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MKT 3401 MIDTERM LED ET LSU WITH
QUESTIONS AND ANSWER S
Question : production orientation
Correct answer: orientation focused on the internal
capabilities of an organization as opposed to the desires of the marketplace
Question : Sales Orientation
Correct 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
Question : Market Orientation
Correct answer: the idea that a sale does not depend on an
aggressive sales force but rather on a customer's decision to purchase a product
Question : societal marketing orientation
Correct answer: the idea that an organization exists not only
to satisfy customer wants and needs and to meet
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organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
Question : Marketing
Correct 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
Question : an exchange
Correct answer: people giving up something in return for
something else
Question : Customer Value
Correct answer: the relationship between benefits and the
sacrifice necessary to obtain those benefits
Question : Four P's
Correct answer: Product, Price, Place, Promotion
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Question : product
Correct answer: the thing being sold, its packaging, warranty,
after sale service, brand name, company image, value, and many other factors. Can be tangible or intangible
Question : place
Correct answer: distribution strategies are the way we make
products available to individuals when and where they want them
Question : promotion
Correct answer: advertising, personal selling, sales promotion,
public relations. Promos role in the mix is to bring out satisfying exchanges.
Question : price
Correct answer: what a buyer has to give up in order to
receive a product
Question : Elements of a Marketing Plan
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Correct answer: implementation, evaluation and control, Post-
Audit Tasks.
Question : Implementation
Correct answer: the tasks that allow an organization to
implement their plan, Implemented in a way that ensures the assignments are executed in a way that accomplishes the plans objectives.
Question : Evaluation and Control
Correct answer: gauging the extent to which the marketing
objectives have been achieved during the specified time period
Question : marketing audit
Correct answer: a thorough, systematic, periodic evaluation of
the objectives, strategies, structure, and performance of the marketing organization
