation
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
Question 5: Marketing concept
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
Question 6: Market orientation
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
Question 7: Societal marketing orientation
Answer: the idea that an organization exists not only to satisfy customer wants and needs and to meet
organizational objectives but also to preserve of enhance individuals' long-term best interests
Question 8: Customer value
Answer: the relationship between benefits and the sacrifice necessary to obtain those benefits
Question 9: Customer satisfaction
Answer: customers' evaluation of a good or service in terms of whether that good or service has met their
needs and expectations
Page 1
, Question 10: Relationship marketing
Answer: a strategy that focuses on keeping and improving relationships with current customers
Question 11: Empowerment
Answer: delegation of authority to solve customers' problems quickly—usually by the first person the
customer notifies regarding a problem
Question 12: Teamwork
Answer: collaborative efforts of people to accomplish common objectives
Question 13: Customer relationship management (CRM)
Answer: a company-wide business strategy designed to optimize profitability, revenue, and customer
satisfaction by focusing on highly defined and precise customer groups
Question 14: On-demand marketing
Answer: delivering relevant experiences, integrated across both physical and virtual environments,
throughout the consumer's decision and buying process
Question 15: Strategic planning
Answer: the managerial process of creating and maintaining a fit between the organization's objectives and
resources and the evolving market opportunities
Question 16: Strategic Business Units (SBUs)
Answer: a subgroup of a single business or collection of related businesses within the larger organization
Question 17: Market penetration
Answer: a marketing strategy that tries to increase market share among existing customers
Question 18: Market development
Answer: a marketing strategy that entails attracting new customers to existing products
Question 19: Product development
Answer: a marketing strategy that entails the creation of new products for present markets
Page 2
