MKT 3401 Ledet Exam 1 Questions with Correct Answers Latest Update 2025/2026
Marketing - Answers 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.
true or false
Marketing does not just focus on selling goods - Answers true
Exchange - Answers people giving up something in order to receive something else they would
rather have
Production Orientation - Answers a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace. This does not help a firm in a
competitive market.
Sales Orientation - Answers the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept - Answers 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.
Market Orientation - Answers 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
synonyms with the marketing concept.
societal marketing orientation - Answers 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 interest.
Who has the power? - Answers the customers
customer value - Answers the relationship between benefits and the sacrifice necessary to
obtain those benefits
customer satisfaction - Answers customers' evaluation of a good or service in terms of whether
it has met their needs and expectations
Empowerment - Answers delegation of authority to solve customers' problems quickly—usually
by the first person the customer notifies regarding a problem
teamwork - Answers collaborative efforts of people to accomplish common objectives
Customer Relationship Management (CRM) - Answers a company-wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly
, defined and precise customer groups
on-demand marketing - Answers delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying process
Strategic Planning - Answers the managerial process of creating and maintaining a fit between
the organization's objectives and resources and the evolving market opportunities
characteristics of an SBU - Answers -a distinct mission and a specific target market
-control over its resources
-its own competitors
-a single business
-plans independent from other SBU's
SBU - Answers Each ______ has its own rate of return on investment, growth potential, and
associated risks, and requires its own strategies and funding.
Strategic Business Unit (SBU) - Answers a subgroup of a single business or collection of related
businesses within the larger organization
A marketing plan should _____ - Answers -define the business mission
-perform a situation analysis, define objectives
-delineate a target market
-establish components of the marketing mix
Ansoff's opportunity matrix presents four options to help management develop strategic
alternatives: - Answers market penetration, market development, product development, and
diversification
market penetration - Answers a marketing strategy that tries to increase market share among
existing customers
market development - Answers a marketing strategy that entails attracting new customers to
existing products
product development - Answers a marketing strategy that entails the creation of new products
for present markets
diversification - Answers a strategy of increasing sales by introducing new products into new
markets
Marketing - Answers 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.
true or false
Marketing does not just focus on selling goods - Answers true
Exchange - Answers people giving up something in order to receive something else they would
rather have
Production Orientation - Answers a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace. This does not help a firm in a
competitive market.
Sales Orientation - Answers the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept - Answers 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.
Market Orientation - Answers 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
synonyms with the marketing concept.
societal marketing orientation - Answers 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 interest.
Who has the power? - Answers the customers
customer value - Answers the relationship between benefits and the sacrifice necessary to
obtain those benefits
customer satisfaction - Answers customers' evaluation of a good or service in terms of whether
it has met their needs and expectations
Empowerment - Answers delegation of authority to solve customers' problems quickly—usually
by the first person the customer notifies regarding a problem
teamwork - Answers collaborative efforts of people to accomplish common objectives
Customer Relationship Management (CRM) - Answers a company-wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly
, defined and precise customer groups
on-demand marketing - Answers delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying process
Strategic Planning - Answers the managerial process of creating and maintaining a fit between
the organization's objectives and resources and the evolving market opportunities
characteristics of an SBU - Answers -a distinct mission and a specific target market
-control over its resources
-its own competitors
-a single business
-plans independent from other SBU's
SBU - Answers Each ______ has its own rate of return on investment, growth potential, and
associated risks, and requires its own strategies and funding.
Strategic Business Unit (SBU) - Answers a subgroup of a single business or collection of related
businesses within the larger organization
A marketing plan should _____ - Answers -define the business mission
-perform a situation analysis, define objectives
-delineate a target market
-establish components of the marketing mix
Ansoff's opportunity matrix presents four options to help management develop strategic
alternatives: - Answers market penetration, market development, product development, and
diversification
market penetration - Answers a marketing strategy that tries to increase market share among
existing customers
market development - Answers a marketing strategy that entails attracting new customers to
existing products
product development - Answers a marketing strategy that entails the creation of new products
for present markets
diversification - Answers a strategy of increasing sales by introducing new products into new
markets
