GB 350 EXAM 1 CASCIO QUESTIONS
AND ANSWERS
American Marketing Association definition - Correct 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
Marketing - Correct Answers -balances equally important goals through long-term,
mutually rewarding relationships with customers
Conditions for exchange - Correct Answers -- at least two parties involved
- something of value must be present
- clear communication and delivery terms
- desire to deal with the other party that exists
- each party is free to accept or reject the offer
CCPA - Correct Answers -fines up tp $750/user for retailers who do comply with
consumer requests to access to personal data
An exchange... - Correct Answers -may not take place even if all conditions are met
an agreement between two parties is required before an exchange occurs
Marketing can occur... - Correct Answers -even if an exchange does not take place
Marketing management philosophies - Correct Answers -basic beliefs, concepts, and
attitudes of an individual or group
- production
- sales
- market
- societal
Production - Correct Answers -short-term
internal capabilities of the firm
ex. Japanese car makers focusing on production instead of overall customer experience
(Tesla prioritizing AI)
Sales - Correct Answers -short-term
aggressive sales techniques and the belief that high sales result in high profits
ex. Vivant receiving customer complaints and loss of license for aggressive sales
techniques
, Market(ing) - Correct Answers -long-term
satisfying customer wants and needs while meeting organizational objectives
ex. Chewy e-commerce for a competitive market and sold out to PetCo
Societal - Correct Answers -long-term
satisfying customer wants and needs while enhancing individual and societal well-being
ex. Caliber Collision illustrates a societal market through veterans seeking stable job
placement
Product orientation - Correct Answers -management assesses its resources and asks
questions regarding goods and services
does not consider if the goods and services produced by the firm meets the needs of
the marketplace
product oriented firms can survive if:
- competition is weak
- demand exceeds supply
Sales orientation - Correct Answers -sales-oriented firms believe marketing is selling
things and collecting money
problem - these firms lack understanding fo the needs and wants of the marketplace
Market orientation - Correct Answers -understand competor's strengths and
weaknesses
obtain information about customers, competitors, and markets to identify opportunities
for customer value creation
determine how to deliver superior customer value
achieve long-term organizational goals by delivering value legally and responsibly
Achieving market orientation - Correct Answers -the Aldridge performance excellence
framework focuses on a total business perspective and is given to organizations in for-
profit, non-profit, and governmental industries
- these organizations provide evidence that the entire organization operates in a manner
that is customer-focused
Societal marketing orientation - Correct Answers -idea that an organization exists to:
- satisfy customer wants
- preserve or enhance individual's and society's long-term best interests
acknowledged that some products that customers want may not be in their best
interests or of society as a whole
Two obstacles facing some societal marketing orientation seekers - Correct Answers -
justify premium prices
meet customer performance expectations
Customer value - Correct Answers -the relationship between benefits and the sacrifice
necessary to obtain those benefits
AND ANSWERS
American Marketing Association definition - Correct 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
Marketing - Correct Answers -balances equally important goals through long-term,
mutually rewarding relationships with customers
Conditions for exchange - Correct Answers -- at least two parties involved
- something of value must be present
- clear communication and delivery terms
- desire to deal with the other party that exists
- each party is free to accept or reject the offer
CCPA - Correct Answers -fines up tp $750/user for retailers who do comply with
consumer requests to access to personal data
An exchange... - Correct Answers -may not take place even if all conditions are met
an agreement between two parties is required before an exchange occurs
Marketing can occur... - Correct Answers -even if an exchange does not take place
Marketing management philosophies - Correct Answers -basic beliefs, concepts, and
attitudes of an individual or group
- production
- sales
- market
- societal
Production - Correct Answers -short-term
internal capabilities of the firm
ex. Japanese car makers focusing on production instead of overall customer experience
(Tesla prioritizing AI)
Sales - Correct Answers -short-term
aggressive sales techniques and the belief that high sales result in high profits
ex. Vivant receiving customer complaints and loss of license for aggressive sales
techniques
, Market(ing) - Correct Answers -long-term
satisfying customer wants and needs while meeting organizational objectives
ex. Chewy e-commerce for a competitive market and sold out to PetCo
Societal - Correct Answers -long-term
satisfying customer wants and needs while enhancing individual and societal well-being
ex. Caliber Collision illustrates a societal market through veterans seeking stable job
placement
Product orientation - Correct Answers -management assesses its resources and asks
questions regarding goods and services
does not consider if the goods and services produced by the firm meets the needs of
the marketplace
product oriented firms can survive if:
- competition is weak
- demand exceeds supply
Sales orientation - Correct Answers -sales-oriented firms believe marketing is selling
things and collecting money
problem - these firms lack understanding fo the needs and wants of the marketplace
Market orientation - Correct Answers -understand competor's strengths and
weaknesses
obtain information about customers, competitors, and markets to identify opportunities
for customer value creation
determine how to deliver superior customer value
achieve long-term organizational goals by delivering value legally and responsibly
Achieving market orientation - Correct Answers -the Aldridge performance excellence
framework focuses on a total business perspective and is given to organizations in for-
profit, non-profit, and governmental industries
- these organizations provide evidence that the entire organization operates in a manner
that is customer-focused
Societal marketing orientation - Correct Answers -idea that an organization exists to:
- satisfy customer wants
- preserve or enhance individual's and society's long-term best interests
acknowledged that some products that customers want may not be in their best
interests or of society as a whole
Two obstacles facing some societal marketing orientation seekers - Correct Answers -
justify premium prices
meet customer performance expectations
Customer value - Correct Answers -the relationship between benefits and the sacrifice
necessary to obtain those benefits
