GB 350 Exam 1 Ole Miss Cascio Questions & Answers Correctly Answered.

GB 350 Exam 1 Ole Miss Cascio
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? - CORRECT ANSWER-clear communication and
delivery of terms

philosophy (Merriam Webster) - CORRECT ANSWER-basic beliefs, concepts and
attitudes of an individual or group

Production Orientation - CORRECT ANSWER--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 - CORRECT ANSWER--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 - CORRECT ANSWER--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-EX: Howard Johnson, hotel brand, struggling because outdated image, renovating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 - CORRECT ANSWER--
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 - CORRECT ANSWER--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 - CORRECT
ANSWER--justifying premium prices

, -meeting customer performance expectations
-EX: Bombas socks

customer satisfaction - CORRECT ANSWER-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

Customer value requirements - CORRECT ANSWER--offer products
-earn trust
-avoid unrealistic pricing
-give the buyer facts
-offer organization-wide commitment in service and after-sales support
-co-create with customers

Marketorientation - CORRECT ANSWER-focus on building long-term relationships

Building long-term relationships through: - CORRECT ANSWER--customer- oriented
personnel
-effective training programs
-employees with the authority to make decisions and solve problems* : can be helpful to
relationship building
-teamwork

Sales orientation - CORRECT ANSWER-focus on short-term term transactions for
immediate sales volume

Defining in terms of customer wants and needs - CORRECT ANSWER-market
orientation
-Donor Alliance, different interactions with customers

Defining in terms of goods and services - CORRECT ANSWER-sales orientation

sales-oriented organization - CORRECT ANSWER--targets its products at everybody or
the average customer
-relies primarily on Promotion** to earn customers
-seek to generate sales volume through intensive promotional activities
-promotion*

market-oriented organization - CORRECT ANSWER--aims at specific groups of people
-ex: water bottle
-recognize that promotion decisions are only one of four basic marketing mix decisions
that must be made

company-wide business strategy designed to - CORRECT ANSWER-optimize
profitability, revenue, and customer satisfaction