Overview of Marketing Chapter 1
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Questions and Answers

What is marketing?

  • Conducting financial transactions
  • Creating and delivering offerings that have value for customers (correct)
  • Managing internal operations of a business
  • Providing customer service
  • Which element of the 4 P's involves advertising, public relations, and personal selling?

  • Promotion (correct)
  • Product
  • Place
  • Price
  • What is the relationship between customer value and benefits?

  • Customer value is equal to benefits received
  • Customer value is greater than the benefits received
  • Customer value is related to the sacrifice necessary to obtain benefits (correct)
  • Customer value is less than the benefits received
  • What does a market orientation involve?

    <p>Obtaining information about customers, competitors, and markets</p> Signup and view all the answers

    What does the term 'SWOT' stand for in strategic planning?

    <p>Strengths, Weaknesses, Opportunities, Threats</p> Signup and view all the answers

    Which element of the marketing mix involves transportation and storage of products?

    <p>Place</p> Signup and view all the answers

    Which marketing philosophy focuses on satisfying customer wants and needs without relying on an aggressive sales force?

    <p>Market orientation</p> Signup and view all the answers

    In which marketing philosophy does the organization exist not only to satisfy customer wants but also to preserve or enhance individuals' long-term best interests?

    <p>Societal marketing orientation</p> Signup and view all the answers

    Which marketing philosophy may struggle if the company does not understand the needs of the market?

    <p>Sales orientation</p> Signup and view all the answers

    Which marketing philosophy involves asking 'What can we do best?' and focuses on production capabilities?

    <p>Production orientation</p> Signup and view all the answers

    Which marketing philosophy emphasizes meeting organizational objectives along with satisfying customer needs?

    <p>Societal marketing orientation</p> Signup and view all the answers

    Which marketing philosophy recognizes that some customer desires may not align with society's best interests?

    <p>Societal marketing orientation</p> Signup and view all the answers

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