GB 350 Final Exam || with Accurate Answers 100%.
Marketing correct answers is 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.
Marketing is about Balancing Equally Important Goals.... correct answers Creating Value
Meeting Organizational Objectives
Marketing entails correct answers processes that focus on delivering value and benefits to
customers, not just selling goods and services.
Critical Marketing Function:
Facilitate Value Exchange
Conditions for Exchange correct answers At Least Two Parties
Something of Value
Communication and Delivery
Freedom to Accept or Reject
Desire to Deal with Other Party
The Four Marketing Management Philosophies correct answers Production
Sales
Market
Societal
Marketing Management Philosophies:
Production- Focus is on... correct answers internal capabilities of the firm
Marketing Management Philosophies:
Sales- Focus is on... correct answers aggressive sales techniques and belief that high sales result
in high profits
Marketing Management Philosophies:
Market- Focus is on... correct answers satisfying customer needs and wants while meeting
objectives
Marketing Management Philosophies:
Societal- Focus is on... correct answers satisfying customer needs and
wants while enhancing individual and
societal well-being
,Achieving a Marketing Orientation correct answers Obtain information about customers,
competitors, and markets & examine from a total business perspective
Determine how to deliver superior
customer value
Implement actions to provide value
to customers
Societal Marketing Orientation correct answers An organization exists not only to satisfy
customer wants but also to preserve or enhance individuals' and society's long-term best
interests.
Questions That Help Determine Marketing Philosophy correct answers
Questions That Help Determine Marketing Philosophy
Production--> correct answers What can we make or do best?
Questions That Help Determine Marketing Philosophy
Sales--> correct answers How can we sell more aggressively?
Questions That Help Determine Marketing Philosophy
Marketing--> correct answers What do customers want and need?
Questions That Help Determine Marketing Philosophy
Societal--> correct answers What do customers want/need, and how can we benefit society?
Customer Value Requirements correct answers Offer products that perform
Earn trust
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in service and after-sales support
Co-creation with customers
Customer Satisfaction correct answers The customers' evaluation of a good or service in terms of
whether that good or service has met their needs and expectations.
Benefits - Costs = Level of Satisfaction
Relationship Marketing correct answers Strategy that focuses on keeping and improving
relationships with customers.
,Successful strategies need for a Relationship Marketing correct answers Customer-Oriented
Personnel
Effective Training Programs
Empowered Employees
Teamwork
Building Relationships: correct answers Customer-orientated personnel
Employee training programs
Empowered employees
Teamwork
Building Relationships:
Customer-orientated personnel correct answers Every employee represents the firm in the eyes of
the customer.
Building Relationships:
Empowered employees- correct answers Employees are given more authority to solve customer
problems on the spot.
Building Relationships:
Teamwork- correct answers Emphasizing cooperation over competition while helping a
customer.
Knowing the Firm's Business: correct answers Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Strategic Planning is... correct answers the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market opportunities.
Strategic marketing management addresses two questions: correct answers What is the
organization's main activity at a particular time?
How will it reach its goals?
Characteristics of
Strategic Business Units (SBUs)
, An SBU has... correct answers A distinct mission and specific target market
Control over its resources
Its own competitors
A single business or a collection of related businesses
Plans independent of other SBUs
Ansoff's Opportunity Matrix correct answers Market
Penetration
Market Development
Product Development
Diversification
Ansoff's Opportunity Matrix:
-Market
Penetration correct answers Increase market share among existing customers
Ansoff's Opportunity Matrix:
-Market Development correct answers Attract new customers to existing products
Ansoff's Opportunity Matrix:
-Diversification correct answers Introduce new products into new markets
Portfolio Matrix Strategies correct answers Build
Hold
Harvest
Divest
SWOT correct answers Strengths
Weaknesses
Opportunities
Threats
SWOT-
Strengths correct answers Family-friendly environment; good food
SWOT-
Weaknesses correct answers Lack technological infrastructure & CRM capabilities
Marketing correct answers is 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.
Marketing is about Balancing Equally Important Goals.... correct answers Creating Value
Meeting Organizational Objectives
Marketing entails correct answers processes that focus on delivering value and benefits to
customers, not just selling goods and services.
Critical Marketing Function:
Facilitate Value Exchange
Conditions for Exchange correct answers At Least Two Parties
Something of Value
Communication and Delivery
Freedom to Accept or Reject
Desire to Deal with Other Party
The Four Marketing Management Philosophies correct answers Production
Sales
Market
Societal
Marketing Management Philosophies:
Production- Focus is on... correct answers internal capabilities of the firm
Marketing Management Philosophies:
Sales- Focus is on... correct answers aggressive sales techniques and belief that high sales result
in high profits
Marketing Management Philosophies:
Market- Focus is on... correct answers satisfying customer needs and wants while meeting
objectives
Marketing Management Philosophies:
Societal- Focus is on... correct answers satisfying customer needs and
wants while enhancing individual and
societal well-being
,Achieving a Marketing Orientation correct answers Obtain information about customers,
competitors, and markets & examine from a total business perspective
Determine how to deliver superior
customer value
Implement actions to provide value
to customers
Societal Marketing Orientation correct answers An organization exists not only to satisfy
customer wants but also to preserve or enhance individuals' and society's long-term best
interests.
Questions That Help Determine Marketing Philosophy correct answers
Questions That Help Determine Marketing Philosophy
Production--> correct answers What can we make or do best?
Questions That Help Determine Marketing Philosophy
Sales--> correct answers How can we sell more aggressively?
Questions That Help Determine Marketing Philosophy
Marketing--> correct answers What do customers want and need?
Questions That Help Determine Marketing Philosophy
Societal--> correct answers What do customers want/need, and how can we benefit society?
Customer Value Requirements correct answers Offer products that perform
Earn trust
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in service and after-sales support
Co-creation with customers
Customer Satisfaction correct answers The customers' evaluation of a good or service in terms of
whether that good or service has met their needs and expectations.
Benefits - Costs = Level of Satisfaction
Relationship Marketing correct answers Strategy that focuses on keeping and improving
relationships with customers.
,Successful strategies need for a Relationship Marketing correct answers Customer-Oriented
Personnel
Effective Training Programs
Empowered Employees
Teamwork
Building Relationships: correct answers Customer-orientated personnel
Employee training programs
Empowered employees
Teamwork
Building Relationships:
Customer-orientated personnel correct answers Every employee represents the firm in the eyes of
the customer.
Building Relationships:
Empowered employees- correct answers Employees are given more authority to solve customer
problems on the spot.
Building Relationships:
Teamwork- correct answers Emphasizing cooperation over competition while helping a
customer.
Knowing the Firm's Business: correct answers Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Strategic Planning is... correct answers the managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market opportunities.
Strategic marketing management addresses two questions: correct answers What is the
organization's main activity at a particular time?
How will it reach its goals?
Characteristics of
Strategic Business Units (SBUs)
, An SBU has... correct answers A distinct mission and specific target market
Control over its resources
Its own competitors
A single business or a collection of related businesses
Plans independent of other SBUs
Ansoff's Opportunity Matrix correct answers Market
Penetration
Market Development
Product Development
Diversification
Ansoff's Opportunity Matrix:
-Market
Penetration correct answers Increase market share among existing customers
Ansoff's Opportunity Matrix:
-Market Development correct answers Attract new customers to existing products
Ansoff's Opportunity Matrix:
-Diversification correct answers Introduce new products into new markets
Portfolio Matrix Strategies correct answers Build
Hold
Harvest
Divest
SWOT correct answers Strengths
Weaknesses
Opportunities
Threats
SWOT-
Strengths correct answers Family-friendly environment; good food
SWOT-
Weaknesses correct answers Lack technological infrastructure & CRM capabilities
