GB 350 CHAPTER 1 EXAM QUESTIONS
COMPLETE WITH VERIFIED ANSWERS
\.Oversees revisiting concepts in marketing and determining if those concepts
have evolved overtime and what they mean in today's marketplace - ANSWERS✔-
the American Marketing Association (AMA)
\.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
\.Any entity that can be affected or affect a marketer's actions, directly or
indirectly - ANSWERS✔-stakeholders
\.What do good marketers focus on? - ANSWERS✔-the value and benefits they
deliver to their customers, not just the goods and services they sell (aka marketing
myopia)
\.Marketing is about communication and determining what 3 things? -
ANSWERS✔-your company's value proposition, the important features and
attributes of your company's products or services, and your company's price-value
equation
\.5 conditions for exchange - ANSWERS✔--At least 2 parties involved
, -Something of value must be present
-Clear communication and delivery of terms (extremely important/huge point of
scrutiny)
-Desire to deal with the other party exists (or each party sees the other as
acceptable for exchange)
-Each party is free to accept or reject the offer
\.What does marketing work to facilitate? - ANSWERS✔-mutually beneficial
exchanges, but it does not promise that they will occur
\.What are marketing management philosophies all about? - ANSWERS✔-the
organization's perspective on how it approaches marketing strategy
\.Basic beliefs, concepts, and attitudes of an individual or group - ANSWERS✔-
philosophy
\.What are the 4 orientations of marketing? - ANSWERS✔-production, sales,
market, and societal (first 2 bad, last 2 good)
\.Production Orientation - ANSWERS✔-focuses on the internal capabilities of the
firm; "this has worked for us in the past so let's continue doing it"
\.Sales Orientation - ANSWERS✔-aggressive sales techniques and the belief that
high sales result in high profits; no focus on how to get the customers to come
back and be advocates for their brand
COMPLETE WITH VERIFIED ANSWERS
\.Oversees revisiting concepts in marketing and determining if those concepts
have evolved overtime and what they mean in today's marketplace - ANSWERS✔-
the American Marketing Association (AMA)
\.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
\.Any entity that can be affected or affect a marketer's actions, directly or
indirectly - ANSWERS✔-stakeholders
\.What do good marketers focus on? - ANSWERS✔-the value and benefits they
deliver to their customers, not just the goods and services they sell (aka marketing
myopia)
\.Marketing is about communication and determining what 3 things? -
ANSWERS✔-your company's value proposition, the important features and
attributes of your company's products or services, and your company's price-value
equation
\.5 conditions for exchange - ANSWERS✔--At least 2 parties involved
, -Something of value must be present
-Clear communication and delivery of terms (extremely important/huge point of
scrutiny)
-Desire to deal with the other party exists (or each party sees the other as
acceptable for exchange)
-Each party is free to accept or reject the offer
\.What does marketing work to facilitate? - ANSWERS✔-mutually beneficial
exchanges, but it does not promise that they will occur
\.What are marketing management philosophies all about? - ANSWERS✔-the
organization's perspective on how it approaches marketing strategy
\.Basic beliefs, concepts, and attitudes of an individual or group - ANSWERS✔-
philosophy
\.What are the 4 orientations of marketing? - ANSWERS✔-production, sales,
market, and societal (first 2 bad, last 2 good)
\.Production Orientation - ANSWERS✔-focuses on the internal capabilities of the
firm; "this has worked for us in the past so let's continue doing it"
\.Sales Orientation - ANSWERS✔-aggressive sales techniques and the belief that
high sales result in high profits; no focus on how to get the customers to come
back and be advocates for their brand
