MARKETING 3310 WOLTER FINAL
EXAM QUESTIONS AND ANSWERS
GRADED A+ 2026
What are the eras of different orientations in the history of American business? - ANS Simple
Trade Era - families traded with each other
Production Era (1860-1920) - Company focused on production of a few goods
Sales Era (1920-1950) - Company emphasizes selling because of increased competition.
Marketing Era - when all marketing activities are brought under one department. (marketing
dept era, marketing company era, relationship marketing era, 1 to 1 era
Are all companies now in the marketing era? - ANS no
What are the two characteristics that define a market? - ANS ability and desire to purchase
What is marketing? - ANS Co-creation of Value
...a business philosophy (marketing concept)
...a business discipline (marketing ideas)
...a distinct unit in an organization (marketing department)
...a set of business activities (market research, etc.)
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,What is marketing not? - ANS Advertising, a necessary tool, the devil, selling more things to
more people for more money
What is the marketing concept? - ANS Extent that a company focuses on a customers needs,
wants, desires, and then a profit
What is a market orientation? - ANS How integrated the concept has become(< Not sure this
is accurate)
The primary responsibility of a business is to fulfill the needs, wants, and desires of
customers......while making a profit.
From the book: "Instead of just trying to get customers to buy what therm has produced, a
marketing-oriented firm tries to offer customers what they need."
What 3 characteristics of a firm are needed to be market oriented? - ANS Generate info
about the market
Disseminate info through the company
Incentivize use of the info
What is a production orientation and how does this exemplify narrow thinking? - ANS Just
focused on the product, can lead to marketing myopia
What is value? - ANS What you get / What you give
What is the unique contribution of marketing to a firm? - ANS Acquiring resources from
customers
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
, What is a shareholder orientation? - ANS Focused on maximizing returns to shareholders
What are potential problems with a focus on shareholders? - ANS Makes people have a short
term focus and you can mine profit by undermining the long term viability
What is the macro-micro dilemma? - ANS Micro decisions aren't unethical create a macro
problem. What may be beneficial to some companies or customer may be harmful to others or
the environment.
What is the Milton Friedman view of businesses role in the world? - ANS Make money as long
as it is legal and not fraudulent; no matter what the cost to society
"There is one and only one social responsibility of business -- to use it resources and engage in
activities designed to increase its profits so long as it stays within the rules of the game, which is
to say, engages in open and free competition without deception or
"fraud."
What is an argument for why this (Milton Friedman) is the correct view? - ANS A business
cannot run without money. Technology will gradually improve due to competition
What are the 3 arguments for businesses to engage in other causes besides seeking a profit? -
ANS Businesses have the best talent and resources
Consumers want them to do it
Problems are too big
What is a stakeholder? - ANS Customers, employees, investors and community
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
EXAM QUESTIONS AND ANSWERS
GRADED A+ 2026
What are the eras of different orientations in the history of American business? - ANS Simple
Trade Era - families traded with each other
Production Era (1860-1920) - Company focused on production of a few goods
Sales Era (1920-1950) - Company emphasizes selling because of increased competition.
Marketing Era - when all marketing activities are brought under one department. (marketing
dept era, marketing company era, relationship marketing era, 1 to 1 era
Are all companies now in the marketing era? - ANS no
What are the two characteristics that define a market? - ANS ability and desire to purchase
What is marketing? - ANS Co-creation of Value
...a business philosophy (marketing concept)
...a business discipline (marketing ideas)
...a distinct unit in an organization (marketing department)
...a set of business activities (market research, etc.)
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,What is marketing not? - ANS Advertising, a necessary tool, the devil, selling more things to
more people for more money
What is the marketing concept? - ANS Extent that a company focuses on a customers needs,
wants, desires, and then a profit
What is a market orientation? - ANS How integrated the concept has become(< Not sure this
is accurate)
The primary responsibility of a business is to fulfill the needs, wants, and desires of
customers......while making a profit.
From the book: "Instead of just trying to get customers to buy what therm has produced, a
marketing-oriented firm tries to offer customers what they need."
What 3 characteristics of a firm are needed to be market oriented? - ANS Generate info
about the market
Disseminate info through the company
Incentivize use of the info
What is a production orientation and how does this exemplify narrow thinking? - ANS Just
focused on the product, can lead to marketing myopia
What is value? - ANS What you get / What you give
What is the unique contribution of marketing to a firm? - ANS Acquiring resources from
customers
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
, What is a shareholder orientation? - ANS Focused on maximizing returns to shareholders
What are potential problems with a focus on shareholders? - ANS Makes people have a short
term focus and you can mine profit by undermining the long term viability
What is the macro-micro dilemma? - ANS Micro decisions aren't unethical create a macro
problem. What may be beneficial to some companies or customer may be harmful to others or
the environment.
What is the Milton Friedman view of businesses role in the world? - ANS Make money as long
as it is legal and not fraudulent; no matter what the cost to society
"There is one and only one social responsibility of business -- to use it resources and engage in
activities designed to increase its profits so long as it stays within the rules of the game, which is
to say, engages in open and free competition without deception or
"fraud."
What is an argument for why this (Milton Friedman) is the correct view? - ANS A business
cannot run without money. Technology will gradually improve due to competition
What are the 3 arguments for businesses to engage in other causes besides seeking a profit? -
ANS Businesses have the best talent and resources
Consumers want them to do it
Problems are too big
What is a stakeholder? - ANS Customers, employees, investors and community
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
