MKTG 361 EXAM 1 QUESTIONS WITH
ACCURATE ANSWERS
marketing - ANSWER the activity for creating, communicating, delivering,
and exchanging offerings that have value for customers
exchange - ANSWER people giving up something in order to receive
something they would rather have
conditions needed for exchange to be POSSIBLE - ANSWER 5 conditions
needed for exchange to be possible:
1) there must be at least two parties
2) each party has something that might be of value to the other
3) each party can communicate and deliver
4) each party can accept or reject the exchange offer
5) each party believes it is acceptable to deal with other party
marketing philosophies - ANSWER 4 marketing philosophies (PMSS)
1) production orientation
2) sales orientation
3) marketing orientation
4) social orientation
production orientation - ANSWER focus on internal strengths of the firm
sales orientation - ANSWER focus on aggressive sales technique and
belief that high sales result in high profits
marketing orientation - ANSWER focus on satisfying customer needs and
wants while meeting objectives
social orientation - ANSWER focus on customer needs while enhancing
societal well being
, differences between sales and marketing orientation - ANSWER 4
differences between two orientations
1) the firm focus and business
2) those to whom the product is directed
3) the firms primary goal
4) tools used to achieve these goals
customer satisfaction - ANSWER the customers' evaluation of a service in
terms of whether it has met their expectations
ways to expand market share - ANSWER 3 ways to increase market share
1) attract new customers
2) increase business with existing customers
3) retain current customers
relationship marketing - ANSWER strategy that focuses on keeping and
improving relationships with current customers
tools sales oriented firms use to achieve its goals - ANSWER seek to
generate sales volume through promotions and advertising
tools market oriented firms use to achieve its goals - ANSWER 4 tools used
(four Ps)
1) product decisions
2) place decisions
3) price decisions
4) promotion decisions
value of price decisions - ANSWER delivering value
value of promotion decisions - ANSWER communicating value
value of product decision - ANSWER creating value
value of place decisions - ANSWER creating value
process of good in sales orientation - ANSWER starts in factory, sells
existing products through promotion and advertisement in order to gain
profits through sales volume
ACCURATE ANSWERS
marketing - ANSWER the activity for creating, communicating, delivering,
and exchanging offerings that have value for customers
exchange - ANSWER people giving up something in order to receive
something they would rather have
conditions needed for exchange to be POSSIBLE - ANSWER 5 conditions
needed for exchange to be possible:
1) there must be at least two parties
2) each party has something that might be of value to the other
3) each party can communicate and deliver
4) each party can accept or reject the exchange offer
5) each party believes it is acceptable to deal with other party
marketing philosophies - ANSWER 4 marketing philosophies (PMSS)
1) production orientation
2) sales orientation
3) marketing orientation
4) social orientation
production orientation - ANSWER focus on internal strengths of the firm
sales orientation - ANSWER focus on aggressive sales technique and
belief that high sales result in high profits
marketing orientation - ANSWER focus on satisfying customer needs and
wants while meeting objectives
social orientation - ANSWER focus on customer needs while enhancing
societal well being
, differences between sales and marketing orientation - ANSWER 4
differences between two orientations
1) the firm focus and business
2) those to whom the product is directed
3) the firms primary goal
4) tools used to achieve these goals
customer satisfaction - ANSWER the customers' evaluation of a service in
terms of whether it has met their expectations
ways to expand market share - ANSWER 3 ways to increase market share
1) attract new customers
2) increase business with existing customers
3) retain current customers
relationship marketing - ANSWER strategy that focuses on keeping and
improving relationships with current customers
tools sales oriented firms use to achieve its goals - ANSWER seek to
generate sales volume through promotions and advertising
tools market oriented firms use to achieve its goals - ANSWER 4 tools used
(four Ps)
1) product decisions
2) place decisions
3) price decisions
4) promotion decisions
value of price decisions - ANSWER delivering value
value of promotion decisions - ANSWER communicating value
value of product decision - ANSWER creating value
value of place decisions - ANSWER creating value
process of good in sales orientation - ANSWER starts in factory, sells
existing products through promotion and advertisement in order to gain
profits through sales volume
