GB 350 Ch 1 Exam Questions and
Answers
Any entity that can be affected or affect a marketer's actions, directly or indirectly -
ANSWER-stakeholders
What do good marketers focus on? - ANSWER-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? - ANSWER-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 - ANSWER--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? - ANSWER-mutually beneficial exchanges,
but it does not promise that they will occur
What are marketing management philosophies all about? - ANSWER-the
organization's perspective on how it approaches marketing strategy
Basic beliefs, concepts, and attitudes of an individual or group - ANSWER-
philosophy
What are the 4 orientations of marketing? - ANSWER-production, sales, market, and
societal (first 2 bad, last 2 good)
Production Orientation - ANSWER-focuses on the internal capabilities of the firm;
"this has worked for us in the past so let's continue doing it"
Sales Orientation - ANSWER-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
Market Orientation - ANSWER-satisfying customer wants and needs while meeting
organizational objectives
Answers
Any entity that can be affected or affect a marketer's actions, directly or indirectly -
ANSWER-stakeholders
What do good marketers focus on? - ANSWER-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? - ANSWER-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 - ANSWER--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? - ANSWER-mutually beneficial exchanges,
but it does not promise that they will occur
What are marketing management philosophies all about? - ANSWER-the
organization's perspective on how it approaches marketing strategy
Basic beliefs, concepts, and attitudes of an individual or group - ANSWER-
philosophy
What are the 4 orientations of marketing? - ANSWER-production, sales, market, and
societal (first 2 bad, last 2 good)
Production Orientation - ANSWER-focuses on the internal capabilities of the firm;
"this has worked for us in the past so let's continue doing it"
Sales Orientation - ANSWER-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
Market Orientation - ANSWER-satisfying customer wants and needs while meeting
organizational objectives
