MKT 337 Exam 1 Questions and All
Actual Answers 2026 Updated.
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
5 steps of an exchange - Answer 1. There must be at least two parties.
2. Each party has something that might be of value to the other party
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
The 4 competing philosophies that influence an organization's marketing process - Answer 1.
Production
2. Sales
3. Market
4. Societal Marketing Orientations
production orientation - Answer a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace. (What can we do best/Where do
our talents lie?)
sales orientation - Answer the belief that people will buy more goods and service if
aggressive sales techniques are used and that high sales result in high profits
marketing concept - Answer 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 - 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
, societal marketing 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 or
enhance individuals' and society's long-term best interests
customer value - Answer the relationship between benefits and the sacrifice necessary to
obtain those benefits
customer satisfaction - Answer customers' evaluation of a good or service in terms of
whether it has met their expectation or needs
relationship marketing - Answer a strategy that focuses on keeping and improving
relationships with current customers
empowerment - Answer delegation of authority to solve customers' problems quickly-
usually by the first person the customer notifies regarding problem
The organization's focus - Answer 1) Customer Value
2) Customer Satisfaction
3) Building Relationships
4) Customer-Oriented Personnel
5) The Role of Training
6) Empowerment
7) Teamwork
Teamwork - Answer collaborative efforts of people to accomplish common objectives
Customer Relationship Management - Answer 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 - Answer delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying process
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
Actual Answers 2026 Updated.
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
5 steps of an exchange - Answer 1. There must be at least two parties.
2. Each party has something that might be of value to the other party
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
The 4 competing philosophies that influence an organization's marketing process - Answer 1.
Production
2. Sales
3. Market
4. Societal Marketing Orientations
production orientation - Answer a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace. (What can we do best/Where do
our talents lie?)
sales orientation - Answer the belief that people will buy more goods and service if
aggressive sales techniques are used and that high sales result in high profits
marketing concept - Answer 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 - 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
, societal marketing 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 or
enhance individuals' and society's long-term best interests
customer value - Answer the relationship between benefits and the sacrifice necessary to
obtain those benefits
customer satisfaction - Answer customers' evaluation of a good or service in terms of
whether it has met their expectation or needs
relationship marketing - Answer a strategy that focuses on keeping and improving
relationships with current customers
empowerment - Answer delegation of authority to solve customers' problems quickly-
usually by the first person the customer notifies regarding problem
The organization's focus - Answer 1) Customer Value
2) Customer Satisfaction
3) Building Relationships
4) Customer-Oriented Personnel
5) The Role of Training
6) Empowerment
7) Teamwork
Teamwork - Answer collaborative efforts of people to accomplish common objectives
Customer Relationship Management - Answer 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 - Answer delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying process
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
