MKT 320 EXAMINATION SET 2026 SOLVED
QUESTIONS GRADED A+
● conditions for exchange. Answer: at least two parties
something of value present
parties capable of communication and delivery
desire to deal with other party exists
each party is free to accept or reject offer
● 4 marketing management philosophies. Answer: Production, Sales,
Market, Societal
● production orientation. Answer: a philosophy that focuses on the
internal capabilities of the firm rather than on the desires and needs of
the marketplace; can survive if competition is weak and demand exceeds
supply
● Sales Orientation. Answer: marketing is selling things and collecting
money, which lacks understanding of the needs and wants of
marketplace
● Market Orientation. Answer: focusing on customer wants and needs to
distinguish products from competitor's offerings, and focusing
, organization's activities on satisfying customers to achieve organization's
long term goals; includes researching customers and markets an
● Societal Marketing Orientation. Answer: 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 Requirements. Answer: 1. Offer products that perform
2. Earn trust
3. Avoid unrealistic pricing
4. Give the buyer facts
5. Offer organization-wide commitment in service and after-sales
support
6. Co-creation with customers
● customer satisfaction. Answer: customers' evaluation of a good or
service in terms of whether it has met their needs and expectations
● The Firm's Business. Answer: - Advantages: Ensures firm's focus on
customers, encourages innovation and creativity, stimulates an
awareness of change in customer preferences.
QUESTIONS GRADED A+
● conditions for exchange. Answer: at least two parties
something of value present
parties capable of communication and delivery
desire to deal with other party exists
each party is free to accept or reject offer
● 4 marketing management philosophies. Answer: Production, Sales,
Market, Societal
● production orientation. Answer: a philosophy that focuses on the
internal capabilities of the firm rather than on the desires and needs of
the marketplace; can survive if competition is weak and demand exceeds
supply
● Sales Orientation. Answer: marketing is selling things and collecting
money, which lacks understanding of the needs and wants of
marketplace
● Market Orientation. Answer: focusing on customer wants and needs to
distinguish products from competitor's offerings, and focusing
, organization's activities on satisfying customers to achieve organization's
long term goals; includes researching customers and markets an
● Societal Marketing Orientation. Answer: 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 Requirements. Answer: 1. Offer products that perform
2. Earn trust
3. Avoid unrealistic pricing
4. Give the buyer facts
5. Offer organization-wide commitment in service and after-sales
support
6. Co-creation with customers
● customer satisfaction. Answer: customers' evaluation of a good or
service in terms of whether it has met their needs and expectations
● The Firm's Business. Answer: - Advantages: Ensures firm's focus on
customers, encourages innovation and creativity, stimulates an
awareness of change in customer preferences.
