MKT 201/301 Test#1 Review Questions
and Answers
What is marketing? ✅✅the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Marketing is human activity directed at satisfying ____________ and ____________ wants
through _____________ processes ✅✅needs
wants
exchange
what is marketing myopia? ✅✅a lack of insight into what a business does for its customers
what is the Value Equation? ✅✅value= benefit (up)/ cost (down)
,what are the various concepts of marketing? ✅✅Product Concept- consumers will favor
product that offer the most quality, performance, and features
Production Concept- consumers will favor product that are available and highly affordable
Selling Concept- consumers will not buy enough of the firms product unless the firm
undertakes a large scale selling and promotion effort
Marketing Concept- know the needs and wants of the target markets and deliver the desired
satisfaction better than the competition
,Social Marketing Concept- Marketers have a greater social responsibility other than
superiorly satisfying their customers wants and needs. They must also strive to benefit
societies overall well-being
How do sales-oriented and market-oriented firms differ in: organizations focus? ✅✅Sales-
Oriented--> Inward
Market-Oriented--> Outward
How do sales-oriented and market-oriented firms differ in: they way they define their
business ? ✅✅Sales-Oriented--> selling goods and services
Market-Oriented--> satisfying wants and needs
How do sales-oriented and market-oriented firms differ in: their target market ? ✅✅Sales-
Oriented--> everybody
, Market-Oriented--> specific groups of people
How do sales-oriented and market-oriented firms differ in: How they make their profit ?
✅✅Sales-Oriented--> Maximum Sales Volume - (Market Share)
Market-Oriented--> customer satisfaction
How do sales-oriented and market-oriented firms differ in: The tools they use to get their
profit? ✅✅Sales-Oriented--> primarily promotion
Market-Oriented--> coordinated use of all marketing activates
Product
Price
Place
Promotion
and Answers
What is marketing? ✅✅the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Marketing is human activity directed at satisfying ____________ and ____________ wants
through _____________ processes ✅✅needs
wants
exchange
what is marketing myopia? ✅✅a lack of insight into what a business does for its customers
what is the Value Equation? ✅✅value= benefit (up)/ cost (down)
,what are the various concepts of marketing? ✅✅Product Concept- consumers will favor
product that offer the most quality, performance, and features
Production Concept- consumers will favor product that are available and highly affordable
Selling Concept- consumers will not buy enough of the firms product unless the firm
undertakes a large scale selling and promotion effort
Marketing Concept- know the needs and wants of the target markets and deliver the desired
satisfaction better than the competition
,Social Marketing Concept- Marketers have a greater social responsibility other than
superiorly satisfying their customers wants and needs. They must also strive to benefit
societies overall well-being
How do sales-oriented and market-oriented firms differ in: organizations focus? ✅✅Sales-
Oriented--> Inward
Market-Oriented--> Outward
How do sales-oriented and market-oriented firms differ in: they way they define their
business ? ✅✅Sales-Oriented--> selling goods and services
Market-Oriented--> satisfying wants and needs
How do sales-oriented and market-oriented firms differ in: their target market ? ✅✅Sales-
Oriented--> everybody
, Market-Oriented--> specific groups of people
How do sales-oriented and market-oriented firms differ in: How they make their profit ?
✅✅Sales-Oriented--> Maximum Sales Volume - (Market Share)
Market-Oriented--> customer satisfaction
How do sales-oriented and market-oriented firms differ in: The tools they use to get their
profit? ✅✅Sales-Oriented--> primarily promotion
Market-Oriented--> coordinated use of all marketing activates
Product
Price
Place
Promotion
