GB 350 Exam 1 Cascio Questions with
Complete Solutions
Product orientation - ANSWER-management assesses its resources and asks
questions regarding goods and services
does not consider if the goods and services produced by the firm meets the needs of
the marketplace
product oriented firms can survive if:
- competition is weak
- demand exceeds supply
Sales orientation - ANSWER-sales-oriented firms believe marketing is selling things
and collecting money
problem - these firms lack understanding fo the needs and wants of the marketplace
Market orientation - ANSWER-understand competor's strengths and weaknesses
obtain information about customers, competitors, and markets to identify
opportunities for customer value creation
determine how to deliver superior customer value
achieve long-term organizational goals by delivering value legally and responsibly
Achieving market orientation - ANSWER-the Aldridge performance excellence
framework focuses on a total business perspective and is given to organizations in
for-profit, non-profit, and governmental industries
- these organizations provide evidence that the entire organization operates in a
manner that is customer-focused
Societal marketing orientation - ANSWER-idea that an organization exists to:
- satisfy customer wants
- preserve or enhance individual's and society's long-term best interests
acknowledged that some products that customers want may not be in their best
interests or of society as a whole
Two obstacles facing some societal marketing orientation seekers - ANSWER-justify
premium prices
meet customer performance expectations
Customer value - ANSWER-the relationship between benefits and the sacrifice
necessary to obtain those benefits
Customer value requirements - ANSWER-offer products that perform, earn trust,
avoid unrealistic pricing, give the buyer facts, offer organization-wide commitment in
service and after-sales support, co-create with customers
, Customer satisfaction - ANSWER-evaluation of a good or service in terms of
whether that good or service has me their needs and expectations
Market orientation 2 - ANSWER-focus on building long-term relationships through:
- customer oriented personnel
- effective training programs
- employees with the authority to make decisions and solve problems
- teamwork
Sales orientation 2 - ANSWER-focus on short-term transactions for immediate sales
volume
Advantages of market orientation: - ANSWER-ensures firm's focus on customers
encourages innovation and creativity
stimulates an awareness of change in customer preferences
Customer relationship 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
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-it is important to business, important to society,
good career opportunities
Strategic Planning - ANSWER-ongoing process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
Strategic business units (SBUs) - ANSWER-a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of strategic business units (SBUs) - ANSWER-- a distinct mission
and specific target market
- control over its resources
- its own competitors
- a single business or a collection of related businesses
- plans independent of other SBUs
Ansoff's opportunity matrix - ANSWER-one of the most commonly used tools to
determine a company's strategic direction and reflects the basic decisions that
organizations can make when developing marketing strategy
Innovation matrix - ANSWER-core innovation: Australian Gold reformulates to coral
reef-safe products
adjacent innovation: Old Bay launches hot sauce
transformational innovation: CommonBond offers SoftSave tool
Complete Solutions
Product orientation - ANSWER-management assesses its resources and asks
questions regarding goods and services
does not consider if the goods and services produced by the firm meets the needs of
the marketplace
product oriented firms can survive if:
- competition is weak
- demand exceeds supply
Sales orientation - ANSWER-sales-oriented firms believe marketing is selling things
and collecting money
problem - these firms lack understanding fo the needs and wants of the marketplace
Market orientation - ANSWER-understand competor's strengths and weaknesses
obtain information about customers, competitors, and markets to identify
opportunities for customer value creation
determine how to deliver superior customer value
achieve long-term organizational goals by delivering value legally and responsibly
Achieving market orientation - ANSWER-the Aldridge performance excellence
framework focuses on a total business perspective and is given to organizations in
for-profit, non-profit, and governmental industries
- these organizations provide evidence that the entire organization operates in a
manner that is customer-focused
Societal marketing orientation - ANSWER-idea that an organization exists to:
- satisfy customer wants
- preserve or enhance individual's and society's long-term best interests
acknowledged that some products that customers want may not be in their best
interests or of society as a whole
Two obstacles facing some societal marketing orientation seekers - ANSWER-justify
premium prices
meet customer performance expectations
Customer value - ANSWER-the relationship between benefits and the sacrifice
necessary to obtain those benefits
Customer value requirements - ANSWER-offer products that perform, earn trust,
avoid unrealistic pricing, give the buyer facts, offer organization-wide commitment in
service and after-sales support, co-create with customers
, Customer satisfaction - ANSWER-evaluation of a good or service in terms of
whether that good or service has me their needs and expectations
Market orientation 2 - ANSWER-focus on building long-term relationships through:
- customer oriented personnel
- effective training programs
- employees with the authority to make decisions and solve problems
- teamwork
Sales orientation 2 - ANSWER-focus on short-term transactions for immediate sales
volume
Advantages of market orientation: - ANSWER-ensures firm's focus on customers
encourages innovation and creativity
stimulates an awareness of change in customer preferences
Customer relationship 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
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-it is important to business, important to society,
good career opportunities
Strategic Planning - ANSWER-ongoing process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
Strategic business units (SBUs) - ANSWER-a subgroup of a single business or
collection of related businesses within the larger organization
Characteristics of strategic business units (SBUs) - ANSWER-- a distinct mission
and specific target market
- control over its resources
- its own competitors
- a single business or a collection of related businesses
- plans independent of other SBUs
Ansoff's opportunity matrix - ANSWER-one of the most commonly used tools to
determine a company's strategic direction and reflects the basic decisions that
organizations can make when developing marketing strategy
Innovation matrix - ANSWER-core innovation: Australian Gold reformulates to coral
reef-safe products
adjacent innovation: Old Bay launches hot sauce
transformational innovation: CommonBond offers SoftSave tool
