MKTG 351 Midterm 1 Chapters
1-7 Questions and Complete
Solutions Graded A+
Strategic Planning - Answer: is the process of creating and maintaining a fit between the organization's
objectives and resources and the evolving market opportunities.
Which of the following is the definition of 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.
Which of the following are true of marketing? Check all that apply. - Answer: It involves building long-
term, mutually beneficial relationships.
It is a philosophy or perspective that stresses customer satisfaction.
It entails processes that focus on delivering value and benefits to customers.
When someone gives up something in order to receive something else they would rather have, it is
called: - Answer: an exchange.
All of the following are conditions of an exchange: - Answer: each party has something that might be of
value to the other party
at least two parties are required.
each party is free to accept or reject the exchange offer.
A production orientation philosophy focuses on - Answer: A production orientation philosophy focuses
on
, A production orientation philosophy - Answer: does not consider whether the goods and services that a
firm produces most efficiently meet the needs of the marketplace.
Which of the following statements is true of production-oriented firms? - Answer: These firms survive
and prosper where competition is weak.
Which of the following statements is a difference between a production orientation and a sales
orientation? - Answer: A production orientation focuses on the internal capabilities of a firm, while a
sales orientation focusses on increasing a firm's profits by using aggressive advertisements.
Which of the following statements is true of firms that succeed in competitive markets? - Answer: They
first determine what customers want and then produce it.
In the context of marketing management philosophies, a sales orientation aims at - Answer: In the
context of marketing management philosophies, a sales orientation aims at
In the context of a sales orientation, which of the following statements is true of marketing? - Answer:
Marketing is concerned with selling things and collecting money
The _____ is the idea that an organization exists not only to satisfy customer wants and needs but also
to preserve individuals' long-term best interests. - Answer: societal marketing orientation
Which of the following is a reason for firms to adopt a societal marketing orientation? - Answer:
Growing environmental concerns
Which of the following activities is not correct about the marketing concept? - Answer: Implementing
effective and high-quality sales techniques to sell goods and services.
The relationship between the benefits a consumer receives from a product or service and what they give
up to obtain those benefits is known as: - Answer: customer value.
Which of the following statements is true regarding companies engaged in relationship marketing? -
Answer: They are focused on improving rapport with current customers.
1-7 Questions and Complete
Solutions Graded A+
Strategic Planning - Answer: is the process of creating and maintaining a fit between the organization's
objectives and resources and the evolving market opportunities.
Which of the following is the definition of 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.
Which of the following are true of marketing? Check all that apply. - Answer: It involves building long-
term, mutually beneficial relationships.
It is a philosophy or perspective that stresses customer satisfaction.
It entails processes that focus on delivering value and benefits to customers.
When someone gives up something in order to receive something else they would rather have, it is
called: - Answer: an exchange.
All of the following are conditions of an exchange: - Answer: each party has something that might be of
value to the other party
at least two parties are required.
each party is free to accept or reject the exchange offer.
A production orientation philosophy focuses on - Answer: A production orientation philosophy focuses
on
, A production orientation philosophy - Answer: does not consider whether the goods and services that a
firm produces most efficiently meet the needs of the marketplace.
Which of the following statements is true of production-oriented firms? - Answer: These firms survive
and prosper where competition is weak.
Which of the following statements is a difference between a production orientation and a sales
orientation? - Answer: A production orientation focuses on the internal capabilities of a firm, while a
sales orientation focusses on increasing a firm's profits by using aggressive advertisements.
Which of the following statements is true of firms that succeed in competitive markets? - Answer: They
first determine what customers want and then produce it.
In the context of marketing management philosophies, a sales orientation aims at - Answer: In the
context of marketing management philosophies, a sales orientation aims at
In the context of a sales orientation, which of the following statements is true of marketing? - Answer:
Marketing is concerned with selling things and collecting money
The _____ is the idea that an organization exists not only to satisfy customer wants and needs but also
to preserve individuals' long-term best interests. - Answer: societal marketing orientation
Which of the following is a reason for firms to adopt a societal marketing orientation? - Answer:
Growing environmental concerns
Which of the following activities is not correct about the marketing concept? - Answer: Implementing
effective and high-quality sales techniques to sell goods and services.
The relationship between the benefits a consumer receives from a product or service and what they give
up to obtain those benefits is known as: - Answer: customer value.
Which of the following statements is true regarding companies engaged in relationship marketing? -
Answer: They are focused on improving rapport with current customers.
