GB 350 FINAL EXAM CASCIO OLE MISS
What is marketing? - Answers -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
act of persuasion
act of solving needs
what are the goals of marketing? - Answers -balances 2 goals through long-term
mutually rewarding relationships
exchange value
meet organizational objectives
what is production orientation? - Answers -focus on internal capabilities of the firm; only
viable for short term
ex - a bakery knows how to make a great chocolate cookie. when they try to update
menu, they don't have resources to make brownie so they ignore it even though thats
what the market wants. only focused on what they do well so they miss opurtunites
what is sales orientation? - Answers -aggressive sales techniques and belief that high
sales result in high profits; focuses on short term and rely on promotion
ex - vivint company sold 91 year old woman a 25 year contract... she died next month
and family had to fight hard to end contract.
what is market orientation? - Answers -focuses on benefits and satisfying customer
needs and wants long term; realize there is more to business after the sale focuses on
long term customer relationship
ex - bama beer lines has niche market of cleaning beer tap lines for bars/restaurants w
taps. saves money by reducing foam
what is market myopia - Answers -when an organization thinks in the perspective of
selling as products and services rather than as solving problems
what is societal marketing orientation? - Answers -focus on satisfying customer wants
and needs while addressing some ill in society; usually have to charge a lil more money
ex - bamba socks donates socks with every purchase
What are the different stages of the customer relationship - Answers -A R E A
, adoption - teaching the customer how to use the product after they make the sale
retention - delivering such a good experience that they come back when need arises
agian
expansion - offering products that the existing customer may need
advocacy - having the ability to let happy companies sing your praise
What are the four marketing philosophies? - Answers -PSMS
production; sales; market; societal
What is strategic planning? - Answers -the ongoing process of creating and maintaining
a fit between the organizations objectives and resources and the evolving market
opportunities; seeking to earn competitive advantage
what is a competitive advantage? - Answers -what makes your company unique and
superior to its competitors; seek to make sustainable
what is ansoff's matrix? draw it out - Answers -
what is the innovation matrix? draw it out - Answers -
what is the BCG framework? draw it out - Answers -
what is the marketing plan - Answers -a written document that acts as a guidebook of
marketing activities for the marketing manager
what is self-regulation? - Answers -business's voluntary efforts to preserve civil society
ex - businesses pulling operations from russia without being asked
what is ESG marketing? - Answers -integrating Environment, Social, and Governance
values into the organization and marketing strategy
what is conscious consumerism? - Answers -contributing to socially responsible causes
through purchases from soically responisible organizations
what is a B-corp? - Answers -Benifit corporation; for-profit entities seeking a mission to
balance economic goals w environmental/social goals
What is a code of ethics? - Answers -a guideline to help marketing managers and other
employees make better decisions
What is marketing? - Answers -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
act of persuasion
act of solving needs
what are the goals of marketing? - Answers -balances 2 goals through long-term
mutually rewarding relationships
exchange value
meet organizational objectives
what is production orientation? - Answers -focus on internal capabilities of the firm; only
viable for short term
ex - a bakery knows how to make a great chocolate cookie. when they try to update
menu, they don't have resources to make brownie so they ignore it even though thats
what the market wants. only focused on what they do well so they miss opurtunites
what is sales orientation? - Answers -aggressive sales techniques and belief that high
sales result in high profits; focuses on short term and rely on promotion
ex - vivint company sold 91 year old woman a 25 year contract... she died next month
and family had to fight hard to end contract.
what is market orientation? - Answers -focuses on benefits and satisfying customer
needs and wants long term; realize there is more to business after the sale focuses on
long term customer relationship
ex - bama beer lines has niche market of cleaning beer tap lines for bars/restaurants w
taps. saves money by reducing foam
what is market myopia - Answers -when an organization thinks in the perspective of
selling as products and services rather than as solving problems
what is societal marketing orientation? - Answers -focus on satisfying customer wants
and needs while addressing some ill in society; usually have to charge a lil more money
ex - bamba socks donates socks with every purchase
What are the different stages of the customer relationship - Answers -A R E A
, adoption - teaching the customer how to use the product after they make the sale
retention - delivering such a good experience that they come back when need arises
agian
expansion - offering products that the existing customer may need
advocacy - having the ability to let happy companies sing your praise
What are the four marketing philosophies? - Answers -PSMS
production; sales; market; societal
What is strategic planning? - Answers -the ongoing process of creating and maintaining
a fit between the organizations objectives and resources and the evolving market
opportunities; seeking to earn competitive advantage
what is a competitive advantage? - Answers -what makes your company unique and
superior to its competitors; seek to make sustainable
what is ansoff's matrix? draw it out - Answers -
what is the innovation matrix? draw it out - Answers -
what is the BCG framework? draw it out - Answers -
what is the marketing plan - Answers -a written document that acts as a guidebook of
marketing activities for the marketing manager
what is self-regulation? - Answers -business's voluntary efforts to preserve civil society
ex - businesses pulling operations from russia without being asked
what is ESG marketing? - Answers -integrating Environment, Social, and Governance
values into the organization and marketing strategy
what is conscious consumerism? - Answers -contributing to socially responsible causes
through purchases from soically responisible organizations
what is a B-corp? - Answers -Benifit corporation; for-profit entities seeking a mission to
balance economic goals w environmental/social goals
What is a code of ethics? - Answers -a guideline to help marketing managers and other
employees make better decisions
