D174 - CHAPTER 1 STUDY GUIDE
QUESTIONS WITH VERIFIED ANSWERS
\.Define Marketing - ANSWERS✔-". . . 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" (American
Marketing Association, 2020).
\.What are Two Core marketing concepts? Define them. - ANSWERS✔-Value - why
a product is beneficial for a customer
Exchange - what a customer is willing to give for a product
\.What are five conditions that need to be present for an exchange to take place? -
ANSWERS✔-1. there must be at least 2 parties
2. each party has something of value for the other party
3. each party is capable of communication and delivery
4. each party is free to accept or reject the exchange
5. each party believes it is appropriate to deal or interact with the other party
\.Identify the key characteristics of production orientation companies -
ANSWERS✔-1. Focus on product
2. Good products sell themselves
QUESTIONS WITH VERIFIED ANSWERS
\.Define Marketing - ANSWERS✔-". . . 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" (American
Marketing Association, 2020).
\.What are Two Core marketing concepts? Define them. - ANSWERS✔-Value - why
a product is beneficial for a customer
Exchange - what a customer is willing to give for a product
\.What are five conditions that need to be present for an exchange to take place? -
ANSWERS✔-1. there must be at least 2 parties
2. each party has something of value for the other party
3. each party is capable of communication and delivery
4. each party is free to accept or reject the exchange
5. each party believes it is appropriate to deal or interact with the other party
\.Identify the key characteristics of production orientation companies -
ANSWERS✔-1. Focus on product
2. Good products sell themselves
