GB 350 EXAM 1 OLE MISS CASCIO
QUESTIONS COMPLETE WITH 100%
CORRECT ANSWERS
\.American Marketing Association; definition of marketing - ANSWERS✔-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✔--exchange value in a mutually beneficial manner
-entails processes that focus on delivering value and benefits to customers, not just selling
goods and services
-communicating your company's value proposition, but it must also be about determining what
those value propositions will be
\.Example of marketing: Johnson & Johnson - ANSWERS✔-sued by state government for opioid
epidemic - have to think of society at large
\.Marketing balances equally important goals through long-term, mutually - ANSWERS✔-
rewarding relationships with customers
-create value, meet organizational objectives
\.Conditions for Exchange - ANSWERS✔--at least two parties
,-something of value
-clear communication and delivery of terms
-freedom to accept or reject
-desire to deal with other party
-each party is free to accept or reject the offer
\.Example: A company had a policy in place that upgraded people to a premium subscription
after a free trial and it wasn't as visible as it should have been...which condition for exchange
was violated? - ANSWERS✔-clear communication and delivery of terms
\.philosophy (Merriam Webster) - ANSWERS✔-basic beliefs, concepts and attitudes of an
individual or group
\.Production Orientation - ANSWERS✔--internal capabilities of the firm
-EX: Victoria Secret, brand value is declining, so they are rebranding: different body types,
transgender models
-early stages of business
-does not consider if the goods and services produced by the firm meets the needs of the
marketplace
\.Sales Orientation - ANSWERS✔--aggressive sales techniques and belief that high sales result in
high profits
-getting this out and closing the deal
-EX: Vivint, aggress sales techniques
-selling things and collecting money
\.Market Orientation - ANSWERS✔--satisfying customer wants and needs while meeting
organizational objectives
, -EX: Howard Johnson, hotel brand, struggling because outdated image, renovating hotels
,interact with brand
-paying attention to customers
-pay attention to what competitors are doing too
-E-cigs industry, responsible marketing
\.The Baldrige Performance Excellence Framework Award - ANSWERS✔--focuses on a Total
Business Perspective
-bases of an award that is given to an organization or non profit or governmental that provide
evidence that have a total business perspective
\.Societal Marketing Orientation - ANSWERS✔--satisfying customer needs and wants while
enhancing individual and societal well-being
-going above and beyond
-EX: Caliber Collision, changing lanes, train retired vets, positive response
-meant to do good for society
\.Two Obstacles Facing some Societal Marketing Orientation seekers - ANSWERS✔--justifying
premium prices
-meeting customer performance expectations
-EX: Bombas socks
\.customer satisfaction - ANSWERS✔-evaluation of a good or service in terms of whether that
good or service has met their needs and expectations
-basic part of relationship building, not the end goal
-brand promoters, to tell others how well the company is doing
QUESTIONS COMPLETE WITH 100%
CORRECT ANSWERS
\.American Marketing Association; definition of marketing - ANSWERS✔-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✔--exchange value in a mutually beneficial manner
-entails processes that focus on delivering value and benefits to customers, not just selling
goods and services
-communicating your company's value proposition, but it must also be about determining what
those value propositions will be
\.Example of marketing: Johnson & Johnson - ANSWERS✔-sued by state government for opioid
epidemic - have to think of society at large
\.Marketing balances equally important goals through long-term, mutually - ANSWERS✔-
rewarding relationships with customers
-create value, meet organizational objectives
\.Conditions for Exchange - ANSWERS✔--at least two parties
,-something of value
-clear communication and delivery of terms
-freedom to accept or reject
-desire to deal with other party
-each party is free to accept or reject the offer
\.Example: A company had a policy in place that upgraded people to a premium subscription
after a free trial and it wasn't as visible as it should have been...which condition for exchange
was violated? - ANSWERS✔-clear communication and delivery of terms
\.philosophy (Merriam Webster) - ANSWERS✔-basic beliefs, concepts and attitudes of an
individual or group
\.Production Orientation - ANSWERS✔--internal capabilities of the firm
-EX: Victoria Secret, brand value is declining, so they are rebranding: different body types,
transgender models
-early stages of business
-does not consider if the goods and services produced by the firm meets the needs of the
marketplace
\.Sales Orientation - ANSWERS✔--aggressive sales techniques and belief that high sales result in
high profits
-getting this out and closing the deal
-EX: Vivint, aggress sales techniques
-selling things and collecting money
\.Market Orientation - ANSWERS✔--satisfying customer wants and needs while meeting
organizational objectives
, -EX: Howard Johnson, hotel brand, struggling because outdated image, renovating hotels
,interact with brand
-paying attention to customers
-pay attention to what competitors are doing too
-E-cigs industry, responsible marketing
\.The Baldrige Performance Excellence Framework Award - ANSWERS✔--focuses on a Total
Business Perspective
-bases of an award that is given to an organization or non profit or governmental that provide
evidence that have a total business perspective
\.Societal Marketing Orientation - ANSWERS✔--satisfying customer needs and wants while
enhancing individual and societal well-being
-going above and beyond
-EX: Caliber Collision, changing lanes, train retired vets, positive response
-meant to do good for society
\.Two Obstacles Facing some Societal Marketing Orientation seekers - ANSWERS✔--justifying
premium prices
-meeting customer performance expectations
-EX: Bombas socks
\.customer satisfaction - ANSWERS✔-evaluation of a good or service in terms of whether that
good or service has met their needs and expectations
-basic part of relationship building, not the end goal
-brand promoters, to tell others how well the company is doing
