GB 350 Essentials of Marketing Cascio
FINAL
Masculinity vs. Femininity - CORRECT ANSWER--extent to which members prioritize
achievement, assertiveness, and material rewards for success (vs. cooperation, caring
for the weak, and quality of life
Uncertainty Avoidance Index - CORRECT ANSWER-extent to which members want to
maintain control over future events (even if they cannot)
long-term orientation - CORRECT ANSWER-extent to which members value adapting
to current changes in the environment to prepare for the future
Indulgence vs. Restraint - CORRECT ANSWER--extent to which members value need
gratification
Ethnocentrism - CORRECT ANSWER-viewing outside others and their cultural
traditions through the lens of our own culture
Cultural factors to consider: - CORRECT ANSWER--Language/slang
-Customs and traditions
-Expectations for appropriate behavior in business interactions
Demographics to consider: - CORRECT ANSWER--Population growth
-Population density
-Age trends
-Household income
-Household status (e.g., single, married, children)
-Gender
Multinationals - CORRECT ANSWER-firms that engage in international trade beyond
exporting and importing
Tariff - CORRECT ANSWER-tax on particular class of product or service to protect
domestic competition
Marketing Management Philosophy:Production Orientation (Philosophy) - CORRECT
ANSWER-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 ANSWER-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 ANSWER-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 ANSWER-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 ANSWER-Award Focuses
on a Total Business Perspective
Obstacles facing societal orientation - CORRECT ANSWER-- Justifying premium prices
- Meeting customer performance expectations
Customer Value - CORRECT ANSWER-the relationship between benefits and the
sacrifice necessary to obtain those benefits
customer satisfaction - CORRECT ANSWER-customers' evaluation of a good or service
in terms of whether it has met their needs and expectations
Market orientation builds relationships through: - CORRECT ANSWER-- customer
oriented personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
Customer realtionship management (CRM) - CORRECT ANSWER-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
FINAL
Masculinity vs. Femininity - CORRECT ANSWER--extent to which members prioritize
achievement, assertiveness, and material rewards for success (vs. cooperation, caring
for the weak, and quality of life
Uncertainty Avoidance Index - CORRECT ANSWER-extent to which members want to
maintain control over future events (even if they cannot)
long-term orientation - CORRECT ANSWER-extent to which members value adapting
to current changes in the environment to prepare for the future
Indulgence vs. Restraint - CORRECT ANSWER--extent to which members value need
gratification
Ethnocentrism - CORRECT ANSWER-viewing outside others and their cultural
traditions through the lens of our own culture
Cultural factors to consider: - CORRECT ANSWER--Language/slang
-Customs and traditions
-Expectations for appropriate behavior in business interactions
Demographics to consider: - CORRECT ANSWER--Population growth
-Population density
-Age trends
-Household income
-Household status (e.g., single, married, children)
-Gender
Multinationals - CORRECT ANSWER-firms that engage in international trade beyond
exporting and importing
Tariff - CORRECT ANSWER-tax on particular class of product or service to protect
domestic competition
Marketing Management Philosophy:Production Orientation (Philosophy) - CORRECT
ANSWER-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 ANSWER-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 ANSWER-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 ANSWER-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 ANSWER-Award Focuses
on a Total Business Perspective
Obstacles facing societal orientation - CORRECT ANSWER-- Justifying premium prices
- Meeting customer performance expectations
Customer Value - CORRECT ANSWER-the relationship between benefits and the
sacrifice necessary to obtain those benefits
customer satisfaction - CORRECT ANSWER-customers' evaluation of a good or service
in terms of whether it has met their needs and expectations
Market orientation builds relationships through: - CORRECT ANSWER-- customer
oriented personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
Customer realtionship management (CRM) - CORRECT ANSWER-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
