Lecture 1

Question 1

Production Philosophy

Answer 1

The production philosophy assumes that consumers are mostly interested in product availability
at low prices; its implicit marketing objective are cheap, effective production and intensive
distribution

Question 2

Product Philosophy

Answer 2

The product philosophy assumes that consumers will prefer a product based on its quality,
performance, and innovative features

Question 3

Selling Philosophy

Answer 3

The selling philosophy assumes that consumers are unlikely to buy the product unless they are
aggressively persuaded to do so.

Question 4

Marketing Philosophy

Answer 4

Achieving organizational goals depends on determining the needs and wants of target markets
and delivering the desired satisfactions more effectively and efficiently than competitors

Question 5

Societal Marketing Concept Definition

Answer 5

the societal marketing concept holds that the organization’s task is to
determine the needs, wants, and interests of target markets and to deliver the desired
satisfactions more effectively and efficiently than competitors in a way that preserves or
enhances the consumer’s and the society’s well-being.

Question 6

Market Orientation

Answer 6

Market orientation” is used to describe the extent to which an organization practices the
marketing philosophy

Question 7

Marketing Definition

Answer 7

Marketing is the management process responsible for identifying, anticipating and satisfying
customer requirements profitably

Question 8

Marketing Research Definition

Answer 8

The systematic and objective identification, collection, analysis, dissemination, and use of
information for the purpose of assisting management in decision making related to the
identification and solution of problems (and opportunities) in marketing.

Question 9

Marketing Objectives

Answer 9

1. Sales Volume
2. Sales Revenue
3. Market Share
4. Awareness
5. Website Traffic

Question 10

Market Share Definition

Answer 10

Market share is the percent of total sales in an industry generated by a particular company

Question 11

Rational Decisions & Information:

Answer 11

Rational decisions are based on evidence or relevant information/or intelligence.