WGU D174 - CHAPTER 1 QUESTIONS AND CORRECT
ANSWERS
Define Marketing - Answers - ". . . 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" (American Marketing Association,
2020).
What are Two Core marketing concepts? Define them. - Answers - Value - why a
product is beneficial for a customer
Exchange - what a customer is willing to give for a product
What are five conditions that need to be present for an exchange to take place? -
Answers - 1. there must be at least 2 parties
2. each party has something of value for the other party
3. each party is capable of communication and delivery
4. each party is free to accept or reject the exchange
5. each party believes it is appropriate to deal or interact with the other party
Identify the key characteristics of production orientation companies - Answers - 1. Focus
on product
2. Good products sell themselves
3. Selling enough of a product will provide profit
4. Don't worry about the marketplace or customer desires
Identify the key characteristics of Sales orientation companies - Answers - People will
buy more of a product if aggressive sales tactics are implemented
What specific shifts did businesses see before the advent of the Marketing concept? -
Answers - from production to selling to an integrated approach that focuses on the
customer and supports long term profits
What are key components of the Marketing mix? - Answers - 4Ps: product, place, price,
promotion
Additional 3Ps: people, process, physical evidence
What are the Post-Marketing concept approaches? - Answers - product differentiation
and relationship building
What is the Big M approach in marketing? Summarize 5 points that are relevant to this
approach. - Answers - Big M deals with strategy and little m deals with tactics.
1.
ANSWERS
Define Marketing - Answers - ". . . 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" (American Marketing Association,
2020).
What are Two Core marketing concepts? Define them. - Answers - Value - why a
product is beneficial for a customer
Exchange - what a customer is willing to give for a product
What are five conditions that need to be present for an exchange to take place? -
Answers - 1. there must be at least 2 parties
2. each party has something of value for the other party
3. each party is capable of communication and delivery
4. each party is free to accept or reject the exchange
5. each party believes it is appropriate to deal or interact with the other party
Identify the key characteristics of production orientation companies - Answers - 1. Focus
on product
2. Good products sell themselves
3. Selling enough of a product will provide profit
4. Don't worry about the marketplace or customer desires
Identify the key characteristics of Sales orientation companies - Answers - People will
buy more of a product if aggressive sales tactics are implemented
What specific shifts did businesses see before the advent of the Marketing concept? -
Answers - from production to selling to an integrated approach that focuses on the
customer and supports long term profits
What are key components of the Marketing mix? - Answers - 4Ps: product, place, price,
promotion
Additional 3Ps: people, process, physical evidence
What are the Post-Marketing concept approaches? - Answers - product differentiation
and relationship building
What is the Big M approach in marketing? Summarize 5 points that are relevant to this
approach. - Answers - Big M deals with strategy and little m deals with tactics.
1.
