MARKETING 3310 WOLTER
FINAL EXAM QUESTIONS AND
DETAILED SOLUTIONS LATEST
UPDATE 2026/2027 .
,1. What are the eras of different orientations in the history of American busi-ness?: Simple Trade Era - families traded with
each other
Production Era (1860-1920) - Company focused on production of a few goods
Sales Era (1920-1950) - Company emphasizes selling because of increased competition.
Marketing Era - when all marketing activities are brought under one department. (marketing dept era, marketing company era, relationship marketing era, 1 to 1 era
2. Are all companies now in the marketing era?: no
3. What are the two characteristics that define a market ✔✔ ANSW ability and desire to purchase
4. What is marketing ✔✔ ANSW Co-creation of Value
...a business philosophy (marketing concept)
...a business discipline (marketing ideas)
...a distinct unit in an organization (marketing department)
...a set of business activities (market research, etc.)
5. What is marketing not ✔✔ ANSW Advertising, a necessary tool, the devil, selling more things to more people for more money
6. What is the marketing concept ✔✔ ANSW Extent that a company focuses on a customers needs, wants, desires, and then a profit
7. What is a market orientation ✔✔ ANSW How integrated the concept has become(< Not sure this is accurate) The primary responsibility of a business is
to fulfill the needs, wants, and desires of customers. ......................................................................................................while making a
profit.
From the book: "Instead of just trying to get customers to buy what therm has produced, a marketing-oriented firm tries to otter customers what they need."
8. What 3 characteristics of a firm are needed to be market oriented ✔✔ ANSW Generate
info about the market
Disseminate info through the company Incentivize use of
the info
9. What is a production orientation and how does this exemplify narrow think-
, ing ✔✔ ANSW Just focused on the product, can lead to marketing myopia
10. What is value ✔✔ ANSW What you get / What you give
11. What is the unique contribution of marketing to a firm ✔✔ ANSW Acquiring resources from customers
12. What is a shareholder orientation ✔✔ ANSW Focused on maximizing returns to shareholders
13. What are potential problems with a focus on shareholders ✔✔ ANSW Makes people have a short term focus and you can mine
profit by undermining the long term viability
14. What is the macro-micro dilemma ✔✔ ANSW Micro decisions aren't unethical create a macro problem. What may be beneficial to some
companies or customer may be harmful to others or the environment.
15. What is the Milton Friedman view of businesses role in the world ✔✔ ANSW Make money as long as it is legal and not
fraudulent; no matter what the cost to society
"There is one and only one social responsibility of business -- to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of
the game, which is to say, engages in open and free competition without deception or
"fraud."
16. What is an argument for why this (Milton Friedman) is the correct view ✔✔ ANSW A business cannot run without
money. Technology will gradually improve due to competition
17. What are the 3 arguments for businesses to engage in other causes besides seeking a profit ✔✔ ANSW Businesses have the
best talent and resources
Consumers want them to do it Problems are too big
18. What is a stakeholder ✔✔ ANSW Customers, employees, investors and community
19. What is stakeholder orientation (i.e., responsibility) ✔✔ ANSW Being oriented between the stakeholder
firms obligation to improve its positive ettect on all people who have a stake in the company.
20. What is a societal orientation (i.e., responsibility?): Putting human welfare on the top of the priority list even before profits. This concept
FINAL EXAM QUESTIONS AND
DETAILED SOLUTIONS LATEST
UPDATE 2026/2027 .
,1. What are the eras of different orientations in the history of American busi-ness?: Simple Trade Era - families traded with
each other
Production Era (1860-1920) - Company focused on production of a few goods
Sales Era (1920-1950) - Company emphasizes selling because of increased competition.
Marketing Era - when all marketing activities are brought under one department. (marketing dept era, marketing company era, relationship marketing era, 1 to 1 era
2. Are all companies now in the marketing era?: no
3. What are the two characteristics that define a market ✔✔ ANSW ability and desire to purchase
4. What is marketing ✔✔ ANSW Co-creation of Value
...a business philosophy (marketing concept)
...a business discipline (marketing ideas)
...a distinct unit in an organization (marketing department)
...a set of business activities (market research, etc.)
5. What is marketing not ✔✔ ANSW Advertising, a necessary tool, the devil, selling more things to more people for more money
6. What is the marketing concept ✔✔ ANSW Extent that a company focuses on a customers needs, wants, desires, and then a profit
7. What is a market orientation ✔✔ ANSW How integrated the concept has become(< Not sure this is accurate) The primary responsibility of a business is
to fulfill the needs, wants, and desires of customers. ......................................................................................................while making a
profit.
From the book: "Instead of just trying to get customers to buy what therm has produced, a marketing-oriented firm tries to otter customers what they need."
8. What 3 characteristics of a firm are needed to be market oriented ✔✔ ANSW Generate
info about the market
Disseminate info through the company Incentivize use of
the info
9. What is a production orientation and how does this exemplify narrow think-
, ing ✔✔ ANSW Just focused on the product, can lead to marketing myopia
10. What is value ✔✔ ANSW What you get / What you give
11. What is the unique contribution of marketing to a firm ✔✔ ANSW Acquiring resources from customers
12. What is a shareholder orientation ✔✔ ANSW Focused on maximizing returns to shareholders
13. What are potential problems with a focus on shareholders ✔✔ ANSW Makes people have a short term focus and you can mine
profit by undermining the long term viability
14. What is the macro-micro dilemma ✔✔ ANSW Micro decisions aren't unethical create a macro problem. What may be beneficial to some
companies or customer may be harmful to others or the environment.
15. What is the Milton Friedman view of businesses role in the world ✔✔ ANSW Make money as long as it is legal and not
fraudulent; no matter what the cost to society
"There is one and only one social responsibility of business -- to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of
the game, which is to say, engages in open and free competition without deception or
"fraud."
16. What is an argument for why this (Milton Friedman) is the correct view ✔✔ ANSW A business cannot run without
money. Technology will gradually improve due to competition
17. What are the 3 arguments for businesses to engage in other causes besides seeking a profit ✔✔ ANSW Businesses have the
best talent and resources
Consumers want them to do it Problems are too big
18. What is a stakeholder ✔✔ ANSW Customers, employees, investors and community
19. What is stakeholder orientation (i.e., responsibility) ✔✔ ANSW Being oriented between the stakeholder
firms obligation to improve its positive ettect on all people who have a stake in the company.
20. What is a societal orientation (i.e., responsibility?): Putting human welfare on the top of the priority list even before profits. This concept
