GB 350 Cascio Final
FTC norms for the ethical use of consumer information: - CORRECT ANSWER-- Notice
- disclose collection and dissemination
- Consent - obtain consumer consent
- Access - provide protocol for consumers' access
- Security - explain measures to protect info
- Enforcement - explain breach response process
most protected general consumer segment - CORRECT ANSWER-children
COPPA - CORRECT ANSWER-Children's Online Privacy Protection Act
goal of COPPA - CORRECT ANSWER-to protect privacy of children under 13 online/put
parents in control over what information about their young children is collected online
COPPA rules - CORRECT ANSWER-- Must obtain parental consent before any info
collected, even if it is volunteered
- Generally, information cannot be given to third parties
- Does NOT govern, filter, or prevent children from exposure to inappropriate content
CFBAI - CORRECT ANSWER-Children's Food and Beverage Advertising Initiative
CFBAI rules - CORRECT ANSWER-- Self-regulatory partnership of food and beverage
marketers
- Voluntarily agree to either:
Not advertise to children
Only advertise products that meet strict nutritional criteria determined by members
Production oriented marketing management philosophy focus - CORRECT ANSWER-
focuses on Internal capabilities of the firm rather than on the desires and needs of the
marketplace
production-oriented firms can survive if - CORRECT ANSWER-Competition is weak and
demand exceeds supply
production orientation is not typically viable: - CORRECT ANSWER-long term
Sales oriented marketing management philosophy focus - CORRECT ANSWER-The
belief that aggressive promotion techniques result in high sales, which result in high
profits; short-term exchanges will be sufficient for long-term success
,Primary tool for exchanging value in sales orientation: - CORRECT ANSWER-
promotion
fundamental problems with sales-oriented firms - CORRECT ANSWER-- Using
persuasion to create a need when the need/market doesn't exist
- Lack of focus on long-term, mutually beneficial customer relationships
Market oriented marketing management philosophy focus - CORRECT ANSWER-
Focusing on customer wants and needs (a.k.a., benefits instead of product features) so
that the organization can distinguish its product(s) from competitors' offerings
The goal of a market orientation is to ______. - CORRECT ANSWER-build long-term
customer relationships
marketing - CORRECT ANSWER-The activity, set institutions, and process for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
what does good marketing do? - CORRECT ANSWER-Entails processes that focus on
delivering value and benefits to customers, not just selling products and services
good marketing avoids - CORRECT ANSWER-"Marketing Myopia": the perspective of
marketing as selling products and services
exchange - CORRECT ANSWER-people giving up something in order to receive
something else they would rather have
An exchange can take place only if the following five conditions exist: - CORRECT
ANSWER-1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Terms of the exchange are appropriately communicated and received by each party.*
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
philosophy - CORRECT ANSWER-basic beliefs, concepts, and attitudes of an individual
or group
Marketing Management Philosophies - CORRECT ANSWER-1. Production
2. Sales
3. Market
4. Societal Marketing
Societal marketing oriented management philosophy focus - CORRECT ANSWER-
Satisfying customer wants and needs while enhancing individual and societal well-being
,adoption - CORRECT ANSWER-"onboarding" new customers by educating them about
how to use the product/service; offering an easy return process for dissatisfied
customers
retention - CORRECT ANSWER-delivering such a great experience that the customer
comes back when the need arises again; making it easy to come back
expansion - CORRECT ANSWER-offering other products/services that existing
customers might need
advocacy - CORRECT ANSWER-having a mechanism in place that allows happy
customers to sing your praises (e.g., product reviews)
market orientation involves - CORRECT ANSWER-- Obtaining information about
customers (micro), competitors (micro), and markets (macro)
- Examining the information from a total business perspective (see next slide)
- Determining how to deliver superior customer value and optimize the customer
experience
- Implementing actions to provide value to customers
Goal of societal marketing orientation - CORRECT ANSWER-- Satisfy customer wants
- Preserve or enhance individuals' and society's long-term best interests
Two obstacles that may face the societal marketing-oriented firm: - CORRECT
ANSWER-- meeting customer performance expectations
-justifying premium prices
Sales and market orientations can be compared in terms of five characteristics: -
CORRECT ANSWER-1. The organization's focus
2. The firm's business
3. Those to whom the product is directed
4. The firm's primary goal
5. The tools used to achieve the organization's goals
The organization's focus can be on: - CORRECT ANSWER-1. Market orientation: focus
on building long-term relationships through Customer-oriented personnel, Effective
training programs, Empowered employees with the authority to make decisions and
solve problems, Teamwork
2. Sales orientation: focus on short-term transactions for immediate sales volume
Customer Relationship 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 is accomplished by - CORRECT ANSWER--Organizing the company around
customer segments
-Establishing and tracking customer interactions with the company.
-Fostering customer-satisfying behaviors
-Linking all processes of the company from its customers through its suppliers
Companies that adopt CRM systems are almost always BLANK oriented - CORRECT
ANSWER-market
In a sales-oriented firm, business is defined in terms of - CORRECT ANSWER-
goods/services
In a market-oriented firm, business is defined in terms of - CORRECT ANSWER-
benefits its customers seek
benefits of a market-oriented firm - CORRECT ANSWER-1. Ensures that the firm
focuses on providing solutions to customer needs instead of getting people to buy
2. Reinforces the idea that different customer segments may desire different benefits
from the same general product
3. Stimulates an awareness of changes in customer desires and preferences so that
product offerings are more likely to remain relevant
Sales-oriented firms target - CORRECT ANSWER-everybody or "the average
comsumer"
Market-oriented firms target - CORRECT ANSWER-specific groups of customers for
mutually beneficial value exchanges using carefully strategized marketing strategies
goal of a sales-oriented firm - CORRECT ANSWER-achieve profitability through sales
volume and tries to convince potential customers to buy, even if the seller knows that
the customer and product are mismatched
goal of a market-oriented firm - CORRECT ANSWER-to be "profitable" (however they
define it) by:
- Creating customer value
- Providing customer satisfaction
- Building long-term relationships with customers
primary tool(s) used in a sales-oriented firm - CORRECT ANSWER-promotion
primary tool(s) used in a market-oriented firm - CORRECT ANSWER-Effective
combination of Product, Price, Distribution (Place), and Promotion
Why study marketing? - CORRECT ANSWER-- Marketing plays an important role in
society.
- Marketing is important to businesses.
FTC norms for the ethical use of consumer information: - CORRECT ANSWER-- Notice
- disclose collection and dissemination
- Consent - obtain consumer consent
- Access - provide protocol for consumers' access
- Security - explain measures to protect info
- Enforcement - explain breach response process
most protected general consumer segment - CORRECT ANSWER-children
COPPA - CORRECT ANSWER-Children's Online Privacy Protection Act
goal of COPPA - CORRECT ANSWER-to protect privacy of children under 13 online/put
parents in control over what information about their young children is collected online
COPPA rules - CORRECT ANSWER-- Must obtain parental consent before any info
collected, even if it is volunteered
- Generally, information cannot be given to third parties
- Does NOT govern, filter, or prevent children from exposure to inappropriate content
CFBAI - CORRECT ANSWER-Children's Food and Beverage Advertising Initiative
CFBAI rules - CORRECT ANSWER-- Self-regulatory partnership of food and beverage
marketers
- Voluntarily agree to either:
Not advertise to children
Only advertise products that meet strict nutritional criteria determined by members
Production oriented marketing management philosophy focus - CORRECT ANSWER-
focuses on Internal capabilities of the firm rather than on the desires and needs of the
marketplace
production-oriented firms can survive if - CORRECT ANSWER-Competition is weak and
demand exceeds supply
production orientation is not typically viable: - CORRECT ANSWER-long term
Sales oriented marketing management philosophy focus - CORRECT ANSWER-The
belief that aggressive promotion techniques result in high sales, which result in high
profits; short-term exchanges will be sufficient for long-term success
,Primary tool for exchanging value in sales orientation: - CORRECT ANSWER-
promotion
fundamental problems with sales-oriented firms - CORRECT ANSWER-- Using
persuasion to create a need when the need/market doesn't exist
- Lack of focus on long-term, mutually beneficial customer relationships
Market oriented marketing management philosophy focus - CORRECT ANSWER-
Focusing on customer wants and needs (a.k.a., benefits instead of product features) so
that the organization can distinguish its product(s) from competitors' offerings
The goal of a market orientation is to ______. - CORRECT ANSWER-build long-term
customer relationships
marketing - CORRECT ANSWER-The activity, set institutions, and process for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
what does good marketing do? - CORRECT ANSWER-Entails processes that focus on
delivering value and benefits to customers, not just selling products and services
good marketing avoids - CORRECT ANSWER-"Marketing Myopia": the perspective of
marketing as selling products and services
exchange - CORRECT ANSWER-people giving up something in order to receive
something else they would rather have
An exchange can take place only if the following five conditions exist: - CORRECT
ANSWER-1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Terms of the exchange are appropriately communicated and received by each party.*
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
philosophy - CORRECT ANSWER-basic beliefs, concepts, and attitudes of an individual
or group
Marketing Management Philosophies - CORRECT ANSWER-1. Production
2. Sales
3. Market
4. Societal Marketing
Societal marketing oriented management philosophy focus - CORRECT ANSWER-
Satisfying customer wants and needs while enhancing individual and societal well-being
,adoption - CORRECT ANSWER-"onboarding" new customers by educating them about
how to use the product/service; offering an easy return process for dissatisfied
customers
retention - CORRECT ANSWER-delivering such a great experience that the customer
comes back when the need arises again; making it easy to come back
expansion - CORRECT ANSWER-offering other products/services that existing
customers might need
advocacy - CORRECT ANSWER-having a mechanism in place that allows happy
customers to sing your praises (e.g., product reviews)
market orientation involves - CORRECT ANSWER-- Obtaining information about
customers (micro), competitors (micro), and markets (macro)
- Examining the information from a total business perspective (see next slide)
- Determining how to deliver superior customer value and optimize the customer
experience
- Implementing actions to provide value to customers
Goal of societal marketing orientation - CORRECT ANSWER-- Satisfy customer wants
- Preserve or enhance individuals' and society's long-term best interests
Two obstacles that may face the societal marketing-oriented firm: - CORRECT
ANSWER-- meeting customer performance expectations
-justifying premium prices
Sales and market orientations can be compared in terms of five characteristics: -
CORRECT ANSWER-1. The organization's focus
2. The firm's business
3. Those to whom the product is directed
4. The firm's primary goal
5. The tools used to achieve the organization's goals
The organization's focus can be on: - CORRECT ANSWER-1. Market orientation: focus
on building long-term relationships through Customer-oriented personnel, Effective
training programs, Empowered employees with the authority to make decisions and
solve problems, Teamwork
2. Sales orientation: focus on short-term transactions for immediate sales volume
Customer Relationship 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 is accomplished by - CORRECT ANSWER--Organizing the company around
customer segments
-Establishing and tracking customer interactions with the company.
-Fostering customer-satisfying behaviors
-Linking all processes of the company from its customers through its suppliers
Companies that adopt CRM systems are almost always BLANK oriented - CORRECT
ANSWER-market
In a sales-oriented firm, business is defined in terms of - CORRECT ANSWER-
goods/services
In a market-oriented firm, business is defined in terms of - CORRECT ANSWER-
benefits its customers seek
benefits of a market-oriented firm - CORRECT ANSWER-1. Ensures that the firm
focuses on providing solutions to customer needs instead of getting people to buy
2. Reinforces the idea that different customer segments may desire different benefits
from the same general product
3. Stimulates an awareness of changes in customer desires and preferences so that
product offerings are more likely to remain relevant
Sales-oriented firms target - CORRECT ANSWER-everybody or "the average
comsumer"
Market-oriented firms target - CORRECT ANSWER-specific groups of customers for
mutually beneficial value exchanges using carefully strategized marketing strategies
goal of a sales-oriented firm - CORRECT ANSWER-achieve profitability through sales
volume and tries to convince potential customers to buy, even if the seller knows that
the customer and product are mismatched
goal of a market-oriented firm - CORRECT ANSWER-to be "profitable" (however they
define it) by:
- Creating customer value
- Providing customer satisfaction
- Building long-term relationships with customers
primary tool(s) used in a sales-oriented firm - CORRECT ANSWER-promotion
primary tool(s) used in a market-oriented firm - CORRECT ANSWER-Effective
combination of Product, Price, Distribution (Place), and Promotion
Why study marketing? - CORRECT ANSWER-- Marketing plays an important role in
society.
- Marketing is important to businesses.
