MKT 3401 Exam 1 Questions with Correct Answers Latest Update 2025/2026
What are the four different types of marketing management philosophies? - Answers 1)
Production Orientation
2) Sales Orientation
3) Market Orientation
4) Societal Marketing Orientation
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and
needs of the marketplace - Answers Product 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 - Answers Sales Orientation
A philosophy that assumes that a sale does not depend on aggressive sales force - Answers
Market Orientation
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 -
Answers Societal Marketing Orientation
Production Orientation Example - Answers Henry Ford's Model T available in any color- as long
as it is black
Sales Orientation Example - Answers Dot.com business in the late 1990s
Market Orientation Example - Answers Coach
Societal Marketing Orientation Example - Answers The Body Shop
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 -
Answers Marketing
People giving up something in order to receive something else they would rather have - Answers
Exchange
The relationship between benefits and the sacrifice necessary to obtain those benefits -
Answers Customer Value
How do you achieve a market orientation? - Answers a. Obtaining information about customers,
competitors, and markets
b. Examining the info from a total business perspective
, c. Determining how to deliver superior customer value
d. Implementing actions to provide value to customers
4 P's of Marketing - Answers Product
Place
Price
Promotion
Product - Answers i. Starting point of the marketing mix
ii. Involves tangible goods, ideas, or services
Place - Answers i. Includes storage and transportation
ii. Making products available where and when customers want them
iii. Products arrive in usable condition
Price - Answers i. Most flexible
ii. Can be changed more quickly
iii. Price x # of units sold = Total revenue
Promotion - Answers i. Advertising, Public relations, sales promotion, and personal selling
Elements of a Marketing Plan - Answers Business Mission Statement -> Situation, or SWOT,
Analysis -> Objectives -> Marketing Strategy [Target Market Strategy -> Marketing Mix (Product,
Place, Promotion, Price)] -> Implementation Evaluation Control
Is the managerial process of creating and maintaining a fit between the organization's
objectives and resources and the evolving market opportunities - Answers Strategic Planning
A subgroup of a single business or collection of related businesses within the larger
organization - Answers Strategic business unit
Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities
(O) and threats (T) - Answers SWOT and Situation Analysis
Defining a business in terms of goods and services rather than the benefits customers seek -
Answers Marketing Myopia
A statement of the firm's business based on a careful analysis of benefits sought by present
and potential customers and an analysis of existing and anticipated environmental conditions -
Answers Mission Statements
What are the four different types of marketing management philosophies? - Answers 1)
Production Orientation
2) Sales Orientation
3) Market Orientation
4) Societal Marketing Orientation
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and
needs of the marketplace - Answers Product 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 - Answers Sales Orientation
A philosophy that assumes that a sale does not depend on aggressive sales force - Answers
Market Orientation
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 -
Answers Societal Marketing Orientation
Production Orientation Example - Answers Henry Ford's Model T available in any color- as long
as it is black
Sales Orientation Example - Answers Dot.com business in the late 1990s
Market Orientation Example - Answers Coach
Societal Marketing Orientation Example - Answers The Body Shop
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 -
Answers Marketing
People giving up something in order to receive something else they would rather have - Answers
Exchange
The relationship between benefits and the sacrifice necessary to obtain those benefits -
Answers Customer Value
How do you achieve a market orientation? - Answers a. Obtaining information about customers,
competitors, and markets
b. Examining the info from a total business perspective
, c. Determining how to deliver superior customer value
d. Implementing actions to provide value to customers
4 P's of Marketing - Answers Product
Place
Price
Promotion
Product - Answers i. Starting point of the marketing mix
ii. Involves tangible goods, ideas, or services
Place - Answers i. Includes storage and transportation
ii. Making products available where and when customers want them
iii. Products arrive in usable condition
Price - Answers i. Most flexible
ii. Can be changed more quickly
iii. Price x # of units sold = Total revenue
Promotion - Answers i. Advertising, Public relations, sales promotion, and personal selling
Elements of a Marketing Plan - Answers Business Mission Statement -> Situation, or SWOT,
Analysis -> Objectives -> Marketing Strategy [Target Market Strategy -> Marketing Mix (Product,
Place, Promotion, Price)] -> Implementation Evaluation Control
Is the managerial process of creating and maintaining a fit between the organization's
objectives and resources and the evolving market opportunities - Answers Strategic Planning
A subgroup of a single business or collection of related businesses within the larger
organization - Answers Strategic business unit
Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities
(O) and threats (T) - Answers SWOT and Situation Analysis
Defining a business in terms of goods and services rather than the benefits customers seek -
Answers Marketing Myopia
A statement of the firm's business based on a careful analysis of benefits sought by present
and potential customers and an analysis of existing and anticipated environmental conditions -
Answers Mission Statements
