MRKT 345 ULL EXAM 1 QUESTIONS & ANSWERS
What are the two facets of marketing? - answers -set of philosophies based on
customer satisfaction and a set of activities that a company should do
What is marketing according to the ama? - answers -marketing is creating,
communicating, and delivering value to consumers that helps in satisfying and building
relationships with them
Marketing facilitates exchange between what? - answers -goods and services or ideas
between 2 parties (buyer and seller)
In order to facilitate change, a firm has to what? - answers -understand the needs and
wants of customers, try to satisfy customer, and company will make a profit
What is exchange? - answers -a give and take relationship
What are the conditions of exchange? - answers --2 or more parties involved
-parties have to have desire and ability to satisfy needs
-communication between parties
-parties should have freedom to accept or reject offer
-something of value should be delivered to either of the parties
What do companies do to overcome clutter? - answers -companies make ads more
appealing
What are the 3 types of appeal? - answers -humor, fear, and sex
What is societal marketing orientation? - answers -understanding the needs and wants
of customers as well as benefitting society
Example: bill gates foundation
What is marketing orientation? - answers -understanding the needs and wants of
customers to satisfy them
What is customer centricity? - answers -keeping customers in the center
What is production orientation? - answers -internal efficiency which causing a drop in
price
What is sales orientation? - answers -aggressive method of selling to increase profit
Increased sales increasing profit
Organization focus - answers -sales orientation: inward
Market orientation: outward
, Firms business - answers -sales orientation: whatever manufactured
Market orientation: needs and wants of customers
Product directed - answers -sales orientation: everyone
Market orientation: target market
Firm's primary goal - answers -sales orientation: sales makes profit
Market orientation: satisfaction makes profit
Tools used - answers -sales orientation: intensive promotion, easily found, owners try
to promote product (commission)
Market orientation: coordinated promotion, strong relationships with supply
chain>manufacturer>wholesaler>retailer>consumer
Supply chain - answers -sales orientation: high unit value, high price, not frequent
Market orientation: low unit value, low price, buy frequently
What is customer value? - answers -difference between benefit of the product - cost of
the product
What is customer satisfaction? - answers -difference between the performance of the
product - what you had expected from the product
Performance < expected = dissatisfied - answers -performance > expected = delighted
What is relationship marketing? - answers -long term, mutual relationship(s) with
customers which leads to loyalty in the minds of the customers which increases profit
How do you build customer relationships? - answers -listen to the customers
Focus on the 4 p's
Exploit your technology to the max
What is strategic planning? - answers -long-term planning
Improving quality
Planning that incorporates the objective of the company and the resources that the
company has
What is marketing planning? - answers -written documentation of what an organization
wants to achieve in the long run and how to achieve it
Why should you have a marketing plan? - answers --a basis for comparison for actual
performance and expected performance
-clearly stated activities that help achieve goals
-a reference point for future activities
-market scanning
What are the two facets of marketing? - answers -set of philosophies based on
customer satisfaction and a set of activities that a company should do
What is marketing according to the ama? - answers -marketing is creating,
communicating, and delivering value to consumers that helps in satisfying and building
relationships with them
Marketing facilitates exchange between what? - answers -goods and services or ideas
between 2 parties (buyer and seller)
In order to facilitate change, a firm has to what? - answers -understand the needs and
wants of customers, try to satisfy customer, and company will make a profit
What is exchange? - answers -a give and take relationship
What are the conditions of exchange? - answers --2 or more parties involved
-parties have to have desire and ability to satisfy needs
-communication between parties
-parties should have freedom to accept or reject offer
-something of value should be delivered to either of the parties
What do companies do to overcome clutter? - answers -companies make ads more
appealing
What are the 3 types of appeal? - answers -humor, fear, and sex
What is societal marketing orientation? - answers -understanding the needs and wants
of customers as well as benefitting society
Example: bill gates foundation
What is marketing orientation? - answers -understanding the needs and wants of
customers to satisfy them
What is customer centricity? - answers -keeping customers in the center
What is production orientation? - answers -internal efficiency which causing a drop in
price
What is sales orientation? - answers -aggressive method of selling to increase profit
Increased sales increasing profit
Organization focus - answers -sales orientation: inward
Market orientation: outward
, Firms business - answers -sales orientation: whatever manufactured
Market orientation: needs and wants of customers
Product directed - answers -sales orientation: everyone
Market orientation: target market
Firm's primary goal - answers -sales orientation: sales makes profit
Market orientation: satisfaction makes profit
Tools used - answers -sales orientation: intensive promotion, easily found, owners try
to promote product (commission)
Market orientation: coordinated promotion, strong relationships with supply
chain>manufacturer>wholesaler>retailer>consumer
Supply chain - answers -sales orientation: high unit value, high price, not frequent
Market orientation: low unit value, low price, buy frequently
What is customer value? - answers -difference between benefit of the product - cost of
the product
What is customer satisfaction? - answers -difference between the performance of the
product - what you had expected from the product
Performance < expected = dissatisfied - answers -performance > expected = delighted
What is relationship marketing? - answers -long term, mutual relationship(s) with
customers which leads to loyalty in the minds of the customers which increases profit
How do you build customer relationships? - answers -listen to the customers
Focus on the 4 p's
Exploit your technology to the max
What is strategic planning? - answers -long-term planning
Improving quality
Planning that incorporates the objective of the company and the resources that the
company has
What is marketing planning? - answers -written documentation of what an organization
wants to achieve in the long run and how to achieve it
Why should you have a marketing plan? - answers --a basis for comparison for actual
performance and expected performance
-clearly stated activities that help achieve goals
-a reference point for future activities
-market scanning
