GB 350 FINAL EXAM CASCIO OLE
MISS COMPLETE QUESTIONS AND
VERIFIED ANSWERS
\.What is marketing? - 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
act of persuasion
act of solving needs
\.what are the goals of marketing? - ANSWERS✔-balances 2 goals through long-term mutually
rewarding relationships
exchange value
meet organizational objectives
\.what is production orientation? - ANSWERS✔-focus on internal capabilities of the firm; only
viable for short term
ex - a bakery knows how to make a great chocolate cookie. when they try to update menu, they
don't have resources to make brownie so they ignore it even though thats what the market
wants. only focused on what they do well so they miss opurtunites
,\.what is sales orientation? - ANSWERS✔-aggressive sales techniques and belief that high sales
result in high profits; focuses on short term and rely on promotion
ex - vivint company sold 91 year old woman a 25 year contract... she died next month and
family had to fight hard to end contract.
\.what is market orientation? - ANSWERS✔-focuses on benefits and satisfying customer needs
and wants long term; realize there is more to business after the sale focuses on long term
customer relationship
ex - bama beer lines has niche market of cleaning beer tap lines for bars/restaurants w taps.
saves money by reducing foam
\.what is market myopia - ANSWERS✔-when an organization thinks in the perspective of selling
as products and services rather than as solving problems
\.what is societal marketing orientation? - ANSWERS✔-focus on satisfying customer wants and
needs while addressing some ill in society; usually have to charge a lil more money
ex - bamba socks donates socks with every purchase
\.What are the different stages of the customer relationship - ANSWERS✔-A R E A
adoption - teaching the customer how to use the product after they make the sale
retention - delivering such a good experience that they come back when need arises agian
expansion - offering products that the existing customer may need
, advocacy - having the ability to let happy companies sing your praise
\.What are the four marketing philosophies? - ANSWERS✔-PSMS
production; sales; market; societal
\.What is strategic planning? - ANSWERS✔-the ongoing process of creating and maintaining a fit
between the organizations objectives and resources and the evolving market opportunities;
seeking to earn competitive advantage
\.what is a competitive advantage? - ANSWERS✔-what makes your company unique and
superior to its competitors; seek to make sustainable
\.what is ansoff's matrix? draw it out - ANSWERS✔-
\.what is the innovation matrix? draw it out - ANSWERS✔-
\.what is the BCG framework? draw it out - ANSWERS✔-
\.what is the marketing plan - ANSWERS✔-a written document that acts as a guidebook of
marketing activities for the marketing manager
\.what is self-regulation? - ANSWERS✔-business's voluntary efforts to preserve civil society
ex - businesses pulling operations from russia without being asked
MISS COMPLETE QUESTIONS AND
VERIFIED ANSWERS
\.What is marketing? - 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
act of persuasion
act of solving needs
\.what are the goals of marketing? - ANSWERS✔-balances 2 goals through long-term mutually
rewarding relationships
exchange value
meet organizational objectives
\.what is production orientation? - ANSWERS✔-focus on internal capabilities of the firm; only
viable for short term
ex - a bakery knows how to make a great chocolate cookie. when they try to update menu, they
don't have resources to make brownie so they ignore it even though thats what the market
wants. only focused on what they do well so they miss opurtunites
,\.what is sales orientation? - ANSWERS✔-aggressive sales techniques and belief that high sales
result in high profits; focuses on short term and rely on promotion
ex - vivint company sold 91 year old woman a 25 year contract... she died next month and
family had to fight hard to end contract.
\.what is market orientation? - ANSWERS✔-focuses on benefits and satisfying customer needs
and wants long term; realize there is more to business after the sale focuses on long term
customer relationship
ex - bama beer lines has niche market of cleaning beer tap lines for bars/restaurants w taps.
saves money by reducing foam
\.what is market myopia - ANSWERS✔-when an organization thinks in the perspective of selling
as products and services rather than as solving problems
\.what is societal marketing orientation? - ANSWERS✔-focus on satisfying customer wants and
needs while addressing some ill in society; usually have to charge a lil more money
ex - bamba socks donates socks with every purchase
\.What are the different stages of the customer relationship - ANSWERS✔-A R E A
adoption - teaching the customer how to use the product after they make the sale
retention - delivering such a good experience that they come back when need arises agian
expansion - offering products that the existing customer may need
, advocacy - having the ability to let happy companies sing your praise
\.What are the four marketing philosophies? - ANSWERS✔-PSMS
production; sales; market; societal
\.What is strategic planning? - ANSWERS✔-the ongoing process of creating and maintaining a fit
between the organizations objectives and resources and the evolving market opportunities;
seeking to earn competitive advantage
\.what is a competitive advantage? - ANSWERS✔-what makes your company unique and
superior to its competitors; seek to make sustainable
\.what is ansoff's matrix? draw it out - ANSWERS✔-
\.what is the innovation matrix? draw it out - ANSWERS✔-
\.what is the BCG framework? draw it out - ANSWERS✔-
\.what is the marketing plan - ANSWERS✔-a written document that acts as a guidebook of
marketing activities for the marketing manager
\.what is self-regulation? - ANSWERS✔-business's voluntary efforts to preserve civil society
ex - businesses pulling operations from russia without being asked
