GB 350 CASCIO FINAL EXAM OLE
MISS QUESTIONS AND ANSWERS
What is marketing? - Correct Answers -creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at
large
How does marketing work? - Correct Answers -balances 2 goals through long-term,
mutually rewarding relationships with customers
What is marketing myopia? - Correct Answers -the perspective of marketing as selling
products and services
What does good marketing do? - Correct Answers -Entails processes that focus on
delivering value and benefits to customers, not just selling products and services
What is bracketing? - Correct Answers -e-commerce customers different sizes/colors of
fashion items with the intention of returning at least one of the alternatives
What is exchange from a marketing standpoint? - Correct Answers -1. two parties.
2. Each party has of value to the other party.
3. terms of exchange communicated by each party
4. accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other part
Marketing Management Philosophies - Correct Answers -Production, Sales, Market,
Societal marketing
Production marketing orientation philosophy - Correct Answers -A philosophy that
focuses on the internal capabilities of the firm rather than on the desires and needs of
the marketplace
Sales marketing orientation philosophy - Correct Answers -aggressive promotion
techniques result in high sales, high profits. Short-term success
Market marketing orientation philosophy - Correct Answers -Focuses on customer
wants and needs (benefits instead of product features) so that the organization stand
out
,Societal marketing orientation philosophy - Correct Answers -Focuses on satisfying
customers while enhancing individual and societal well-being
Example of production philosophy - Correct Answers -
Example of production philosophy - Correct Answers -Bed Bath & Beyond faces
uncertain future after former CEO pushed rapid launch of private labels (and other
reasons)
sales philosophy examples - Correct Answers -Unkept promises and misleading
information make these the worst timeshare companies
market philosophy examples - Correct Answers -Properly serviced, marketed and
operational companies that meet consumer problems
Example of Societal marketing philosophy - Correct Answers -Better Place Brands
(collection of 12 companies) donates 20% of all coffee/apparel sales to namesake
breed rescues.
How can production oriented firms survive? - Correct Answers -If competition is weak or
demand exceeds supply (not typically viable long term)
What is the primary tool sales orientation philsophy? - Correct Answers -Promotion
Fundamental problems for Sales orientation philosophy - Correct Answers -Using
persuasion to create a need when the need/market doesn't exist and lack of focus on
long-term, mutually beneficial customer relationships
What allows market orientation philosophy to be successful? - Correct Answers -
Achieving long-term goals for the organization by optimizing customer relationships
beyond first-time exchange
Aspects of Market orientation philosophy that help company growth? - Correct Answers
-Adoption (gaining new customers by education them about the product and supporting
dissatisfied customers), Retention (delivering such a great experience that the customer
comes back). Expansion (offering other products/services that existing customers might
need), Advocacy (having opportunities for customers to support like product reviews)
What are marketing micro factors? - Correct Answers -customers and competitors
What are marketing macro factors? - Correct Answers -markets
Why is effective employee training so important? - Correct Answers -because
employees have a significant influence on how customers evaluate their interactions.
, What are two obstacles that may face the societal marketing-oriented firm? - Correct
Answers -Meeting customer performance expectations and Justifying premium prices
What 5 characteristics differentiate sales and market orientations - Correct Answers -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
How does market orientation help an organization? - Correct Answers -Building long
term relationships through: Customer-oriented personnel, Effective training programs,
Empowered employees with the authority to make decisions and solve problems,
Teamwork
How does sales orientation help an organization - Correct Answers -by focusing on
short-term transactions for immediate sales volume
What is CRM? - Correct Answers -customer relationship management
How is CRM accomplished? - Correct Answers -customer segments, tracking customer
interactions, customer-satisfying behaviors, Linking all processes of the company
(customers-->suppliers)
Are companies that adopt CRM sales or market oriented? - Correct Answers -market
oriented
How does sales oriented marketing define in the firms business - Correct Answers -in
terms of goods and services
How does market oriented marketing define in the firms business - Correct Answers -in
terms of the benefits its customers seek
Advantage of market oriented business - Correct Answers -- Ensures consumer
solutions, Reinforces different customer segments may desire different benefits
- creates awareness of changes in customer needs (so that product offerings more
relevant)
Who does a sales-oriented firm direct their products at? - Correct Answers -everybody
or the average consumer
Who does a market oriented firm direct their products at? - Correct Answers -aimed at
specific groups of customers for mutually beneficial value exchanges
MISS QUESTIONS AND ANSWERS
What is marketing? - Correct Answers -creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at
large
How does marketing work? - Correct Answers -balances 2 goals through long-term,
mutually rewarding relationships with customers
What is marketing myopia? - Correct Answers -the perspective of marketing as selling
products and services
What does good marketing do? - Correct Answers -Entails processes that focus on
delivering value and benefits to customers, not just selling products and services
What is bracketing? - Correct Answers -e-commerce customers different sizes/colors of
fashion items with the intention of returning at least one of the alternatives
What is exchange from a marketing standpoint? - Correct Answers -1. two parties.
2. Each party has of value to the other party.
3. terms of exchange communicated by each party
4. accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other part
Marketing Management Philosophies - Correct Answers -Production, Sales, Market,
Societal marketing
Production marketing orientation philosophy - Correct Answers -A philosophy that
focuses on the internal capabilities of the firm rather than on the desires and needs of
the marketplace
Sales marketing orientation philosophy - Correct Answers -aggressive promotion
techniques result in high sales, high profits. Short-term success
Market marketing orientation philosophy - Correct Answers -Focuses on customer
wants and needs (benefits instead of product features) so that the organization stand
out
,Societal marketing orientation philosophy - Correct Answers -Focuses on satisfying
customers while enhancing individual and societal well-being
Example of production philosophy - Correct Answers -
Example of production philosophy - Correct Answers -Bed Bath & Beyond faces
uncertain future after former CEO pushed rapid launch of private labels (and other
reasons)
sales philosophy examples - Correct Answers -Unkept promises and misleading
information make these the worst timeshare companies
market philosophy examples - Correct Answers -Properly serviced, marketed and
operational companies that meet consumer problems
Example of Societal marketing philosophy - Correct Answers -Better Place Brands
(collection of 12 companies) donates 20% of all coffee/apparel sales to namesake
breed rescues.
How can production oriented firms survive? - Correct Answers -If competition is weak or
demand exceeds supply (not typically viable long term)
What is the primary tool sales orientation philsophy? - Correct Answers -Promotion
Fundamental problems for Sales orientation philosophy - Correct Answers -Using
persuasion to create a need when the need/market doesn't exist and lack of focus on
long-term, mutually beneficial customer relationships
What allows market orientation philosophy to be successful? - Correct Answers -
Achieving long-term goals for the organization by optimizing customer relationships
beyond first-time exchange
Aspects of Market orientation philosophy that help company growth? - Correct Answers
-Adoption (gaining new customers by education them about the product and supporting
dissatisfied customers), Retention (delivering such a great experience that the customer
comes back). Expansion (offering other products/services that existing customers might
need), Advocacy (having opportunities for customers to support like product reviews)
What are marketing micro factors? - Correct Answers -customers and competitors
What are marketing macro factors? - Correct Answers -markets
Why is effective employee training so important? - Correct Answers -because
employees have a significant influence on how customers evaluate their interactions.
, What are two obstacles that may face the societal marketing-oriented firm? - Correct
Answers -Meeting customer performance expectations and Justifying premium prices
What 5 characteristics differentiate sales and market orientations - Correct Answers -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
How does market orientation help an organization? - Correct Answers -Building long
term relationships through: Customer-oriented personnel, Effective training programs,
Empowered employees with the authority to make decisions and solve problems,
Teamwork
How does sales orientation help an organization - Correct Answers -by focusing on
short-term transactions for immediate sales volume
What is CRM? - Correct Answers -customer relationship management
How is CRM accomplished? - Correct Answers -customer segments, tracking customer
interactions, customer-satisfying behaviors, Linking all processes of the company
(customers-->suppliers)
Are companies that adopt CRM sales or market oriented? - Correct Answers -market
oriented
How does sales oriented marketing define in the firms business - Correct Answers -in
terms of goods and services
How does market oriented marketing define in the firms business - Correct Answers -in
terms of the benefits its customers seek
Advantage of market oriented business - Correct Answers -- Ensures consumer
solutions, Reinforces different customer segments may desire different benefits
- creates awareness of changes in customer needs (so that product offerings more
relevant)
Who does a sales-oriented firm direct their products at? - Correct Answers -everybody
or the average consumer
Who does a market oriented firm direct their products at? - Correct Answers -aimed at
specific groups of customers for mutually beneficial value exchanges
