GB 350 FINAL EXAM COMPLETE QUESTIONS AND 1OO% CORRECT ANSWERS

GB 350 FINAL EXAM COMPLETE QUESTIONS AND 1OO% CORRECT ANSWERS .Marketing - 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.... - ANSWERS-Creating Value Meeting Organizational Objectives .Marketing entails - 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 - 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 - ANSWERS-Production Sales Market Societal .Marketing Management Philosophies: Production- Focus is on... - ANSWERS-internal capabilities of the firm .Marketing Management Philosophies: Sales- Focus is on... - ANSWERS-aggressive sales techniques and belief that high sales result in high profits .Marketing Management Philosophies: Market- Focus is on... - ANSWERS-satisfying customer needs and wants while meeting objectives .Marketing Management Philosophies: Societal- Focus is on... - ANSWERS-satisfying customer needs and wants while enhancing individual and societal well-being .Achieving a Marketing Orientation - 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 - 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 Production-- - ANSWERS-What can we make or do best? .Questions That Help Determine Marketing Philosophy Sales-- - ANSWERS-How can we sell more aggressively? .Questions That Help Determine Marketing Philosophy Marketing-- - ANSWERS-What do customers want and need? .Questions That Help Determine Marketing Philosophy Societal-- - ANSWERS-What do customers want/need, and how can we benefit society? .Customer Value Requirements - 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 - 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 - ANSWERS-Strategy that focuses on keeping and improving relationships with customers. .Successful strategies need for a Relationship Marketing - ANSWERS-Customer-Oriented Personnel Effective Training Programs Empowered Employees Teamwork .Building Relationships: - ANSWERS-Customer-orientated personnel Employee training programs Empowered employees Teamwork .Building Relationships: Customer-orientated personnel - ANSWERS-Every employee represents the firm in the eyes of the customer. .Building Relationships: Empowered employees- - ANSWERS-Employees are given more authority to solve customer problems on the spot. .Building Relationships: Teamwork- - ANSWERS-Emphasizing cooperation over competition while helping a customer. .Knowing the Firm's Business: - ANSWERS-Ensures a customer focus Encourages innovation and creativity Stimulates an awareness of changes in customer preferences .Strategic Planning is... - 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: - ANSWERS-What is the organization's main activity at a particular time?