GB 350 EXAM 1 OLE MISS CASCIO QUESTIONS &
ANSWERS
American Marketing Association; definition of marketing - Answers :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 - Answers :-exchange value in a mutually beneficial manner
-entails processes that focus on delivering value and benefits to customers, not just
selling goods and services
-communicating your company's value proposition, but it must also be about
determining what those value propositions will be
Example of marketing: Johnson & Johnson - Answers :sued by state government for
opioid epidemic - have to think of society at large
Marketing balances equally important goals through long-term, mutually - Answers
:rewarding relationships with customers
-create value, meet organizational objectives
Conditions for Exchange - Answers :-at least two parties
-something of value
-clear communication and delivery of terms
-freedom to accept or reject
-desire to deal with other party
-each party is free to accept or reject the offer
Example: A company had a policy in place that upgraded people to a premium
subscription after a free trial and it wasn't as visible as it should have been...which
condition for exchange was violated? - Answers :clear communication and delivery of
terms
philosophy (Merriam Webster) - Answers :basic beliefs, concepts and attitudes of an
individual or group
Production Orientation - Answers :-internal capabilities of the firm
-EX: Victoria Secret, brand value is declining, so they are rebranding: different body
types, transgender models
-early stages of business
-does not consider if the goods and services produced by the firm meets the needs of
the marketplace
Sales Orientation - Answers :-aggressive sales techniques and belief that high sales
result in high profits
, -getting this out and closing the deal
-EX: Vivint, aggress sales techniques
-selling things and collecting money
Market Orientation - Answers :-satisfying customer wants and needs while meeting
organizational objectives
-EX: Howard Johnson, hotel brand, struggling because outdated image, renovating
hotels ,interact with brand
-paying attention to customers
-pay attention to what competitors are doing too
-E-cigs industry, responsible marketing
The Baldrige Performance Excellence Framework Award - Answers :-focuses on a Total
Business Perspective
-bases of an award that is given to an organization or non profit or governmental that
provide evidence that have a total business perspective
Societal Marketing Orientation - Answers :-satisfying customer needs and wants while
enhancing individual and societal well-being
-going above and beyond
-EX: Caliber Collision, changing lanes, train retired vets, positive response
-meant to do good for society
Two Obstacles Facing some Societal Marketing Orientation seekers - Answers :-
justifying premium prices
-meeting customer performance expectations
-EX: Bombas socks
customer satisfaction - Answers :evaluation of a good or service in terms of whether
that good or service has met their needs and expectations
-basic part of relationship building, not the end goal
-brand promoters, to tell others how well the company is doing
Customer value requirements - Answers :-offer products
-earn trust
-avoid unrealistic pricing
-give the buyer facts
-offer organization-wide commitment in service and after-sales support
-co-create with customers
Marketorientation - Answers :focus on building long-term relationships
Building long-term relationships through: - Answers :-customer- oriented personnel
-effective training programs
-employees with the authority to make decisions and solve problems* : can be helpful to
relationship building
ANSWERS
American Marketing Association; definition of marketing - Answers :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 - Answers :-exchange value in a mutually beneficial manner
-entails processes that focus on delivering value and benefits to customers, not just
selling goods and services
-communicating your company's value proposition, but it must also be about
determining what those value propositions will be
Example of marketing: Johnson & Johnson - Answers :sued by state government for
opioid epidemic - have to think of society at large
Marketing balances equally important goals through long-term, mutually - Answers
:rewarding relationships with customers
-create value, meet organizational objectives
Conditions for Exchange - Answers :-at least two parties
-something of value
-clear communication and delivery of terms
-freedom to accept or reject
-desire to deal with other party
-each party is free to accept or reject the offer
Example: A company had a policy in place that upgraded people to a premium
subscription after a free trial and it wasn't as visible as it should have been...which
condition for exchange was violated? - Answers :clear communication and delivery of
terms
philosophy (Merriam Webster) - Answers :basic beliefs, concepts and attitudes of an
individual or group
Production Orientation - Answers :-internal capabilities of the firm
-EX: Victoria Secret, brand value is declining, so they are rebranding: different body
types, transgender models
-early stages of business
-does not consider if the goods and services produced by the firm meets the needs of
the marketplace
Sales Orientation - Answers :-aggressive sales techniques and belief that high sales
result in high profits
, -getting this out and closing the deal
-EX: Vivint, aggress sales techniques
-selling things and collecting money
Market Orientation - Answers :-satisfying customer wants and needs while meeting
organizational objectives
-EX: Howard Johnson, hotel brand, struggling because outdated image, renovating
hotels ,interact with brand
-paying attention to customers
-pay attention to what competitors are doing too
-E-cigs industry, responsible marketing
The Baldrige Performance Excellence Framework Award - Answers :-focuses on a Total
Business Perspective
-bases of an award that is given to an organization or non profit or governmental that
provide evidence that have a total business perspective
Societal Marketing Orientation - Answers :-satisfying customer needs and wants while
enhancing individual and societal well-being
-going above and beyond
-EX: Caliber Collision, changing lanes, train retired vets, positive response
-meant to do good for society
Two Obstacles Facing some Societal Marketing Orientation seekers - Answers :-
justifying premium prices
-meeting customer performance expectations
-EX: Bombas socks
customer satisfaction - Answers :evaluation of a good or service in terms of whether
that good or service has met their needs and expectations
-basic part of relationship building, not the end goal
-brand promoters, to tell others how well the company is doing
Customer value requirements - Answers :-offer products
-earn trust
-avoid unrealistic pricing
-give the buyer facts
-offer organization-wide commitment in service and after-sales support
-co-create with customers
Marketorientation - Answers :focus on building long-term relationships
Building long-term relationships through: - Answers :-customer- oriented personnel
-effective training programs
-employees with the authority to make decisions and solve problems* : can be helpful to
relationship building
