GB 350 Exam 1 Ole Miss Cascio
Questions with and Answers
Marketing balances equally important goals through long-term, mutually - ANSWER-
rewarding relationships with customers
-create value, meet organizational objectives
Conditions for Exchange - ANSWER--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? - ANSWER-clear communication and delivery
of terms
philosophy (Merriam Webster) - ANSWER-basic beliefs, concepts and attitudes of an
individual or group
Production Orientation - ANSWER--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 - ANSWER--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 - ANSWER--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-EX: Howard Johnson, hotel brand, struggling because outdated image, renovating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 - ANSWER--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 - ANSWER--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 - ANSWER--
justifying premium prices
-meeting customer performance expectations
-EX: Bombas socks
customer satisfaction - ANSWER-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 - ANSWER--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 - ANSWER-focus on building long-term relationships
Building long-term relationships through: - ANSWER--customer- oriented personnel
-effective training programs
-employees with the authority to make decisions and solve problems* : can be
helpful to relationship building
-teamwork
Sales orientation - ANSWER-focus on short-term term transactions for immediate
sales volume
Defining in terms of customer wants and needs - ANSWER-market orientation
-Donor Alliance, different interactions with customers
Defining in terms of goods and services - ANSWER-sales orientation
sales-oriented organization - ANSWER--targets its products at everybody or the
average customer
-relies primarily on Promotion** to earn customers
-seek to generate sales volume through intensive promotional activities
-promotion*
market-oriented organization - ANSWER--aims at specific groups of people -ex:
water bottle
Questions with and Answers
Marketing balances equally important goals through long-term, mutually - ANSWER-
rewarding relationships with customers
-create value, meet organizational objectives
Conditions for Exchange - ANSWER--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? - ANSWER-clear communication and delivery
of terms
philosophy (Merriam Webster) - ANSWER-basic beliefs, concepts and attitudes of an
individual or group
Production Orientation - ANSWER--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 - ANSWER--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 - ANSWER--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 - ANSWER--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 - ANSWER--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 - ANSWER--
justifying premium prices
-meeting customer performance expectations
-EX: Bombas socks
customer satisfaction - ANSWER-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 - ANSWER--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 - ANSWER-focus on building long-term relationships
Building long-term relationships through: - ANSWER--customer- oriented personnel
-effective training programs
-employees with the authority to make decisions and solve problems* : can be
helpful to relationship building
-teamwork
Sales orientation - ANSWER-focus on short-term term transactions for immediate
sales volume
Defining in terms of customer wants and needs - ANSWER-market orientation
-Donor Alliance, different interactions with customers
Defining in terms of goods and services - ANSWER-sales orientation
sales-oriented organization - ANSWER--targets its products at everybody or the
average customer
-relies primarily on Promotion** to earn customers
-seek to generate sales volume through intensive promotional activities
-promotion*
market-oriented organization - ANSWER--aims at specific groups of people -ex:
water bottle
