MKT 100 MIDTERM EXAM FULL SOLUTION
STUDY GUIDE
◉ Need.
Answer: things essentail to living
◉ Wants.
Answer: things desired but not essential to daily life
◉ Marketing Concept.
Answer: - Focus on customer wants and needs so that the
organization can distinguish its offerings from those of its
competitors - - Integrate all the organization's activities, including
production, to satisfying customer wants
- Achieve long-term goals for the organization by satisfying
customers' wants and needs legally and responsibly
◉ Marketing is Becoming....
Answer: - A conversation with the customer rather than a
distraction
- The conversation is being led in innovative ways, which allow the
customer to talk back
,- Marketing constantly changes with consumers to maintain
understanding, currently marketing is moving towards a digital era
◉ Evolution of Marketing.
Answer: 1. Product orientation
2. Sales orientation
3. Marketing Company Orientation
4. Societal Marketing Orientation
5. Relationship Marketing Orientation
◉ Product Orientation.
Answer: A focus on manufacturing and production quantity in which
customers are meant to choose based on whats is most abundantly
available.
- Mindset of "If you build it, they will come" because there was a lack
of options in the marketplace.
- Companies had the freedom to create whatever products they
deemed appropriate, and customers have to accept what is offered.
◉ Sales Orientation.
Answer: Hard selling to the customer, who has greater choice thanks
to more competition in the workplace
,- Increased power of customer choice that exists
- Work on the sales techniques that are needed to convince the
consumer to buy
- The focus is on the hard sell
- The technique is still relevant to the current day
◉ Marketing Company Orientation.
Answer: A strong emphasis on the marketing concept and
development of a more comprehensive approach to understanding
the customer.
- All the marketing activities such as advertising, sales, and PR are
put into one department in an organization
- Customer are grouped into segments, marketers work to
understand the segments
- Segments become targets
- Persuasion and marketing become intermixed
◉ Societal Marketing Orientation.
Answer: Looking not only at the customer, but expanding marketing
efforts to include aspects from the external environment that go
beyond a firm's customers, suppliers, and competitors.
, - What if giving what the consumer wants is actually not good for the
consumer or for the environment...
- This has led to new movements such as recycling, reduced waste,
greater awareness of dietary and safety issues with products
- This orientation brings a greater government involvement
◉ Relationship Marketing Orientation.
Answer: - From "interruption to interaction"
- Focuses on taking steps to engage with the consumer
- Aided by 2 essential customer-based strategies
◉ Customer Satisfaction.
Answer: Customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
- Keeping customers satisfied is just as important as attracting new
customers - and it a lot less expensive
- The culture of the company should focus on delighting the
customer
◉ Relationship Marketing.
Answer: A strategy that focuses on keeping and improving
relationships with current customers
STUDY GUIDE
◉ Need.
Answer: things essentail to living
◉ Wants.
Answer: things desired but not essential to daily life
◉ Marketing Concept.
Answer: - Focus on customer wants and needs so that the
organization can distinguish its offerings from those of its
competitors - - Integrate all the organization's activities, including
production, to satisfying customer wants
- Achieve long-term goals for the organization by satisfying
customers' wants and needs legally and responsibly
◉ Marketing is Becoming....
Answer: - A conversation with the customer rather than a
distraction
- The conversation is being led in innovative ways, which allow the
customer to talk back
,- Marketing constantly changes with consumers to maintain
understanding, currently marketing is moving towards a digital era
◉ Evolution of Marketing.
Answer: 1. Product orientation
2. Sales orientation
3. Marketing Company Orientation
4. Societal Marketing Orientation
5. Relationship Marketing Orientation
◉ Product Orientation.
Answer: A focus on manufacturing and production quantity in which
customers are meant to choose based on whats is most abundantly
available.
- Mindset of "If you build it, they will come" because there was a lack
of options in the marketplace.
- Companies had the freedom to create whatever products they
deemed appropriate, and customers have to accept what is offered.
◉ Sales Orientation.
Answer: Hard selling to the customer, who has greater choice thanks
to more competition in the workplace
,- Increased power of customer choice that exists
- Work on the sales techniques that are needed to convince the
consumer to buy
- The focus is on the hard sell
- The technique is still relevant to the current day
◉ Marketing Company Orientation.
Answer: A strong emphasis on the marketing concept and
development of a more comprehensive approach to understanding
the customer.
- All the marketing activities such as advertising, sales, and PR are
put into one department in an organization
- Customer are grouped into segments, marketers work to
understand the segments
- Segments become targets
- Persuasion and marketing become intermixed
◉ Societal Marketing Orientation.
Answer: Looking not only at the customer, but expanding marketing
efforts to include aspects from the external environment that go
beyond a firm's customers, suppliers, and competitors.
, - What if giving what the consumer wants is actually not good for the
consumer or for the environment...
- This has led to new movements such as recycling, reduced waste,
greater awareness of dietary and safety issues with products
- This orientation brings a greater government involvement
◉ Relationship Marketing Orientation.
Answer: - From "interruption to interaction"
- Focuses on taking steps to engage with the consumer
- Aided by 2 essential customer-based strategies
◉ Customer Satisfaction.
Answer: Customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
- Keeping customers satisfied is just as important as attracting new
customers - and it a lot less expensive
- The culture of the company should focus on delighting the
customer
◉ Relationship Marketing.
Answer: A strategy that focuses on keeping and improving
relationships with current customers
