GB 350 FINAL EXAM-- OLE MISS CASICO COMPLETE QUESTIONS WITH 100% VERIFIED ANSWERS | VERIFIED EXAM QUESTIONS

GB 350 FINAL EXAM-- OLE MISS CASICO COMPLETE QUESTIONS WITH 100% VERIFIED ANSWERS | VERIFIED EXAM QUESTIONS marketing 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 balance balances 2 equally important goals through long term, mutually rewarding relationships with customers: between exchange value and meet organizational objectives tradeblock example of marketing: - sneaker-trading app - they launched in 2020 balancing the marketing goals what does good marketing do? entails processes that focus on delivering value and benefits to customers, not just selling products and services marketing myopia the perspective of marketing as selling products and services; Marketing Myopia Example Railroad companies saw themselves as in the railroad business not the transportation business and were blindsided by other competitors Bracketing e commerce customers order different sizes /colors of fashion items with the intention of returning at least one alternative so the environment is stakeholder understanding "exchange" from a marketing standpoint exchange- people giving up something in order to receive something else they would rather have An exchange can take place only if the following five conditions exist: 1. there must be at least parties 2. each party has something that might be of value to the other party 3. terms of the exchange are appropriately communicated and received by each party 4. each party is free to accept or reject the exchange offer 5. each party believes it is appropriated or desirable to deal with the other party exchange example - hard to cancel a subscription - Sephora fined 1.2 m for not disclosing sale of customer data - capable of making decision- age -value -- going to class-- what to gain marketing management philosophies Production, Sales, Market, Societal marketing production internal capabilities of the firm example: bed bath and beyond faces uncertain future after former CEO pushed rapid launch of private labels LIKE TARGET ( financial issues) with selling NOT GIVING THEIR CUSTOMERS TO COME TO THE STORE SALES aggressive sales techniques and belief that high sales result in high profits example: unkept promises and misleading information make these the worst TIMESHARE COMPANIES, according to this article EXAMPLE; WELLSFARGO MARKET satisfying customer wants and needs while meeting organizational objectives EXAMPLE: BAMA BEER LINES- educates on how to clean beer lines to satisfy customers societal marketing satisfying customer wants and need while enhancing individual and societal well - being example: better place brands-- donates 20% of all coffee/ apparel sales to namesake breed rescues production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace production-oriented firms survive if - competition is week - demand exceeds supply product orientation example cable tv - over 60 m consumers no longer use cable sales orientation the belief that aggressive promotion techniques result in high sales, which result in high profits, short term exchanges will be sufficient for long term success - signed contract that she regret primary tool for exchanging value promotion market orientation focusing on customer wants and needs ( benefits instead of product features) so that the organization can distinguish its product(s) from competitors offerings marketing 4 points adoption, retention, expansion, advocacy adoption "onboarding" new customers by educating them about how to use the product/service; offering an easy return process for dissatisfied customers example: bought a 2021 Lincoln used to having a 2007 car-- had to figure out how to use seat warmers retention delivering such a great experience that the customer comes back when the need arises again; making it easy to come back example Kothari :diaper company gives a certain percentage off - reach out to customers expansion offering other products/services that existing customers might need example: transition from regular diaper to pull up diaper advocacy having a mechanism in place that allows happy customers to sing your praises example : product review-- earn points toward purchases market orientation - obtaining information about customers(micro) , competitors(micro) , and markets (macro what really matters? AB inbev( beer maker) invest in dating app --- serve intentional daters implementing actions to provide value to customers - internal marketing and effective employee training - happy employees = happy customers