GB 350 Essentials of Marketing Cascio
FINAL Exam Questions with Complete
Answers
Market Orientation - ANSWER-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 - ANSWER-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 - ANSWER-Award Focuses on a Total
Business Perspective
Obstacles facing societal orientation - ANSWER-- Justifying premium prices
- Meeting customer performance expectations
Customer Value - ANSWER-the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - ANSWER-customers' evaluation of a good or service in terms
of whether it has met their needs and expectations
Market orientation builds relationships through: - ANSWER-- customer oriented
personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
Customer realtionship management (CRM) - ANSWER-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 - ANSWER-delivering relevant experiences, integrated across
both physical and virtual environments, throughout the consumer's decision and
buying process
, Why study marketing? - ANSWER-- Marketing Affects You Every Day!
- Important to Business
- Important to Society
- Good Career Opportunities
Strategic Planning - ANSWER-the process of developing and maintaining a strategic
fit between the organization's objectives and resources and its changing marketing
opportunities
- What is the organizations main activity at a particular time?
-How will the organization facilitate mutually beneficial exchanges?
Strategic Business Unit (SBU) - ANSWER-a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of SBU's - ANSWER-1. A distinct mission and specific target market
2. Control over its resources
3. Its own competitors
4. A single business or a collection of related businesses
5. Plans independent of other SBUs
Ansoff's Opportunity Matrix - ANSWER-market penetration, market development,
product development, diversification
market penetration - ANSWER-increase market share of existing offerings among
existing customers
market development - ANSWER-Attract new customers to existing products
product development - ANSWER-develop new offerings to create value for existing
customers
Diversification - ANSWER-a strategy of increasing sales by introducing new products
into new markets
core innovations - ANSWER-the marketer works with its existing products to
enhance the appeal to its existing market of customers. This can include product
reformulations, enhancements, extensions, and other easily recognizable versions of
the existing value proposition.
adjacent innovations - ANSWER-the marketer develops a value proposition in a
market that is not a far stretch from where it has traditionally competed
transformational innovations - ANSWER-new products that disrupt the way we do
things
- roomba cleaning robot
- covid vaccines
Boston Consulting Group Matrix - ANSWER-an analysis method of a firm's product
portfolio regarding its market share and market growth
FINAL Exam Questions with Complete
Answers
Market Orientation - ANSWER-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 - ANSWER-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 - ANSWER-Award Focuses on a Total
Business Perspective
Obstacles facing societal orientation - ANSWER-- Justifying premium prices
- Meeting customer performance expectations
Customer Value - ANSWER-the relationship between benefits and the sacrifice
necessary to obtain those benefits
customer satisfaction - ANSWER-customers' evaluation of a good or service in terms
of whether it has met their needs and expectations
Market orientation builds relationships through: - ANSWER-- customer oriented
personnel
- effective training programs
- Employees with the authority to make decisions and solve problems
- Teamwork
Customer realtionship management (CRM) - ANSWER-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 - ANSWER-delivering relevant experiences, integrated across
both physical and virtual environments, throughout the consumer's decision and
buying process
, Why study marketing? - ANSWER-- Marketing Affects You Every Day!
- Important to Business
- Important to Society
- Good Career Opportunities
Strategic Planning - ANSWER-the process of developing and maintaining a strategic
fit between the organization's objectives and resources and its changing marketing
opportunities
- What is the organizations main activity at a particular time?
-How will the organization facilitate mutually beneficial exchanges?
Strategic Business Unit (SBU) - ANSWER-a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of SBU's - ANSWER-1. A distinct mission and specific target market
2. Control over its resources
3. Its own competitors
4. A single business or a collection of related businesses
5. Plans independent of other SBUs
Ansoff's Opportunity Matrix - ANSWER-market penetration, market development,
product development, diversification
market penetration - ANSWER-increase market share of existing offerings among
existing customers
market development - ANSWER-Attract new customers to existing products
product development - ANSWER-develop new offerings to create value for existing
customers
Diversification - ANSWER-a strategy of increasing sales by introducing new products
into new markets
core innovations - ANSWER-the marketer works with its existing products to
enhance the appeal to its existing market of customers. This can include product
reformulations, enhancements, extensions, and other easily recognizable versions of
the existing value proposition.
adjacent innovations - ANSWER-the marketer develops a value proposition in a
market that is not a far stretch from where it has traditionally competed
transformational innovations - ANSWER-new products that disrupt the way we do
things
- roomba cleaning robot
- covid vaccines
Boston Consulting Group Matrix - ANSWER-an analysis method of a firm's product
portfolio regarding its market share and market growth
