MGM101 FINAL EXAM
1. Marketing
Answer A set of business practices designed to plan for and present an organization's products or services in
ways that build ettective customer relationships
2. The evolution of marketing (5 eras)
Answer Production, Sales, Marketing Concept, Market Orientation, Social Media Marketing
3. The production era
Answer In early times the demand always exceeded supply so goals centered on production
4. The sales era
Answer Due to mass production sales now exceeded demand. So emphasis was placed on selling and
advertising to persuade customers
5. Marketing concept
1/
10
, Answer 3 part business philosophy; Customer Orientation
what the customer wants. Service Orientation
everyone focusing on customer service. Profit orientation
Focusing on goods that maximize profits
6. Market orientation
Answer Focusing on 1. Collecting info about customer needs and competitor capabilities. 2. Sharing this info
throughout the org. 3. Using the info to create value, ensure customer satisfaction, and develop customer
relations.
7. Customer Relationship Management (CRM)
Answer The process of building long-term relationships
with customers by delivering customer value and satisfaction
8. Social media
Answer Websites and tools that allow users to interact with each other, and share info, opinions,
2/
10
1. Marketing
Answer A set of business practices designed to plan for and present an organization's products or services in
ways that build ettective customer relationships
2. The evolution of marketing (5 eras)
Answer Production, Sales, Marketing Concept, Market Orientation, Social Media Marketing
3. The production era
Answer In early times the demand always exceeded supply so goals centered on production
4. The sales era
Answer Due to mass production sales now exceeded demand. So emphasis was placed on selling and
advertising to persuade customers
5. Marketing concept
1/
10
, Answer 3 part business philosophy; Customer Orientation
what the customer wants. Service Orientation
everyone focusing on customer service. Profit orientation
Focusing on goods that maximize profits
6. Market orientation
Answer Focusing on 1. Collecting info about customer needs and competitor capabilities. 2. Sharing this info
throughout the org. 3. Using the info to create value, ensure customer satisfaction, and develop customer
relations.
7. Customer Relationship Management (CRM)
Answer The process of building long-term relationships
with customers by delivering customer value and satisfaction
8. Social media
Answer Websites and tools that allow users to interact with each other, and share info, opinions,
2/
10
