GB 350 EXAM 1 CASCIO STUDY GUIDE
American Marketing Association definition - Answers -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 - Answers -balances equally important goals through long-term, mutually
rewarding relationships with customers
Conditions for exchange - Answers -- at least two parties involved
- something of value must be present
- clear communication and delivery terms
- desire to deal with the other party that exists
- each party is free to accept or reject the offer
CCPA - Answers -fines up tp $750/user for retailers who do comply with consumer
requests to access to personal data
An exchange... - Answers -may not take place even if all conditions are met
an agreement between two parties is required before an exchange occurs
Marketing can occur... - Answers -even if an exchange does not take place
Marketing management philosophies - Answers -basic beliefs, concepts, and attitudes
of an individual or group
- production
- sales
- market
- societal
Production - Answers -short-term
internal capabilities of the firm
ex. Japanese car makers focusing on production instead of overall customer experience
(Tesla prioritizing AI)
Sales - Answers -short-term
aggressive sales techniques and the belief that high sales result in high profits
ex. Vivant receiving customer complaints and loss of license for aggressive sales
techniques
Market(ing) - Answers -long-term
satisfying customer wants and needs while meeting organizational objectives
ex. Chewy e-commerce for a competitive market and sold out to PetCo
Societal - Answers -long-term
, satisfying customer wants and needs while enhancing individual and societal well-being
ex. Caliber Collision illustrates a societal market through veterans seeking stable job
placement
Product orientation - Answers -management assesses its resources and asks
questions regarding goods and services
does not consider if the goods and services produced by the firm meets the needs of
the marketplace
product oriented firms can survive if:
- competition is weak
- demand exceeds supply
Sales orientation - Answers -sales-oriented firms believe marketing is selling things and
collecting money
problem - these firms lack understanding fo the needs and wants of the marketplace
Market orientation - Answers -understand competor's strengths and weaknesses
obtain information about customers, competitors, and markets to identify opportunities
for customer value creation
determine how to deliver superior customer value
achieve long-term organizational goals by delivering value legally and responsibly
Achieving market orientation - Answers -the Aldridge performance excellence
framework focuses on a total business perspective and is given to organizations in for-
profit, non-profit, and governmental industries
- these organizations provide evidence that the entire organization operates in a manner
that is customer-focused
Societal marketing orientation - Answers -idea that an organization exists to:
- satisfy customer wants
- preserve or enhance individual's and society's long-term best interests
acknowledged that some products that customers want may not be in their best
interests or of society as a whole
Two obstacles facing some societal marketing orientation seekers - Answers -justify
premium prices
meet customer performance expectations
Customer value - Answers -the relationship between benefits and the sacrifice
necessary to obtain those benefits
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-create with customers
American Marketing Association definition - Answers -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 - Answers -balances equally important goals through long-term, mutually
rewarding relationships with customers
Conditions for exchange - Answers -- at least two parties involved
- something of value must be present
- clear communication and delivery terms
- desire to deal with the other party that exists
- each party is free to accept or reject the offer
CCPA - Answers -fines up tp $750/user for retailers who do comply with consumer
requests to access to personal data
An exchange... - Answers -may not take place even if all conditions are met
an agreement between two parties is required before an exchange occurs
Marketing can occur... - Answers -even if an exchange does not take place
Marketing management philosophies - Answers -basic beliefs, concepts, and attitudes
of an individual or group
- production
- sales
- market
- societal
Production - Answers -short-term
internal capabilities of the firm
ex. Japanese car makers focusing on production instead of overall customer experience
(Tesla prioritizing AI)
Sales - Answers -short-term
aggressive sales techniques and the belief that high sales result in high profits
ex. Vivant receiving customer complaints and loss of license for aggressive sales
techniques
Market(ing) - Answers -long-term
satisfying customer wants and needs while meeting organizational objectives
ex. Chewy e-commerce for a competitive market and sold out to PetCo
Societal - Answers -long-term
, satisfying customer wants and needs while enhancing individual and societal well-being
ex. Caliber Collision illustrates a societal market through veterans seeking stable job
placement
Product orientation - Answers -management assesses its resources and asks
questions regarding goods and services
does not consider if the goods and services produced by the firm meets the needs of
the marketplace
product oriented firms can survive if:
- competition is weak
- demand exceeds supply
Sales orientation - Answers -sales-oriented firms believe marketing is selling things and
collecting money
problem - these firms lack understanding fo the needs and wants of the marketplace
Market orientation - Answers -understand competor's strengths and weaknesses
obtain information about customers, competitors, and markets to identify opportunities
for customer value creation
determine how to deliver superior customer value
achieve long-term organizational goals by delivering value legally and responsibly
Achieving market orientation - Answers -the Aldridge performance excellence
framework focuses on a total business perspective and is given to organizations in for-
profit, non-profit, and governmental industries
- these organizations provide evidence that the entire organization operates in a manner
that is customer-focused
Societal marketing orientation - Answers -idea that an organization exists to:
- satisfy customer wants
- preserve or enhance individual's and society's long-term best interests
acknowledged that some products that customers want may not be in their best
interests or of society as a whole
Two obstacles facing some societal marketing orientation seekers - Answers -justify
premium prices
meet customer performance expectations
Customer value - Answers -the relationship between benefits and the sacrifice
necessary to obtain those benefits
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-create with customers
