MKT 320F Unit 1 with comprehensive Questions and Answers
Marketing✔️✔️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
Exchange✔️✔️people giving up something in order to receive something else they would rather
have
What are the five conditions of exchange?✔️✔️1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
What are the four marketing management philosophies?✔️✔️production orientation, sales
orientation, market orientation, and societal marketing orientation.
Production Orientation✔️✔️a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace
Sales Orientation✔️✔️the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits
Market Orientation✔️✔️a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
, Societal Marketing Orientation✔️✔️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
Marketing Concept✔️✔️the idea that the social and economic justification for an organization's
existence is the satisfaction of customer wants and needs while meeting organizational objectives
What are the 5 differences between sales and market orientations?✔️✔️1. Sales oriented firms
focus on their own needs while market oriented firms focus on their customer's needs and
preferences.
2. Sales-oriented companies consider themselves to be deliverers of goods and services, whereas
market-oriented companies view themselves as satisfiers of customers.
3. Sales-oriented firms direct their products to everyone; market-oriented firms aim at specific
segments of the population.
4. Sales-oriented organizations place a higher premium on making a sale, while market- oriented
businesses seek a long-term relationship with the customer.
5. Sales-oriented businesses pursue maximum sales volume through intensive promotion,
whereas market-oriented businesses pursue customer satisfaction through coordinated activities.
Customer Value✔️✔️the relationship between benefits and the sacrifice necessary to obtain those
benefits
Customer Satisfaction✔️✔️customers' evaluation of a good or service in terms of whether it has
met their needs and expectations
Relationship Marketing✔️✔️a strategy that focuses on keeping and improving relationships with
current customers
Empowerment✔️✔️delegation of authority to solve customers' problems quickly—usually by the
first person the customer notifies regarding a problem
Teamwork✔️✔️collaborative efforts of people to accomplish common objectives
Marketing✔️✔️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
Exchange✔️✔️people giving up something in order to receive something else they would rather
have
What are the five conditions of exchange?✔️✔️1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
What are the four marketing management philosophies?✔️✔️production orientation, sales
orientation, market orientation, and societal marketing orientation.
Production Orientation✔️✔️a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace
Sales Orientation✔️✔️the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits
Market Orientation✔️✔️a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
, Societal Marketing Orientation✔️✔️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
Marketing Concept✔️✔️the idea that the social and economic justification for an organization's
existence is the satisfaction of customer wants and needs while meeting organizational objectives
What are the 5 differences between sales and market orientations?✔️✔️1. Sales oriented firms
focus on their own needs while market oriented firms focus on their customer's needs and
preferences.
2. Sales-oriented companies consider themselves to be deliverers of goods and services, whereas
market-oriented companies view themselves as satisfiers of customers.
3. Sales-oriented firms direct their products to everyone; market-oriented firms aim at specific
segments of the population.
4. Sales-oriented organizations place a higher premium on making a sale, while market- oriented
businesses seek a long-term relationship with the customer.
5. Sales-oriented businesses pursue maximum sales volume through intensive promotion,
whereas market-oriented businesses pursue customer satisfaction through coordinated activities.
Customer Value✔️✔️the relationship between benefits and the sacrifice necessary to obtain those
benefits
Customer Satisfaction✔️✔️customers' evaluation of a good or service in terms of whether it has
met their needs and expectations
Relationship Marketing✔️✔️a strategy that focuses on keeping and improving relationships with
current customers
Empowerment✔️✔️delegation of authority to solve customers' problems quickly—usually by the
first person the customer notifies regarding a problem
Teamwork✔️✔️collaborative efforts of people to accomplish common objectives
