GB 350 FINAL EXAM STUDY GUIDE
Marketing - Answers -is 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 is about Balancing Equally Important Goals.... - Answers -Creating Value
Meeting Organizational Objectives
Marketing entails - Answers -processes that focus on delivering value and benefits to
customers, not just selling goods and services.
Critical Marketing Function:
Facilitate Value Exchange
Conditions for Exchange - Answers -At Least Two Parties
Something of Value
Communication and Delivery
Freedom to Accept or Reject
Desire to Deal with Other Party
The Four Marketing Management Philosophies - Answers -Production
Sales
Market
Societal
Marketing Management Philosophies:
Production- Focus is on... - Answers -internal capabilities of the firm
Marketing Management Philosophies:
Sales- Focus is on... - Answers -aggressive sales techniques and belief that high sales
result in high profits
Marketing Management Philosophies:
Market- Focus is on... - Answers -satisfying customer needs and wants while meeting
objectives
Marketing Management Philosophies:
Societal- Focus is on... - Answers -satisfying customer needs and
wants while enhancing individual and
societal well-being
,Achieving a Marketing Orientation - Answers -Obtain information about customers,
competitors, and markets & examine from a total business perspective
Determine how to deliver superior
customer value
Implement actions to provide value
to customers
Societal Marketing Orientation - Answers -An organization exists not only to satisfy
customer wants but also to preserve or enhance individuals' and society's long-term
best interests.
Questions That Help Determine Marketing Philosophy - Answers -
Questions That Help Determine Marketing Philosophy
Production--> - Answers -What can we make or do best?
Questions That Help Determine Marketing Philosophy
Sales--> - Answers -How can we sell more aggressively?
Questions That Help Determine Marketing Philosophy
Marketing--> - Answers -What do customers want and need?
Questions That Help Determine Marketing Philosophy
Societal--> - Answers -What do customers want/need, and how can we benefit society?
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-creation with customers
Customer Satisfaction - Answers -The customers' evaluation of a good or service in
terms of whether that good or service has met their needs and expectations.
Benefits - Costs = Level of Satisfaction
,Relationship Marketing - Answers -Strategy that focuses on keeping and improving
relationships with customers.
Successful strategies need for a Relationship Marketing - Answers -Customer-Oriented
Personnel
Effective Training Programs
Empowered Employees
Teamwork
Building Relationships: - Answers -Customer-orientated personnel
Employee training programs
Empowered employees
Teamwork
Building Relationships:
Customer-orientated personnel - Answers -Every employee represents the firm in the
eyes of the customer.
Building Relationships:
Empowered employees- - Answers -Employees are given more authority to solve
customer problems on the spot.
Building Relationships:
Teamwork- - Answers -Emphasizing cooperation over competition while helping a
customer.
Knowing the Firm's Business: - Answers -Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Strategic Planning is... - Answers -the managerial process of creating and maintaining
a fit between the organization's objectives and resources and the evolving market
opportunities.
Strategic marketing management addresses two questions: - Answers -What is the
organization's main activity at a particular time?
How will it reach its goals?
, Characteristics of
Strategic Business Units (SBUs)
An SBU has... - Answers -A distinct mission and specific target market
Control over its resources
Its own competitors
A single business or a collection of related businesses
Plans independent of other SBUs
Ansoff's Opportunity Matrix - Answers -Market
Penetration
Market Development
Product Development
Diversification
Ansoff's Opportunity Matrix:
-Market
Penetration - Answers -Increase market share among existing customers
Ansoff's Opportunity Matrix:
-Market Development - Answers -Attract new customers to existing products
Ansoff's Opportunity Matrix:
-Diversification - Answers -Introduce new products into new markets
Portfolio Matrix Strategies - Answers -Build
Hold
Harvest
Divest
SWOT - Answers -Strengths
Weaknesses
Opportunities
Threats
SWOT-
Strengths - Answers -Family-friendly environment; good food
Marketing - Answers -is 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 is about Balancing Equally Important Goals.... - Answers -Creating Value
Meeting Organizational Objectives
Marketing entails - Answers -processes that focus on delivering value and benefits to
customers, not just selling goods and services.
Critical Marketing Function:
Facilitate Value Exchange
Conditions for Exchange - Answers -At Least Two Parties
Something of Value
Communication and Delivery
Freedom to Accept or Reject
Desire to Deal with Other Party
The Four Marketing Management Philosophies - Answers -Production
Sales
Market
Societal
Marketing Management Philosophies:
Production- Focus is on... - Answers -internal capabilities of the firm
Marketing Management Philosophies:
Sales- Focus is on... - Answers -aggressive sales techniques and belief that high sales
result in high profits
Marketing Management Philosophies:
Market- Focus is on... - Answers -satisfying customer needs and wants while meeting
objectives
Marketing Management Philosophies:
Societal- Focus is on... - Answers -satisfying customer needs and
wants while enhancing individual and
societal well-being
,Achieving a Marketing Orientation - Answers -Obtain information about customers,
competitors, and markets & examine from a total business perspective
Determine how to deliver superior
customer value
Implement actions to provide value
to customers
Societal Marketing Orientation - Answers -An organization exists not only to satisfy
customer wants but also to preserve or enhance individuals' and society's long-term
best interests.
Questions That Help Determine Marketing Philosophy - Answers -
Questions That Help Determine Marketing Philosophy
Production--> - Answers -What can we make or do best?
Questions That Help Determine Marketing Philosophy
Sales--> - Answers -How can we sell more aggressively?
Questions That Help Determine Marketing Philosophy
Marketing--> - Answers -What do customers want and need?
Questions That Help Determine Marketing Philosophy
Societal--> - Answers -What do customers want/need, and how can we benefit society?
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-creation with customers
Customer Satisfaction - Answers -The customers' evaluation of a good or service in
terms of whether that good or service has met their needs and expectations.
Benefits - Costs = Level of Satisfaction
,Relationship Marketing - Answers -Strategy that focuses on keeping and improving
relationships with customers.
Successful strategies need for a Relationship Marketing - Answers -Customer-Oriented
Personnel
Effective Training Programs
Empowered Employees
Teamwork
Building Relationships: - Answers -Customer-orientated personnel
Employee training programs
Empowered employees
Teamwork
Building Relationships:
Customer-orientated personnel - Answers -Every employee represents the firm in the
eyes of the customer.
Building Relationships:
Empowered employees- - Answers -Employees are given more authority to solve
customer problems on the spot.
Building Relationships:
Teamwork- - Answers -Emphasizing cooperation over competition while helping a
customer.
Knowing the Firm's Business: - Answers -Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Strategic Planning is... - Answers -the managerial process of creating and maintaining
a fit between the organization's objectives and resources and the evolving market
opportunities.
Strategic marketing management addresses two questions: - Answers -What is the
organization's main activity at a particular time?
How will it reach its goals?
, Characteristics of
Strategic Business Units (SBUs)
An SBU has... - Answers -A distinct mission and specific target market
Control over its resources
Its own competitors
A single business or a collection of related businesses
Plans independent of other SBUs
Ansoff's Opportunity Matrix - Answers -Market
Penetration
Market Development
Product Development
Diversification
Ansoff's Opportunity Matrix:
-Market
Penetration - Answers -Increase market share among existing customers
Ansoff's Opportunity Matrix:
-Market Development - Answers -Attract new customers to existing products
Ansoff's Opportunity Matrix:
-Diversification - Answers -Introduce new products into new markets
Portfolio Matrix Strategies - Answers -Build
Hold
Harvest
Divest
SWOT - Answers -Strengths
Weaknesses
Opportunities
Threats
SWOT-
Strengths - Answers -Family-friendly environment; good food
