MKT 320F Unit 1 Exam Questions and Answers with Complete Solution
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Course
MKT 320F
Institution
MKT 320F
MKT 320F Unit 1 Exam Questions and
Answers with Complete Solution
Marketing - 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
Exchange - people giving up so...
Marketing - ✔✔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
Exchange - ✔✔people giving up something in order to receive something
else they would rather have
What are the five conditions of exchange? - ✔✔1. There must be at least
two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other
party.
What are the four marketing management philosophies? - ✔✔production
orientation, sales orientation, market orientation, and societal marketing
orientation.
, Production Orientation - ✔✔a philosophy that focuses on the internal
capabilities of the firm rather than on the desires and needs of the
marketplace
Sales Orientation - ✔✔the belief that people will buy more goods and
services if aggressive sales techniques are used and that high sales result
in high profits
Market Orientation - ✔✔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; it is synonymous with the marketing concept
Societal Marketing Orientation - ✔✔the idea that an organization exists not
only to satisfy customer wants and needs and to meet organizational
objectives but also to preserve or enhance individuals' and society's long-
term best interests
Marketing Concept - ✔✔the idea that the social and economic justification
for an organization's existence is the satisfaction of customer wants and
needs while meeting organizational objectives
What are the 5 differences between sales and market orientations? - ✔✔1.
Sales oriented firms focus on their own needs while market oriented firms
focus on their customer's needs and preferences.
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