GB 350 FINAL EXAM CASCIO OLE MISS || A+ GRADED.
What is marketing? correct 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? correct answers balances 2 goals through long-term mutually
rewarding relationships
exchange value
meet organizational objectives
what is production orientation? correct 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? correct 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? correct 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 correct answers when an organization thinks in the perspective of selling
as products and services rather than as solving problems
what is societal marketing orientation? correct 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 correct 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? correct answers PSMS
production; sales; market; societal
What is strategic planning? correct 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? correct answers what makes your company unique and superior
to its competitors; seek to make sustainable
what is ansoff's matrix? draw it out correct answers
what is the innovation matrix? draw it out correct answers
what is the BCG framework? draw it out correct answers
what is the marketing plan correct answers a written document that acts as a guidebook of
marketing activities for the marketing manager
what is self-regulation? correct answers business's voluntary efforts to preserve civil society
ex - businesses pulling operations from russia without being asked
what is ESG marketing? correct answers integrating Environment, Social, and Governance
values into the organization and marketing strategy
what is conscious consumerism? correct answers contributing to socially responsible causes
through purchases from soically responisible organizations
what is a B-corp? correct answers Benifit corporation; for-profit entities seeking a mission to
balance economic goals w environmental/social goals
What is a code of ethics? correct answers a guideline to help marketing managers and other
employees make better decisions
what is company culture correct answers the invisible set of rules which guides behavior inside
and company and therefore it's foundation which business results rest on
What is marketing? correct 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? correct answers balances 2 goals through long-term mutually
rewarding relationships
exchange value
meet organizational objectives
what is production orientation? correct 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? correct 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? correct 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 correct answers when an organization thinks in the perspective of selling
as products and services rather than as solving problems
what is societal marketing orientation? correct 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 correct 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? correct answers PSMS
production; sales; market; societal
What is strategic planning? correct 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? correct answers what makes your company unique and superior
to its competitors; seek to make sustainable
what is ansoff's matrix? draw it out correct answers
what is the innovation matrix? draw it out correct answers
what is the BCG framework? draw it out correct answers
what is the marketing plan correct answers a written document that acts as a guidebook of
marketing activities for the marketing manager
what is self-regulation? correct answers business's voluntary efforts to preserve civil society
ex - businesses pulling operations from russia without being asked
what is ESG marketing? correct answers integrating Environment, Social, and Governance
values into the organization and marketing strategy
what is conscious consumerism? correct answers contributing to socially responsible causes
through purchases from soically responisible organizations
what is a B-corp? correct answers Benifit corporation; for-profit entities seeking a mission to
balance economic goals w environmental/social goals
What is a code of ethics? correct answers a guideline to help marketing managers and other
employees make better decisions
what is company culture correct answers the invisible set of rules which guides behavior inside
and company and therefore it's foundation which business results rest on
