GB 350 FINAL EXAM CASCIO OLE MISS
What is marketing? - 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
act of persuasion
act of solving needs
what are the goals of marketing? - Correct Answers -balances 2 goals through long-
term mutually rewarding relationships
exchange value
meet organizational objectives
what is production orientation? - Correct 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? - Correct 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? - Correct 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 - Correct Answers -when an organization thinks in the
perspective of selling as products and services rather than as solving problems
what is societal marketing orientation? - Correct 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 - Correct 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? - Correct Answers -PSMS
production; sales; market; societal
What is strategic planning? - Correct 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? - Correct Answers -what makes your company unique
and superior to its competitors; seek to make sustainable
what is ansoff's matrix? draw it out - Correct Answers -
what is the innovation matrix? draw it out - Correct Answers -
what is the BCG framework? draw it out - Correct Answers -
what is the marketing plan - Correct Answers -a written document that acts as a
guidebook of marketing activities for the marketing manager
what is self-regulation? - Correct Answers -business's voluntary efforts to preserve civil
society
ex - businesses pulling operations from russia without being asked
what is ESG marketing? - Correct Answers -integrating Environment, Social, and
Governance values into the organization and marketing strategy
what is conscious consumerism? - Correct Answers -contributing to socially responsible
causes through purchases from soically responisible organizations
What is marketing? - 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
act of persuasion
act of solving needs
what are the goals of marketing? - Correct Answers -balances 2 goals through long-
term mutually rewarding relationships
exchange value
meet organizational objectives
what is production orientation? - Correct 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? - Correct 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? - Correct 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 - Correct Answers -when an organization thinks in the
perspective of selling as products and services rather than as solving problems
what is societal marketing orientation? - Correct 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 - Correct 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? - Correct Answers -PSMS
production; sales; market; societal
What is strategic planning? - Correct 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? - Correct Answers -what makes your company unique
and superior to its competitors; seek to make sustainable
what is ansoff's matrix? draw it out - Correct Answers -
what is the innovation matrix? draw it out - Correct Answers -
what is the BCG framework? draw it out - Correct Answers -
what is the marketing plan - Correct Answers -a written document that acts as a
guidebook of marketing activities for the marketing manager
what is self-regulation? - Correct Answers -business's voluntary efforts to preserve civil
society
ex - businesses pulling operations from russia without being asked
what is ESG marketing? - Correct Answers -integrating Environment, Social, and
Governance values into the organization and marketing strategy
what is conscious consumerism? - Correct Answers -contributing to socially responsible
causes through purchases from soically responisible organizations
