MKT 320F Questions and Answers Graded A+ Latest Update
Which marketing management philosophy focuses on the question, "What do customers want and
need?" - Answers Market
A company that wants to implement a market orientation would need to: - Answers -do research on its
customers, competitors, and markets.
-establish and maintain mutually satisfying relationships with customers.
-determine how to deliver superior customer value.
-implement actions that provide value to customers.
_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those
benefits. - Answers Customer value
_____ is a strategy that focuses on keeping and improving relationships with current customers.
Correct! - Answers Relationship marketing
Relationship marketing - Answers is a strategy that focuses on keeping and improving relationships with
current customers. It assumes that many consumers and business customers prefer to have an ongoing
relationship with one organization rather than switch continually among providers in their search for
value.
Most successful relationship marketing strategies depend on customer-oriented personnel, effective
training programs, employees with the authority to make decisions and solve problems, and teamwork.
customer value. - Answers The relationship between benefits and the sacrifice necessary to obtain those
benefits
production orientation - Answers a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace
sales orientation - Answers the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits
market orientation - Answers a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
Marketing Concept - Answers The marketing concept includes the following:
● Focusing on customer wants and needs so that the organization can distinguish its product(s) from
competitors' offerings
● Integrating all the organization's activities, including production, to satisfy customer wants
, ● Achieving long-term goals for the organization by satisfying customer wants and needs legally and
responsibly
A business is concerned with many day-to-day activities. Some of the most important of these activities
are the planning and development of a product, its ability to communicate value, its pricing policy, and
the distribution strategy. These activities are all a part of: - Answers marketing
Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed
their mission, defined objectives for the bank for the coming years, and shared who their target market
is. He talked about their product offerings and where their future branches would be located. Earl is
sharing the bank's: - Answers marketing plan
A firm that wants to develop a deeper understanding of its customers may optimize profitability,
revenue, and customer satisfaction by focusing on highly defined and precise customer groups. This is
_____: - Answers Customer Relationship Management (CRM)
Customer Relationship Management - Answers is a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise
customer groups.
The Ansoff Matrix - Answers This strategic opportunity matrix matches products with markets and has
four sections: market penetration, market development, product development, and diversification.
Business Portfolio Analysis - Answers The Boston Consulting Group's Matrix is often used by managers to
predict future cash contributions for strategic business units (SBUs).
Competitive Advantages - Answers Several strategies to achieve a competitive advantage in a crowded
marketplace are cost leadership (no frills), differentiation (uniquely desirable products and services), and
focus (specialized service in niche market) developed by Michael Porter.
A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and
also examine external opportunities and threats. - Answers situation analysis
Coca-Cola vending machines are found all over the world. The newest machines have an interactive
screen that runs advertisements and allows users to obtain free photos of themselves and ringtones
after they have bought a drink. Critics of these new vending machines are concerned that entertaining
technology is being used to market sugary products. In terms of a SWOT analysis, this concern would be
an example of a(n): - Answers threat
Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good
customer service. - Answers cost competitive advantage
Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it into unusual
bottles with elaborate designs. The wide-mouthed, long-necked bottles are now considered to be
Which marketing management philosophy focuses on the question, "What do customers want and
need?" - Answers Market
A company that wants to implement a market orientation would need to: - Answers -do research on its
customers, competitors, and markets.
-establish and maintain mutually satisfying relationships with customers.
-determine how to deliver superior customer value.
-implement actions that provide value to customers.
_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those
benefits. - Answers Customer value
_____ is a strategy that focuses on keeping and improving relationships with current customers.
Correct! - Answers Relationship marketing
Relationship marketing - Answers is a strategy that focuses on keeping and improving relationships with
current customers. It assumes that many consumers and business customers prefer to have an ongoing
relationship with one organization rather than switch continually among providers in their search for
value.
Most successful relationship marketing strategies depend on customer-oriented personnel, effective
training programs, employees with the authority to make decisions and solve problems, and teamwork.
customer value. - Answers The relationship between benefits and the sacrifice necessary to obtain those
benefits
production orientation - Answers a philosophy that focuses on the internal capabilities of the firm rather
than on the desires and needs of the marketplace
sales orientation - Answers the belief that people will buy more goods and services if aggressive sales
techniques are used and that high sales result in high profits
market orientation - Answers a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
Marketing Concept - Answers The marketing concept includes the following:
● Focusing on customer wants and needs so that the organization can distinguish its product(s) from
competitors' offerings
● Integrating all the organization's activities, including production, to satisfy customer wants
, ● Achieving long-term goals for the organization by satisfying customer wants and needs legally and
responsibly
A business is concerned with many day-to-day activities. Some of the most important of these activities
are the planning and development of a product, its ability to communicate value, its pricing policy, and
the distribution strategy. These activities are all a part of: - Answers marketing
Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed
their mission, defined objectives for the bank for the coming years, and shared who their target market
is. He talked about their product offerings and where their future branches would be located. Earl is
sharing the bank's: - Answers marketing plan
A firm that wants to develop a deeper understanding of its customers may optimize profitability,
revenue, and customer satisfaction by focusing on highly defined and precise customer groups. This is
_____: - Answers Customer Relationship Management (CRM)
Customer Relationship Management - Answers is a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise
customer groups.
The Ansoff Matrix - Answers This strategic opportunity matrix matches products with markets and has
four sections: market penetration, market development, product development, and diversification.
Business Portfolio Analysis - Answers The Boston Consulting Group's Matrix is often used by managers to
predict future cash contributions for strategic business units (SBUs).
Competitive Advantages - Answers Several strategies to achieve a competitive advantage in a crowded
marketplace are cost leadership (no frills), differentiation (uniquely desirable products and services), and
focus (specialized service in niche market) developed by Michael Porter.
A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and
also examine external opportunities and threats. - Answers situation analysis
Coca-Cola vending machines are found all over the world. The newest machines have an interactive
screen that runs advertisements and allows users to obtain free photos of themselves and ringtones
after they have bought a drink. Critics of these new vending machines are concerned that entertaining
technology is being used to market sugary products. In terms of a SWOT analysis, this concern would be
an example of a(n): - Answers threat
Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good
customer service. - Answers cost competitive advantage
Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it into unusual
bottles with elaborate designs. The wide-mouthed, long-necked bottles are now considered to be
