Exam 1 GB 350 Ole Miss Questions
and Answers
Marketing .... - ANSWER-entails processes that focus on delivering the benefits to
customers, not just selling good and services
Critical marketing Function - ANSWER-Facilitate Value exchange
Conditions for Exchange - ANSWER-- At least 2 parties
- Something of value
- Communications and Delivery
- Freedom to Accept or Reject
- Desire to Deal with Other Party
4 Marketing Management Philosophies - ANSWER-1. Production
2. Sales
3. Market
4. Societal
Production - ANSWER-internal capabilities of the firm
ex. sodastream
Sales - ANSWER-aggressive sales techniques and belief that high sales result in
high profits
ex. IT service sell too hard
Market - ANSWER-satisfying customer needs and wants while meeting objectives
ex. ikea: cheap furniture/ more versatile
societal - ANSWER-satisfying customer needs and wants while enhancing individual
and societal well being
ex. toms
Baldridge Performance Excellence Framework - ANSWER-award given
organizations that can evidence to a committee that they have assumed a total
business perspective
Societal Marketing Orientation - ANSWER-An organization exists not only to satisfy
customer wants but also to preserve or enhance individuals' and society's long-term
best interests
One of Societal Marketing Orientation's Biggest Obstacles - ANSWER-Justifying
Premium prices
, Comparing the Sales and Market Orientations
5 Characteristics - ANSWER-1. Organization's focus
2.Firm's Business
3. Those whom the product is directed
4. Firm's primary goal
5. Tools the organization uses to achieve its goals
Customer Value Requirements - ANSWER-- Offer products that perform
- earn trust
- avoid unrealistic pricing
- give buyer facts
- offer organization- wide commitment in service and after sales support
- Co-creation with customers
Customer Expectation - ANSWER-different for every person
Customer Satisfaction - ANSWER-The customers' evaluation of a good or service in
terms of whether that good or service has met their needs and expectations
BENEFITS- COSTS= level of satisfaction
Relationship Marketing - ANSWER-strategy that focuses on keeping and improving
relationships with customers
Sucessful strategies need: - ANSWER-- customer oriented personel
- effective training programs
- empowered employees
- teamwork
Defining a firm's business - ANSWER-- Sales Orientation: Goods and Services
- Market orientation: Benefits that customers seek
Why Study marketing? - ANSWER--important to society
-important to business
-good career opportunities
* marketing affects you everyday
Strategic Planning - ANSWER-is the managerial process of creating and maintaining
a fit between the organization's objectives and resources and the evolving market
opportunities
Strategic marketing management addresses two questions - ANSWER-1. What is
the organization's main activity at a particular time?
2. How will it reach its goals?
Characteristics of Strategic Business Units (SBUs) - ANSWER-- a distinct mission
and specific target market
- control over its resources
- its own compettitors
- a single business or collection of related businesses
- plans independent of other SBUs
and Answers
Marketing .... - ANSWER-entails processes that focus on delivering the benefits to
customers, not just selling good and services
Critical marketing Function - ANSWER-Facilitate Value exchange
Conditions for Exchange - ANSWER-- At least 2 parties
- Something of value
- Communications and Delivery
- Freedom to Accept or Reject
- Desire to Deal with Other Party
4 Marketing Management Philosophies - ANSWER-1. Production
2. Sales
3. Market
4. Societal
Production - ANSWER-internal capabilities of the firm
ex. sodastream
Sales - ANSWER-aggressive sales techniques and belief that high sales result in
high profits
ex. IT service sell too hard
Market - ANSWER-satisfying customer needs and wants while meeting objectives
ex. ikea: cheap furniture/ more versatile
societal - ANSWER-satisfying customer needs and wants while enhancing individual
and societal well being
ex. toms
Baldridge Performance Excellence Framework - ANSWER-award given
organizations that can evidence to a committee that they have assumed a total
business perspective
Societal Marketing Orientation - ANSWER-An organization exists not only to satisfy
customer wants but also to preserve or enhance individuals' and society's long-term
best interests
One of Societal Marketing Orientation's Biggest Obstacles - ANSWER-Justifying
Premium prices
, Comparing the Sales and Market Orientations
5 Characteristics - ANSWER-1. Organization's focus
2.Firm's Business
3. Those whom the product is directed
4. Firm's primary goal
5. Tools the organization uses to achieve its goals
Customer Value Requirements - ANSWER-- Offer products that perform
- earn trust
- avoid unrealistic pricing
- give buyer facts
- offer organization- wide commitment in service and after sales support
- Co-creation with customers
Customer Expectation - ANSWER-different for every person
Customer Satisfaction - ANSWER-The customers' evaluation of a good or service in
terms of whether that good or service has met their needs and expectations
BENEFITS- COSTS= level of satisfaction
Relationship Marketing - ANSWER-strategy that focuses on keeping and improving
relationships with customers
Sucessful strategies need: - ANSWER-- customer oriented personel
- effective training programs
- empowered employees
- teamwork
Defining a firm's business - ANSWER-- Sales Orientation: Goods and Services
- Market orientation: Benefits that customers seek
Why Study marketing? - ANSWER--important to society
-important to business
-good career opportunities
* marketing affects you everyday
Strategic Planning - ANSWER-is the managerial process of creating and maintaining
a fit between the organization's objectives and resources and the evolving market
opportunities
Strategic marketing management addresses two questions - ANSWER-1. What is
the organization's main activity at a particular time?
2. How will it reach its goals?
Characteristics of Strategic Business Units (SBUs) - ANSWER-- a distinct mission
and specific target market
- control over its resources
- its own compettitors
- a single business or collection of related businesses
- plans independent of other SBUs
