MKT 3401 Ledet Exam 1 with Questions and Answers, Exams of Business Administration

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Marketing ANSWER 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 ANSWER true Exchange ANSWER people giving up something in order to receive something else they would rather have Production Orientation ANSWER 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 ANSWER 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 ANSWER 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 Oricntation ANSWER a philosophy that assumes that a sale docs 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 ANSWER 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.