Question1. Marketing is defined as producing, promoting, and selling products.

1. Marketing is defined as producing, promoting, and selling products.
2. According to the American Marketing Association, marketing is the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for cus-tomers, clients, partners, and society at large.
3. An exchange cannot take place unless each party in the exchange has something that the
other party values.
4. Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to
the intro-duction, the company had not conducted market research among its customers, but
it was confident that its science and technology department had produced a successful new
product. Based on this ex-ample, Sara Lee is a good example of a production-oriented company.
5. Unlike a production orientated firm, a firm embracing a sales orientation focuses on customer wants
and needs so it can develop the best product at the lowest cost that will require very little selling effort.
6. The marketing concept states that the social and economic justification for an organization’s
existence is the satisfaction of customers’ wants and needs while meeting organizational objectives.
7. The societal marketing concept considers society’s long-term best interests along with the
satisfaction of customers’ wants and needs.
8. The focus of a production-oriented firm is on what it can make or do best.
9. Personnel in sales-oriented firms tend to be “outward looking,” focusing on selling what
the market wants.
10. Customer value is the relationship between company profits and company costs.
11. The way to achieve customer satisfaction and value is to offer the lowest price.
12. 3D Systems is a company that uses computers to generate new product prototypes. It has
generated loyal business clients by providing the best customer support in the industry.
The company also pro-vides direct sales consultations that gives its salespeople intimate
knowledge about what exactly its customers want. This partnership between 3D Systems
and its customers entails relationship market-ing.

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