GB 350 ESSENTIALS OF MARKETING
CASCIO FINAL EXAM QUESTIONS
COMPLETE WITH 100% CORRECT
ANSWERS
\.Marketing (AMA) (Start of Module 1) - 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
\.Marketing function - ANSWERS✔-Balances equally important goals through long-term,
mutually rewarding relationships with customers
\.Marketing Myopia - ANSWERS✔-defining a business in terms of goods and services rather
than in terms of the benefits customers seek
\.Conditions for Exchange - ANSWERS✔-1. At least two parties
2. Something of value
3. Communication and delivery
4. Freedom to accept or reject
5. Desire to deal with other party
,\.Marketing Management Philosophy:Production Orientation (Philosophy) - ANSWERS✔-SHORT
TERM Internal Capabilities of the firm. does not consider whether the goods and services that a
firm produces most efficiently meet the needs of the marketplace.
-Weak competition
-Demand exceeds supply
-What can we make or do best?
\.Sales Orientation - ANSWERS✔-SHORT TERM the belief that people will buy more goods and
services if AGGRESSIVE SALES techniques are used and that high sales result in high profits
- How can we sell more aggressively with promotional tactics?
- Targets products at everybody or the average customer
- Seek to generate sales volume through intensive promotional activities
\.Market Orientation - ANSWERS✔-LONG TERM Satisfying customer wants and needs while
meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix decisions that
must be made
\.Societal Orientation - ANSWERS✔-LONG TERM satisfying customer needs and wants while
enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
\.Baldrige Performance Excellence Framework - ANSWERS✔-Award Focuses on a Total Business
Perspective
\.Obstacles facing societal orientation - ANSWERS✔-- Justifying premium prices
, - Meeting customer performance expectations
\.Customer Value - ANSWERS✔-the relationship between benefits and the sacrifice necessary to
obtain those benefits
\.customer satisfaction - ANSWERS✔-customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
\.Market orientation builds relationships through: - ANSWERS✔-- customer oriented personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
\.Customer realtionship management (CRM) - ANSWERS✔-a company-wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
-tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
\.on-demand marketing - ANSWERS✔-delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying process
\.Why study marketing? - ANSWERS✔-- Marketing Affects You Every Day!
- Important to Business
CASCIO FINAL EXAM QUESTIONS
COMPLETE WITH 100% CORRECT
ANSWERS
\.Marketing (AMA) (Start of Module 1) - 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
\.Marketing function - ANSWERS✔-Balances equally important goals through long-term,
mutually rewarding relationships with customers
\.Marketing Myopia - ANSWERS✔-defining a business in terms of goods and services rather
than in terms of the benefits customers seek
\.Conditions for Exchange - ANSWERS✔-1. At least two parties
2. Something of value
3. Communication and delivery
4. Freedom to accept or reject
5. Desire to deal with other party
,\.Marketing Management Philosophy:Production Orientation (Philosophy) - ANSWERS✔-SHORT
TERM Internal Capabilities of the firm. does not consider whether the goods and services that a
firm produces most efficiently meet the needs of the marketplace.
-Weak competition
-Demand exceeds supply
-What can we make or do best?
\.Sales Orientation - ANSWERS✔-SHORT TERM the belief that people will buy more goods and
services if AGGRESSIVE SALES techniques are used and that high sales result in high profits
- How can we sell more aggressively with promotional tactics?
- Targets products at everybody or the average customer
- Seek to generate sales volume through intensive promotional activities
\.Market Orientation - ANSWERS✔-LONG TERM Satisfying customer wants and needs while
meeting organizational objectives
- What do customers want and need?
- Aims at specific groups of people
- Recognize that promotion decisions are only one of four basic marketing mix decisions that
must be made
\.Societal Orientation - ANSWERS✔-LONG TERM satisfying customer needs and wants while
enhancing individual and societal well-being
- What do customers want/need, and how can we benefit society?
\.Baldrige Performance Excellence Framework - ANSWERS✔-Award Focuses on a Total Business
Perspective
\.Obstacles facing societal orientation - ANSWERS✔-- Justifying premium prices
, - Meeting customer performance expectations
\.Customer Value - ANSWERS✔-the relationship between benefits and the sacrifice necessary to
obtain those benefits
\.customer satisfaction - ANSWERS✔-customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
\.Market orientation builds relationships through: - ANSWERS✔-- customer oriented personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
\.Customer realtionship management (CRM) - ANSWERS✔-a company-wide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups
CRM Accomplished by:
-organizing the company around customer segments
-tracking customer interactions
-Fostering customer satisfying behavior
-linking all processes of the company from its customer through its suppliers
\.on-demand marketing - ANSWERS✔-delivering relevant experiences, integrated across both
physical and virtual environments, throughout the consumer's decision and buying process
\.Why study marketing? - ANSWERS✔-- Marketing Affects You Every Day!
- Important to Business
