GB 350 ESSENTIALS OF MARKETING CASCIO
FINAL EXAM
Marketing Myopia - Correct Answers -defining a business in terms of goods and
services rather than in terms of the benefits customers seek
EX: Frito Lay defines mission as corn chip rather than snack food
Marketing Management Philosophy:
Production Orientation (Philosophy) - Correct Answers -SHORT TERM Internal
Capabilities of the firm.
does not consider whether the goods and services that a firm produces most efficiently
meet the needs of the marketplace.
-Weak competition
-Demand exceeds supply
-What can we make or do best?
Sales Orientation - Correct Answers -SHORT TERM
the belief that people will buy more goods and services if AGGRESSIVE SALES
techniques are used and that high sales result in high profits
- How can we sell more aggressively with promotional tactics?
- Targets products at everybody or the average customer
- Seek to generate sales volume through intensive promotional activities
Market Orientation - Correct Answers -LONG TERM Satisfying customer wants and
needs while meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix decisions
that must be made
Societal Orientation - Correct Answers -LONG TERM satisfying customer needs and
wants while enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
customer satisfaction - Correct Answers -customers' evaluation of a good or service in
terms of whether it has met their needs and expectations
Customer realtionship management (CRM) - Correct Answers -a company-wide
business strategy designed to optimize profitability, revenue, and customer satisfaction
by focusing on highly defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
, -tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
Sales oriented organization vs. market oriented - Correct Answers -Sales-Targets
everybody
Market- marketing strategy aimed at specific groups of customers
Strategic Business Unit (SBU) - Correct Answers -a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of SBU's - Correct Answers -1. A distinct mission and specific target
market
2. Control over its resources
3. Its own competitors
4. A single business or a collection of related businesses
5. Plans independent of other SBUs
Ansoff's Opportunity Matrix - Correct Answers -market penetration, market
development, product development, diversification
product development - Correct Answers -develop new offerings to create value for
existing customers
Star (BCG Matrix) - Correct Answers -in the portfolio matrix, a business unit that is a
fast-growing market leader
-high market share
-high growth
-reinvest earnings into product improvement
Cash Cows (BCG Matrix) - Correct Answers -generates more cash than it needs to
maintain its market share
-high market share
-low growth
-allocate excess cash to high growth products/price leader
-hold and leave alone
Effective Market segmentation - Correct Answers -1. Substantial: large enough to
warrant developing and maintaining a special marketing mix
2. Identifiable and measurable: can be identified and quantified (even if estimated)
3.Accessible: can be effectively reached by marketing mi
5. Responsive : responds differently to and requires a unique marketing mix
Targeting Strategies- - Correct Answers -Undifferentiated targeting: treat entire market
as the same segment and/or overlooking apparent differences that could be meaningful.
Not a good idea
FINAL EXAM
Marketing Myopia - Correct Answers -defining a business in terms of goods and
services rather than in terms of the benefits customers seek
EX: Frito Lay defines mission as corn chip rather than snack food
Marketing Management Philosophy:
Production Orientation (Philosophy) - Correct Answers -SHORT TERM Internal
Capabilities of the firm.
does not consider whether the goods and services that a firm produces most efficiently
meet the needs of the marketplace.
-Weak competition
-Demand exceeds supply
-What can we make or do best?
Sales Orientation - Correct Answers -SHORT TERM
the belief that people will buy more goods and services if AGGRESSIVE SALES
techniques are used and that high sales result in high profits
- How can we sell more aggressively with promotional tactics?
- Targets products at everybody or the average customer
- Seek to generate sales volume through intensive promotional activities
Market Orientation - Correct Answers -LONG TERM Satisfying customer wants and
needs while meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix decisions
that must be made
Societal Orientation - Correct Answers -LONG TERM satisfying customer needs and
wants while enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
customer satisfaction - Correct Answers -customers' evaluation of a good or service in
terms of whether it has met their needs and expectations
Customer realtionship management (CRM) - Correct Answers -a company-wide
business strategy designed to optimize profitability, revenue, and customer satisfaction
by focusing on highly defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
, -tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
Sales oriented organization vs. market oriented - Correct Answers -Sales-Targets
everybody
Market- marketing strategy aimed at specific groups of customers
Strategic Business Unit (SBU) - Correct Answers -a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of SBU's - Correct Answers -1. A distinct mission and specific target
market
2. Control over its resources
3. Its own competitors
4. A single business or a collection of related businesses
5. Plans independent of other SBUs
Ansoff's Opportunity Matrix - Correct Answers -market penetration, market
development, product development, diversification
product development - Correct Answers -develop new offerings to create value for
existing customers
Star (BCG Matrix) - Correct Answers -in the portfolio matrix, a business unit that is a
fast-growing market leader
-high market share
-high growth
-reinvest earnings into product improvement
Cash Cows (BCG Matrix) - Correct Answers -generates more cash than it needs to
maintain its market share
-high market share
-low growth
-allocate excess cash to high growth products/price leader
-hold and leave alone
Effective Market segmentation - Correct Answers -1. Substantial: large enough to
warrant developing and maintaining a special marketing mix
2. Identifiable and measurable: can be identified and quantified (even if estimated)
3.Accessible: can be effectively reached by marketing mi
5. Responsive : responds differently to and requires a unique marketing mix
Targeting Strategies- - Correct Answers -Undifferentiated targeting: treat entire market
as the same segment and/or overlooking apparent differences that could be meaningful.
Not a good idea
