GB 350 CASCIO FINAL EXAM OLE MISS
1. What is marketing?- Answers - creating, communicating, delivering, and exchanging otterings that have
value for customers, clients, partners, and society at large
2. How does marketing work?- Answers - balances 2 goals through long-term, mutually rewarding
relationships with customers
3. What is marketing myopia?- Answers - the perspective of marketing as selling products and services
4. What does good marketing do?- Answers - Entails processes that focus on delivering value and
benefits to customers, not just selling products and services
5. What is bracketing?- Answers - e-commerce customers ditterent sizes/colors of fashion items with the
intention of returning at least one of the alternatives
6. What is exchange from a marketing standpoint?- Answers - 1. two parties.
2. Each party has of value to the other party.
3. terms of exchange communicated by each party
4. accept or reject the exchange otter.
5. Each party believes it is appropriate or desirable to deal with the other part
7. Marketing Management Philosophies- Answers - Production, Sales, Market, Societal
marketing
8. Production marketing orientation philosophy- Answers - A philosophy that focuses
on the internal capabilities of the firm rather than on the desires and needs of the marketplace
9. Sales marketing orientation philosophy- Answers - aggressive promotion techniques result in
high sales, high profits. Short-term success
10. Market marketing orientation philosophy- Answers - Focuses on customer wants and
needs (benefits instead of product features) so that the organization stand out
11. Societal marketing orientation philosophy- Answers - Focuses on satisfying customers while
,enhancing individual and societal well-being
12. Example of production philosophy- Answers -
13. Example of production philosophy- Answers - Bed Bath & Beyond faces uncertain future after
former CEO pushed rapid launch of private labels (and other reasons)
14. sales philosophy examples- Answers - Unkept promises and misleading information make
these the worst timeshare companies
15. market philosophy examples- Answers - Properly serviced, marketed and operational companies
that meet consumer problems
16. Example of Societal marketing philosophy- Answers - Better Place Brands (collection of 12
companies) donates 20% of all cottee/apparel sales to namesake breed rescues.
, 17. How can production oriented firms survive?- Answers - If competition is weak or
demand exceeds supply (not typically viable long term)
18. What is the primary tool sales orientation philsophy?- Answers - Promotion
19. Fundamental problems for Sales orientation philosophy- Answers - Using
persuasion to create a need when the need/market doesn't exist and lack of focus on long-term, mutually beneficial
customer relationships
20. What allows market orientation philosophy to be successful?- Answers -
Achieving long-term goals for the organization by optimizing customer relationships beyond first-time exchange
21. Aspects of Market orientation philosophy that help company growth?- Answers
- Adoption (gaining new customers by education them about the product and supporting dissatisfied customers),
Retention (delivering such a great experience that the customer comes back). Expansion (ottering other products/services
that existing customers might need), Advocacy (having opportunities for customers to support like product reviews)
22. What are marketing micro factors?- Answers - customers and competitors
23. What are marketing macro factors?- Answers - markets
24. Why is effective employee training so important?- Answers - because employees have
a significant influence on how customers evaluate their interactions.
25. What are two obstacles that may face the societal marketing-oriented firm?-
- Answers - Meeting customer performance expectations and Justifying premium prices
26. What 5 characteristics differentiate sales and market orientations- Answers -
1. The orga- nization's focus
2. The firm's business
3. Those to whom the product is directed
4. The firm's primary goal
5. The tools used to achieve the organization's goals
27. How does market orientation help an organization?- Answers - Building long term
1. What is marketing?- Answers - creating, communicating, delivering, and exchanging otterings that have
value for customers, clients, partners, and society at large
2. How does marketing work?- Answers - balances 2 goals through long-term, mutually rewarding
relationships with customers
3. What is marketing myopia?- Answers - the perspective of marketing as selling products and services
4. What does good marketing do?- Answers - Entails processes that focus on delivering value and
benefits to customers, not just selling products and services
5. What is bracketing?- Answers - e-commerce customers ditterent sizes/colors of fashion items with the
intention of returning at least one of the alternatives
6. What is exchange from a marketing standpoint?- Answers - 1. two parties.
2. Each party has of value to the other party.
3. terms of exchange communicated by each party
4. accept or reject the exchange otter.
5. Each party believes it is appropriate or desirable to deal with the other part
7. Marketing Management Philosophies- Answers - Production, Sales, Market, Societal
marketing
8. Production marketing orientation philosophy- Answers - A philosophy that focuses
on the internal capabilities of the firm rather than on the desires and needs of the marketplace
9. Sales marketing orientation philosophy- Answers - aggressive promotion techniques result in
high sales, high profits. Short-term success
10. Market marketing orientation philosophy- Answers - Focuses on customer wants and
needs (benefits instead of product features) so that the organization stand out
11. Societal marketing orientation philosophy- Answers - Focuses on satisfying customers while
,enhancing individual and societal well-being
12. Example of production philosophy- Answers -
13. Example of production philosophy- Answers - Bed Bath & Beyond faces uncertain future after
former CEO pushed rapid launch of private labels (and other reasons)
14. sales philosophy examples- Answers - Unkept promises and misleading information make
these the worst timeshare companies
15. market philosophy examples- Answers - Properly serviced, marketed and operational companies
that meet consumer problems
16. Example of Societal marketing philosophy- Answers - Better Place Brands (collection of 12
companies) donates 20% of all cottee/apparel sales to namesake breed rescues.
, 17. How can production oriented firms survive?- Answers - If competition is weak or
demand exceeds supply (not typically viable long term)
18. What is the primary tool sales orientation philsophy?- Answers - Promotion
19. Fundamental problems for Sales orientation philosophy- Answers - Using
persuasion to create a need when the need/market doesn't exist and lack of focus on long-term, mutually beneficial
customer relationships
20. What allows market orientation philosophy to be successful?- Answers -
Achieving long-term goals for the organization by optimizing customer relationships beyond first-time exchange
21. Aspects of Market orientation philosophy that help company growth?- Answers
- Adoption (gaining new customers by education them about the product and supporting dissatisfied customers),
Retention (delivering such a great experience that the customer comes back). Expansion (ottering other products/services
that existing customers might need), Advocacy (having opportunities for customers to support like product reviews)
22. What are marketing micro factors?- Answers - customers and competitors
23. What are marketing macro factors?- Answers - markets
24. Why is effective employee training so important?- Answers - because employees have
a significant influence on how customers evaluate their interactions.
25. What are two obstacles that may face the societal marketing-oriented firm?-
- Answers - Meeting customer performance expectations and Justifying premium prices
26. What 5 characteristics differentiate sales and market orientations- Answers -
1. The orga- nization's focus
2. The firm's business
3. Those to whom the product is directed
4. The firm's primary goal
5. The tools used to achieve the organization's goals
27. How does market orientation help an organization?- Answers - Building long term
