CHAP 1

Question 1

definition of Marketing

Answer 1

Marketing is 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. Marketing has two facets. First, it is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction.

Question 2

an exchange

Answer 2

is an desired outcome of Marketing

Question 3

different condition of an exchange

Answer 3

production-oriented
sales orientation
market-oriented
societal marketing orientation

Question 4

production- oriented

Answer 4

organization focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

Question 5

sales orientation

Answer 5

orientation is based on the beliefs that people will buy more goods and services if aggressive sales techniques are used and that high sales volumes produce high profits.

Question 6

market-oriented

Answer 6

organization focuses on satisfying customer wants and needs while meeting organizational objectives.

Question 7

societal marketing orientation

Answer 7

orientation goes beyond a market orientation to include the preservation or enhancement of individuals’ and society’s long-term best interests.

Question 8

difference between sales and market orientations

Answer 8

First, sales-oriented firms focus on their own needs; market-oriented firms focus on customers’ needs and preferences. Second, sales-oriented companies consider themselves to be deliverers of goods and services, whereas market-oriented companies view themselves as satisfiers of customers. Third, sales-oriented firms direct their products to everyone; market-oriented firms aim at specific segments of the population. Fourth, sales-oriented organizations place a higher premium on making a sale, while market-oriented firms seek a long-term relationship with the customer. Fifth, sales-oriented businesses pursue maximum sales volume through intensive promotion, whereas market-oriented businesses pursue customer satisfaction through inter-functionally coordinated activities.

Question 9

promotion

Answer 9

is the means by which organizations communicate with present and prospective customers about the merits and characteristics of their organization and products. Effective promotion is an essential part of effective marketing.

Question 10

why study marketing

Answer 10

First, marketing affects the allocation of goods and services that influence a nation’s economy and standard of living. Second, an understanding of marketing is crucial to understanding most businesses. Third, career opportunities in marketing are diverse.