MARKETING MANAGEMENT TCU EXAM 1
Marketing - Answers - The activity, set of institutions, and processes for creating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society
Marketing includes a philosophy and a set of actions
Exchange - Answers - People give up something to receive something that they would
rather have
5 Conditions of an Exchange - Answers - There must be at least two parties
Each party must have something that is possibly of value to the other
Each party is capable of communication and delivery
Each party can accept / reject the other's offer
Each party believes that it is desirable / appropriate to deal with the other party
4 Philosophies of Marketing Management - Answers - production, sales, market, and
societal marketing orientations
Production Orientation - Answers - Focuses on the internal capabilities of the firm
rather than the market
"What goods / services are we good at providing?
Can fall short if it does not consider if its goods / services are meeting market demand
Sales Orientation - Answers - People will buy more goods / services if aggressive
sales techniques are used
High sales = high profits
What customers think they are buying defines a business
Focusing on customer's wants / needs and integrating organization's activities
Market Orientation - Answers - A sale does not depend on an aggressive sales force
but rather on a customer's decision to purchase a product
Must understand competitor's strengths and weaknesses
Societal Marketing Orientation - Answers - Acknowledges that some products that
customers want are not in the best interest of society as a whole
, Green marketing, societal cause-based marketing, etc.
5 Characteristic Differences - Answers - Organization's focus, Firm's business, The
Customer, Firm's Primary Goal, and the Tools Used
Customer Value - Answers - Relationship between benefits and the sacrifice
necessary to obtain those benefits
Customer Satisfaction - Answers - Customer evaluation on how the good / service has
met their needs
Relationship Marketing - Answers - Strategy that focuses on keeping / improving
relationships with current consumers
Empowerment - Answers - Delegation of customer-facing authority to lower-ranking
team members
Teamwork - Answers - Collaborative efforts of people to accomplish certain common
objectives
Firm's Business - Answers - Sales oriented firms look at goods / services, market-
oriented define business as the benefits its customers seek
Those To Whom the Product is Directed - Answers - Sales-oriented is more general
target audience, market-oriented has a more niche customer market
On-Demand Marketing - Answers - Delivering relevant experiences, integrated across
both physical and virtual environments, throughout the customer's decision and buying
process
Customer Expectations - Answers - Want to interact anywhere, want to do new things
that create value, expect data to be used to better them, and expect easy company
interaction
The Firm's Primary Goal - Answers - Sales-oriented = profitability through volume,
market-oriented = customer satisfaction
Tools Used - Answers - Sales-Oriented = intensive promotional activities, market-
oriented = product, place, promotion, and pricing decisions
Strategic Planning - Answers - Managerial process of creating / maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
Strategic Marketing addresses two questions - Answers - What is an organization's
main activity at a point in time? How will it reach its goals?
Marketing - Answers - The activity, set of institutions, and processes for creating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society
Marketing includes a philosophy and a set of actions
Exchange - Answers - People give up something to receive something that they would
rather have
5 Conditions of an Exchange - Answers - There must be at least two parties
Each party must have something that is possibly of value to the other
Each party is capable of communication and delivery
Each party can accept / reject the other's offer
Each party believes that it is desirable / appropriate to deal with the other party
4 Philosophies of Marketing Management - Answers - production, sales, market, and
societal marketing orientations
Production Orientation - Answers - Focuses on the internal capabilities of the firm
rather than the market
"What goods / services are we good at providing?
Can fall short if it does not consider if its goods / services are meeting market demand
Sales Orientation - Answers - People will buy more goods / services if aggressive
sales techniques are used
High sales = high profits
What customers think they are buying defines a business
Focusing on customer's wants / needs and integrating organization's activities
Market Orientation - Answers - A sale does not depend on an aggressive sales force
but rather on a customer's decision to purchase a product
Must understand competitor's strengths and weaknesses
Societal Marketing Orientation - Answers - Acknowledges that some products that
customers want are not in the best interest of society as a whole
, Green marketing, societal cause-based marketing, etc.
5 Characteristic Differences - Answers - Organization's focus, Firm's business, The
Customer, Firm's Primary Goal, and the Tools Used
Customer Value - Answers - Relationship between benefits and the sacrifice
necessary to obtain those benefits
Customer Satisfaction - Answers - Customer evaluation on how the good / service has
met their needs
Relationship Marketing - Answers - Strategy that focuses on keeping / improving
relationships with current consumers
Empowerment - Answers - Delegation of customer-facing authority to lower-ranking
team members
Teamwork - Answers - Collaborative efforts of people to accomplish certain common
objectives
Firm's Business - Answers - Sales oriented firms look at goods / services, market-
oriented define business as the benefits its customers seek
Those To Whom the Product is Directed - Answers - Sales-oriented is more general
target audience, market-oriented has a more niche customer market
On-Demand Marketing - Answers - Delivering relevant experiences, integrated across
both physical and virtual environments, throughout the customer's decision and buying
process
Customer Expectations - Answers - Want to interact anywhere, want to do new things
that create value, expect data to be used to better them, and expect easy company
interaction
The Firm's Primary Goal - Answers - Sales-oriented = profitability through volume,
market-oriented = customer satisfaction
Tools Used - Answers - Sales-Oriented = intensive promotional activities, market-
oriented = product, place, promotion, and pricing decisions
Strategic Planning - Answers - Managerial process of creating / maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
Strategic Marketing addresses two questions - Answers - What is an organization's
main activity at a point in time? How will it reach its goals?
