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MKT 3401 Ledet Exam 1 Questions And Answers 2024/2025 Update
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MKT 3401 Ledet Exam 1 Questions And Answers 2024/2025 Update
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MKT 3401 Ledet Exam 1 QuestionsAnd Answers 2024/2025 Update
Marketing ANS✔✔ 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.
true or false
Marketing does not just focus on selling goods ANS✔✔ true
Exchange ANS✔✔ people giving up something in order to receive something else they would rather
have
Production Orientation ANS✔✔ a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace. This does not help a firm in a competitive market.
Sales Orientation ANS✔✔ the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits.
Marketing Concept ANS✔✔ 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.
Market Orientation ANS✔✔ 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 synonyms with the marketing
concept.
, societal marketing orientation ANS✔✔ 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 interest.
Who has the power? ANS✔✔ the customers
customer value ANS✔✔ the relationship between benefits and the sacrifice necessary to obtain those
benefits
customer satisfaction ANS✔✔ customers' evaluation of a good or service in terms of whether it has met
their needs and expectations
Empowerment ANS✔✔ delegation of authority to solve customers' problems quickly—usually by the
first person the customer notifies regarding a problem
teamwork ANS✔✔ collaborative efforts of people to accomplish common objectives
Customer Relationship Management (CRM) ANS✔✔ a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise
customer groups
on-demand marketing ANS✔✔ delivering relevant experiences, integrated across both physical and
virtual environments, throughout the consumer's decision and buying process
Strategic Planning ANS✔✔ the managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evolving market opportunities
characteristics of an SBU ANS✔✔ -a distinct mission and a specific target market
-control over its resources
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