MKTG 320 EXAM 1 QUESTIONS & ANSWERS
What are the elements of marketing? - Answers - -satisfy want & needs
-based on exchange
-goods & services are produced have value to customers
As discussed in class, what is customer value? - Answers - whatever the customer
says it is
What are the conditions of an exchange? - Answers - -at least 2 parties
-each has something of value
-each party communicates and delivers
Which are the characteristics of marketing? - Answers - typically viewed as micro
function
Also known as a planned economy, in a ____________ economy, the government
determines what and how much is produced. - Answers - command
The _______________ marketing orientation is effective when the competition is weak
and demand exceeds supply. - Answers - production
A limitation of sales orientation is that companies cannot convince consumers to buy
what they do not want/need. T/F - Answers - true
A marketing orientation is achieved through understanding customers and competitors.
T/F - Answers - true
Which of the following best describes "consumer acceptance" of societal marketing
orientation? - Answers - consumers believe companies should make environmentally
friendly products
How might companies achieve customer value? - Answers - co-creation
As discussed in class, consumers who have a bad service experience (e.g., meal
undercooked) and the company recovers evaluate the company less favorably than
those that have a good experience (e.g., perfectly cooked meal). T/F - Answers - false
What is a good mission statement? - Answers - Succinct (brief)
America is an example of a pure competition economy. T/F - Answers - false
What is a geographic monopoly? - Answers - in a certain area (Entergy)
What are the elements of marketing? - Answers - -satisfy want & needs
-based on exchange
-goods & services are produced have value to customers
As discussed in class, what is customer value? - Answers - whatever the customer
says it is
What are the conditions of an exchange? - Answers - -at least 2 parties
-each has something of value
-each party communicates and delivers
Which are the characteristics of marketing? - Answers - typically viewed as micro
function
Also known as a planned economy, in a ____________ economy, the government
determines what and how much is produced. - Answers - command
The _______________ marketing orientation is effective when the competition is weak
and demand exceeds supply. - Answers - production
A limitation of sales orientation is that companies cannot convince consumers to buy
what they do not want/need. T/F - Answers - true
A marketing orientation is achieved through understanding customers and competitors.
T/F - Answers - true
Which of the following best describes "consumer acceptance" of societal marketing
orientation? - Answers - consumers believe companies should make environmentally
friendly products
How might companies achieve customer value? - Answers - co-creation
As discussed in class, consumers who have a bad service experience (e.g., meal
undercooked) and the company recovers evaluate the company less favorably than
those that have a good experience (e.g., perfectly cooked meal). T/F - Answers - false
What is a good mission statement? - Answers - Succinct (brief)
America is an example of a pure competition economy. T/F - Answers - false
What is a geographic monopoly? - Answers - in a certain area (Entergy)
