Exam (elaborations)
MKTG 345 (Exam 1) -UL- Exam with complete answers(verified for accuracy).
- Course
- Institution
MKTG 345 (Exam 1) -UL- Exam with complete answers(verified for accuracy).
[Show more]
Content preview
MKTG 345 (Exam 1) [UL]Exam with complete
answers(verified for
accuracy)
What are marketing's two facets? - answer 1. its a philosophy, an
attitude, a perspective, or a management orientation that stresses
customer satisfaction.
2. marketing is an organization function and a set of processes used
to implement this philosophy.
What is marketing? - answer activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and
society at large.
Marketing entails....? - answer processes that focus on delivering
value and benefits to customers, not just selling goods, services,
and/or ideas.
What is exchange? - answer people giving up something in order to
receive something else they would rather have.
What are the 5 conditions needed for exchange? - answer two
parties
each party has something that might be of value to the other party
each party is capable of communication and delivery
each party is free to accept or reject the exchange offer
each party believes is appropriate or desirable to deal with the
other party
, What is production orientation? - answer a philosophy that focuses
on the internal capabilities of the firm rather than on the desires
and needs of the marketplace
Another name for product orientation is? - answer Field of Dreams
orientation
Why do product orientations fall short? - answer it does not
consider whether the goods and services that the firm produces
most efficiently also meet the needs of the market place.
What is a sales orientation? - answer based on beliefs that people
will buy more goods and services if aggressive sales techniques are
used and that high sales result in high profit
What is the fundamental problem with sales orientation? - answer
lack of understanding of the needs and wants of the marketplace,
despite the quality of their sales force the company cannot convince
people to buy goods or services that are neither wanted nor
needed.
What is market orientation? - answer a philosophy that assumes
that a sale does not depend on an aggressive sales force but rather
on a customer's decision to purchase a product (synonymous with
the market concept)
How does someone achieve market orientation? - answer obtaining
info about customers, competitors, and markets; examining the info
from a total business perspective; determining how to deliver
superior customer value; and implementing actions to provide value
to customers
What is the marketing concept? - answer focus on customers wants
and needs
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now