Study Guide #1 FALL 2014 MKTG8
Note: Many students find these exams harder than they expected them to be. You do need to study, including reviewing lecture notes and the book.

Chapter 1 Overview
Marketing- is the activity, set of instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Exchange- people giving up something in order to receive something else they would rather have.
Production Orientation- a product orientation means that management assesses its resources and asks these questions: “What can we do best?” What can our engineers design?” What is easy to produce, given our equipment?” A production orientation falls short because it does not consider whether the goods and services that the firms produces most efficiently also meet the needs of the marketplace.
Sales Orientation- is based on the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
Market Orientation- meaning they assume that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product.
Marketing concept- is simple and intuitively appealing philosophy that articulates a market orientation. It states that the social economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.
Market oriented- assume that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product.
Societal Marketing Orientation- extends the marketing concept by acknowledging that some products that customers want may not really be in their best interest or the best interests of society as a whole. (Enhance individual and society’s long-term