MARKETING MANAGEMENT TCU EXAM 1 QUESTIONS AND ANSWERS GRADED A+
Marketing - Answers The activity, set of institutions, and processes for creating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
Marketing includes a philosophy and a set of actions
Exchange - Answers People give up something to receive something that they would rather have
5 Conditions of an Exchange - Answers There must be at least two parties
Each party must have something that is possibly of value to the other
Each party is capable of communication and delivery
Each party can accept / reject the other's offer
Each party believes that it is desirable / appropriate to deal with the other party
4 Philosophies of Marketing Management - Answers production, sales, market, and societal
marketing orientations
Production Orientation - Answers Focuses on the internal capabilities of the firm rather than the
market
"What goods / services are we good at providing?
Can fall short if it does not consider if its goods / services are meeting market demand
Sales Orientation - Answers People will buy more goods / services if aggressive sales
techniques are used
High sales = high profits
, What customers think they are buying defines a business
Focusing on customer's wants / needs and integrating organization's activities
Market Orientation - Answers A sale does not depend on an aggressive sales force but rather on
a customer's decision to purchase a product
Must understand competitor's strengths and weaknesses
Societal Marketing Orientation - Answers Acknowledges that some products that customers
want are not in the best interest of society as a whole
Green marketing, societal cause-based marketing, etc.
5 Characteristic Differences - Answers Organization's focus, Firm's business, The Customer,
Firm's Primary Goal, and the Tools Used
Customer Value - Answers Relationship between benefits and the sacrifice necessary to obtain
those benefits
Customer Satisfaction - Answers Customer evaluation on how the good / service has met their
needs
Relationship Marketing - Answers Strategy that focuses on keeping / improving relationships
with current consumers
Empowerment - Answers Delegation of customer-facing authority to lower-ranking team
members
Teamwork - Answers Collaborative efforts of people to accomplish certain common objectives
Firm's Business - Answers Sales oriented firms look at goods / services, market-oriented define
business as the benefits its customers seek
Those To Whom the Product is Directed - Answers Sales-oriented is more general target
audience, market-oriented has a more niche customer market
On-Demand Marketing - Answers Delivering relevant experiences, integrated across both
physical and virtual environments, throughout the customer's decision and buying process
Customer Expectations - Answers Want to interact anywhere, want to do new things that create
value, expect data to be used to better them, and expect easy company interaction
The Firm's Primary Goal - Answers Sales-oriented = profitability through volume, market-
Marketing - Answers The activity, set of institutions, and processes for creating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
Marketing includes a philosophy and a set of actions
Exchange - Answers People give up something to receive something that they would rather have
5 Conditions of an Exchange - Answers There must be at least two parties
Each party must have something that is possibly of value to the other
Each party is capable of communication and delivery
Each party can accept / reject the other's offer
Each party believes that it is desirable / appropriate to deal with the other party
4 Philosophies of Marketing Management - Answers production, sales, market, and societal
marketing orientations
Production Orientation - Answers Focuses on the internal capabilities of the firm rather than the
market
"What goods / services are we good at providing?
Can fall short if it does not consider if its goods / services are meeting market demand
Sales Orientation - Answers People will buy more goods / services if aggressive sales
techniques are used
High sales = high profits
, What customers think they are buying defines a business
Focusing on customer's wants / needs and integrating organization's activities
Market Orientation - Answers A sale does not depend on an aggressive sales force but rather on
a customer's decision to purchase a product
Must understand competitor's strengths and weaknesses
Societal Marketing Orientation - Answers Acknowledges that some products that customers
want are not in the best interest of society as a whole
Green marketing, societal cause-based marketing, etc.
5 Characteristic Differences - Answers Organization's focus, Firm's business, The Customer,
Firm's Primary Goal, and the Tools Used
Customer Value - Answers Relationship between benefits and the sacrifice necessary to obtain
those benefits
Customer Satisfaction - Answers Customer evaluation on how the good / service has met their
needs
Relationship Marketing - Answers Strategy that focuses on keeping / improving relationships
with current consumers
Empowerment - Answers Delegation of customer-facing authority to lower-ranking team
members
Teamwork - Answers Collaborative efforts of people to accomplish certain common objectives
Firm's Business - Answers Sales oriented firms look at goods / services, market-oriented define
business as the benefits its customers seek
Those To Whom the Product is Directed - Answers Sales-oriented is more general target
audience, market-oriented has a more niche customer market
On-Demand Marketing - Answers Delivering relevant experiences, integrated across both
physical and virtual environments, throughout the customer's decision and buying process
Customer Expectations - Answers Want to interact anywhere, want to do new things that create
value, expect data to be used to better them, and expect easy company interaction
The Firm's Primary Goal - Answers Sales-oriented = profitability through volume, market-
