GB 350 EXAM 1 OLE MISS QUESTIONS AND
ANSWERS
Marketing is defined as - Correct 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
** Facilitate changers in mutually beneficial manner
** Meet needs and wants while maintaining organizational objectives
Marketing is about balancing 2 equally important goals - Correct Answers -create value
and meet organizational objectives
Critical Marketing Function - Correct Answers -facilitates value exchange
- At least 2 parties
- something of value
- communication and delivery
- freedom to accept/reject
- desire to deal with the other party - Correct Answers -Conditions for exhange
1. Production
2. Sales
3. Market
4. Societal - Correct Answers -4 Marketing Mgmt Philosophies
Focus of production - Correct Answers -internal capabilities of the firm
Mgmt assesses resources and asks questions regarding goods/services.
Does not consider if good/services produced meet the needs of the marketplace
** Can survive if competition is weak or demand exceeds supply
Sales Orientation - Correct Answers -Aggressive sales techniques and belief that high
sales result in high profits.
Believe marketing is selling things and collecting money
** Problem - lack understanding of the needs and wants of the marketplace
, Market Orientation - Correct Answers -satisfying customer needs and wants while
meeting objectives
obtain information about customers, competitors, and markets to identify opportunities
for customer value creation.
Determine how to deliver superior customer value
Baldridge Performance Excellence Framework - Correct Answers -award given to
organizations that can provide evidence to a committee that they have assumed a total
business perspective
Societal Marketing Orientation - Correct Answers -inward. organization exists not only to
satisfy customer wants but also to preserve or enhance individuals' and society's long
term best interests
Justifying premium prices - Correct Answers -one of societal marketing orientation's
biggest obstacles
1. Organization's focus
2. Firm's business
3. Those who the product is directed
4. Firm's primary goal
5. Tools the organization uses to achieve its goals - Correct Answers -Comparing the
sales and market orientations 5 characteristics
-obtain information about customers, markets and examine from a total business
perspective
- determine how to deliver superior customer value
- implement actions to provide value - Correct Answers -Achieving a marketing
orientation
- 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 - Correct Answers -6 customer value requirements
Customer satisfaction - Correct Answers -customers evaluation of a good/service in
terms of whether that good/service has met their expectations and needs
Benefits - cost = - Correct Answers -satisfaction level
Relationship marketing - Correct Answers -strategy focused on keeping and improving
relationships with customers
ANSWERS
Marketing is defined as - Correct 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
** Facilitate changers in mutually beneficial manner
** Meet needs and wants while maintaining organizational objectives
Marketing is about balancing 2 equally important goals - Correct Answers -create value
and meet organizational objectives
Critical Marketing Function - Correct Answers -facilitates value exchange
- At least 2 parties
- something of value
- communication and delivery
- freedom to accept/reject
- desire to deal with the other party - Correct Answers -Conditions for exhange
1. Production
2. Sales
3. Market
4. Societal - Correct Answers -4 Marketing Mgmt Philosophies
Focus of production - Correct Answers -internal capabilities of the firm
Mgmt assesses resources and asks questions regarding goods/services.
Does not consider if good/services produced meet the needs of the marketplace
** Can survive if competition is weak or demand exceeds supply
Sales Orientation - Correct Answers -Aggressive sales techniques and belief that high
sales result in high profits.
Believe marketing is selling things and collecting money
** Problem - lack understanding of the needs and wants of the marketplace
, Market Orientation - Correct Answers -satisfying customer needs and wants while
meeting objectives
obtain information about customers, competitors, and markets to identify opportunities
for customer value creation.
Determine how to deliver superior customer value
Baldridge Performance Excellence Framework - Correct Answers -award given to
organizations that can provide evidence to a committee that they have assumed a total
business perspective
Societal Marketing Orientation - Correct Answers -inward. organization exists not only to
satisfy customer wants but also to preserve or enhance individuals' and society's long
term best interests
Justifying premium prices - Correct Answers -one of societal marketing orientation's
biggest obstacles
1. Organization's focus
2. Firm's business
3. Those who the product is directed
4. Firm's primary goal
5. Tools the organization uses to achieve its goals - Correct Answers -Comparing the
sales and market orientations 5 characteristics
-obtain information about customers, markets and examine from a total business
perspective
- determine how to deliver superior customer value
- implement actions to provide value - Correct Answers -Achieving a marketing
orientation
- 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 - Correct Answers -6 customer value requirements
Customer satisfaction - Correct Answers -customers evaluation of a good/service in
terms of whether that good/service has met their expectations and needs
Benefits - cost = - Correct Answers -satisfaction level
Relationship marketing - Correct Answers -strategy focused on keeping and improving
relationships with customers
