MKT 3401 Midterm Review / of Key Quizzes &
Correct Answers.
Marketing - Answer: 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 - Answer: people giving up something in order to receive something else they would
rather have
Customer Value - Answer: the relationship between benefits and the sacrifice necessary to
obtain those benefits
4 Marketing Management Philosophies - Answer: 1. Production Orientation
2. Sales Orientation
3. Marketing Orientation
4. Societal Orientation
Production Orientation - Answer: a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace
Sales Orientation - Answer: the ideas that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
Marketing Orientation - Answer: 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
, How to achieve a marketing orientation - Answer: - Obtain information about customers,
competitors, and markets
- Examine the information from a total business perspective
- Determine how to deliver superior customer value
- Implement actions to provide value to customers
Societal Orientation - Answer: the idea that an organization exists not only to satisfy customer
wants and needs and to meet organizational objectives but also to preserve of enhance
individuals' long-term best interests
Marketing Mix (4 P's) - Answer: 1. Product
2. Price
3. Place
4. Promotion
Elements of a Marketing Plan - Answer: - Business Mission Statement
- SWOT Analysis
- Objectives
- Marketing Strategy
- Implementation Evaluation Control
Strategic Planning - Answer: the managerial process of creating and maintaining a fit between
the organization's objectives and resources and the evolving market opportunities
Strategic Business Unit (SBU) - Answer: a subgroup of a single business or collection of related
businesses within the larger organization
Correct Answers.
Marketing - Answer: 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 - Answer: people giving up something in order to receive something else they would
rather have
Customer Value - Answer: the relationship between benefits and the sacrifice necessary to
obtain those benefits
4 Marketing Management Philosophies - Answer: 1. Production Orientation
2. Sales Orientation
3. Marketing Orientation
4. Societal Orientation
Production Orientation - Answer: a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace
Sales Orientation - Answer: the ideas that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
Marketing Orientation - Answer: 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
, How to achieve a marketing orientation - Answer: - Obtain information about customers,
competitors, and markets
- Examine the information from a total business perspective
- Determine how to deliver superior customer value
- Implement actions to provide value to customers
Societal Orientation - Answer: the idea that an organization exists not only to satisfy customer
wants and needs and to meet organizational objectives but also to preserve of enhance
individuals' long-term best interests
Marketing Mix (4 P's) - Answer: 1. Product
2. Price
3. Place
4. Promotion
Elements of a Marketing Plan - Answer: - Business Mission Statement
- SWOT Analysis
- Objectives
- Marketing Strategy
- Implementation Evaluation Control
Strategic Planning - Answer: the managerial process of creating and maintaining a fit between
the organization's objectives and resources and the evolving market opportunities
Strategic Business Unit (SBU) - Answer: a subgroup of a single business or collection of related
businesses within the larger organization
