MARKETING 351 COMPREHENSIVE EXAM
QUESTIONS AND SOLUTIONS STUDY GUIDE
●● exchange
Answer: people giving up something in order to receive something else
they would rather have.
●● 5 conditions of exchange
Answer: 1. two parties
2. each party has something of value to the other
3. each party is capable of communication and delivery
4. each party is free to accept or reject an offer.
5. each party believes it is appropriate or desirable to deal with the other.
●● production orientation
Answer: a philosophy that focuses on the internal capabilities of the firm
rather than on the desires and needs of the marketplace.
●● 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
,●● marketing concept
Answer: the idea that the social and economic justification for an
organizations existence is the satisfaction of customer wants and needs
while meeting organizational objectives
●● market orientation
Answer: a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customers decision to purchase a
product
●● 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 or enhance individuals and society's long term best interests
●● customer value
Answer: the relationship between benefits and the sacrifice necessary to
obtain those benefits
●● customer satisfaction
Answer: customers evaluation of a good or service in terms of whether it
has met their needs and expectations
●● relationship marketing
, Answer: a strategy that focuses on keeping and improving relationships
with current customers
●● empowerment
Answer: delegations of authority to solve customers problems quickly
usually by the first person the customer notifies regarding a problem
●● teamwork
Answer: collaborative efforts of people to accomplish common
objectives
●● customer relationship management
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
Answer: on demand marketing delivers relevant experiences throughout
the customers decision and buying process that are integrated across
both physical and virtual environments
●● Marketing Mix
Answer: customer-> product, price, place, promotion
QUESTIONS AND SOLUTIONS STUDY GUIDE
●● exchange
Answer: people giving up something in order to receive something else
they would rather have.
●● 5 conditions of exchange
Answer: 1. two parties
2. each party has something of value to the other
3. each party is capable of communication and delivery
4. each party is free to accept or reject an offer.
5. each party believes it is appropriate or desirable to deal with the other.
●● production orientation
Answer: a philosophy that focuses on the internal capabilities of the firm
rather than on the desires and needs of the marketplace.
●● 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
,●● marketing concept
Answer: the idea that the social and economic justification for an
organizations existence is the satisfaction of customer wants and needs
while meeting organizational objectives
●● market orientation
Answer: a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customers decision to purchase a
product
●● 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 or enhance individuals and society's long term best interests
●● customer value
Answer: the relationship between benefits and the sacrifice necessary to
obtain those benefits
●● customer satisfaction
Answer: customers evaluation of a good or service in terms of whether it
has met their needs and expectations
●● relationship marketing
, Answer: a strategy that focuses on keeping and improving relationships
with current customers
●● empowerment
Answer: delegations of authority to solve customers problems quickly
usually by the first person the customer notifies regarding a problem
●● teamwork
Answer: collaborative efforts of people to accomplish common
objectives
●● customer relationship management
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
Answer: on demand marketing delivers relevant experiences throughout
the customers decision and buying process that are integrated across
both physical and virtual environments
●● Marketing Mix
Answer: customer-> product, price, place, promotion
