GB 350 ESSENTIALS OF MARKETING CASCIO
FINAL EXAM
Marketing (AMA) (Start of Module 1) - 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 function - Correct Answers -Balances equally important goals through long-
term, mutually rewarding relationships with customers
Marketing Myopia - Correct Answers -defining a business in terms of goods and
services rather than in terms of the benefits customers seek
Conditions for Exchange - Correct Answers -1. At least two parties
2. Something of value
3. Communication and delivery
4. Freedom to accept or reject
5. Desire to deal with other party
Marketing Management Philosophy:Production Orientation (Philosophy) - Correct
Answers -SHORT TERM Internal Capabilities of the firm. does not consider whether the
goods and services that a firm produces most efficiently meet the needs of the
marketplace.
-Weak competition
-Demand exceeds supply
-What can we make or do best?
Sales Orientation - Correct Answers -SHORT TERM the belief that people will buy more
goods and services if AGGRESSIVE SALES techniques are used and that high sales
result in high profits
- How can we sell more aggressively with promotional tactics?
- Targets products at everybody or the average customer
- Seek to generate sales volume through intensive promotional activities
Market Orientation - Correct Answers -LONG TERM Satisfying customer wants and
needs while meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix decisions
that must be made
, Societal Orientation - Correct Answers -LONG TERM satisfying customer needs and
wants while enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
Baldrige Performance Excellence Framework - Correct Answers -Award Focuses on a
Total Business Perspective
Obstacles facing societal orientation - Correct Answers -- Justifying premium prices
- Meeting customer performance expectations
Customer Value - Correct Answers -the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - Correct Answers -customers' evaluation of a good or service in
terms of whether it has met their needs and expectations
Market orientation builds relationships through: - Correct Answers -- customer oriented
personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
Customer realtionship management (CRM) - Correct Answers -a company-wide
business strategy designed to optimize profitability, revenue, and customer satisfaction
by focusing on highly defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
-tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
on-demand marketing - Correct Answers -delivering relevant experiences, integrated
across both physical and virtual environments, throughout the consumer's decision and
buying process
Why study marketing? - Correct Answers -- Marketing Affects You Every Day!
- Important to Business
- Important to Society
- Good Career Opportunities
Strategic Planning - Correct Answers -the process of developing and maintaining a
strategic fit between the organization's objectives and resources and its changing
marketing opportunities
- What is the organizations main activity at a particular time?
-How will the organization facilitate mutually beneficial exchanges?
FINAL EXAM
Marketing (AMA) (Start of Module 1) - 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 function - Correct Answers -Balances equally important goals through long-
term, mutually rewarding relationships with customers
Marketing Myopia - Correct Answers -defining a business in terms of goods and
services rather than in terms of the benefits customers seek
Conditions for Exchange - Correct Answers -1. At least two parties
2. Something of value
3. Communication and delivery
4. Freedom to accept or reject
5. Desire to deal with other party
Marketing Management Philosophy:Production Orientation (Philosophy) - Correct
Answers -SHORT TERM Internal Capabilities of the firm. does not consider whether the
goods and services that a firm produces most efficiently meet the needs of the
marketplace.
-Weak competition
-Demand exceeds supply
-What can we make or do best?
Sales Orientation - Correct Answers -SHORT TERM the belief that people will buy more
goods and services if AGGRESSIVE SALES techniques are used and that high sales
result in high profits
- How can we sell more aggressively with promotional tactics?
- Targets products at everybody or the average customer
- Seek to generate sales volume through intensive promotional activities
Market Orientation - Correct Answers -LONG TERM Satisfying customer wants and
needs while meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix decisions
that must be made
, Societal Orientation - Correct Answers -LONG TERM satisfying customer needs and
wants while enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
Baldrige Performance Excellence Framework - Correct Answers -Award Focuses on a
Total Business Perspective
Obstacles facing societal orientation - Correct Answers -- Justifying premium prices
- Meeting customer performance expectations
Customer Value - Correct Answers -the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - Correct Answers -customers' evaluation of a good or service in
terms of whether it has met their needs and expectations
Market orientation builds relationships through: - Correct Answers -- customer oriented
personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
Customer realtionship management (CRM) - Correct Answers -a company-wide
business strategy designed to optimize profitability, revenue, and customer satisfaction
by focusing on highly defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
-tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
on-demand marketing - Correct Answers -delivering relevant experiences, integrated
across both physical and virtual environments, throughout the consumer's decision and
buying process
Why study marketing? - Correct Answers -- Marketing Affects You Every Day!
- Important to Business
- Important to Society
- Good Career Opportunities
Strategic Planning - Correct Answers -the process of developing and maintaining a
strategic fit between the organization's objectives and resources and its changing
marketing opportunities
- What is the organizations main activity at a particular time?
-How will the organization facilitate mutually beneficial exchanges?
