GB 350 Final Exam Questions with
Verified Answers
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.
Questions That Help Determine Marketing Philosophy - ANSWER-
Questions That Help Determine Marketing Philosophy
Production--> - ANSWER-What can we make or do best?
Questions That Help Determine Marketing Philosophy
Sales--> - ANSWER-How can we sell more aggressively?
Questions That Help Determine Marketing Philosophy
Marketing--> - ANSWER-What do customers want and need?
Questions That Help Determine Marketing Philosophy
Societal--> - ANSWER-What do customers want/need, and how can we benefit
society?
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-creation with customers
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.
Successful strategies need for a Relationship Marketing - ANSWER-Customer-
Oriented Personnel
,Effective Training Programs
Empowered Employees
Teamwork
Building Relationships: - ANSWER-Customer-orientated personnel
Employee training programs
Empowered employees
Teamwork
Building Relationships:
Customer-orientated personnel - ANSWER-Every employee represents the firm in
the eyes of the customer.
Building Relationships:
Empowered employees- - ANSWER-Employees are given more authority to solve
customer problems on the spot.
Building Relationships:
Teamwork- - ANSWER-Emphasizing cooperation over competition while helping a
customer.
Knowing the Firm's Business: - ANSWER-Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Strategic Planning is... - ANSWER-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-What is the
organization's main activity at a particular time?
How will it reach its goals?
Characteristics of
Strategic Business Units (SBUs)
An SBU has... - 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-Market
Penetration
Market Development
Product Development
Diversification
Ansoff's Opportunity Matrix:
-Market
Penetration - ANSWER-Increase market share among existing customers
Ansoff's Opportunity Matrix:
-Market Development - ANSWER-Attract new customers to existing products
Ansoff's Opportunity Matrix:
-Diversification - ANSWER-Introduce new products into new markets
Portfolio Matrix Strategies - ANSWER-Build
Hold
Harvest
Divest
SWOT - ANSWER-Strengths
Weaknesses
Opportunities
Threats
SWOT-
Strengths - ANSWER-Family-friendly environment; good food
SWOT-
Weaknesses - ANSWER-Lack technological infrastructure & CRM capabilities
SWOT-
Opportunities - ANSWER-Local economic investment - plywood and tire
manufacturer; contractor lodging
SWOT-
Threats - ANSWER-Lose long-term family/retreat business for short-term opportunity
gains
Types of Competitive Advantage - ANSWER-Cost
Product/Service Differentiation
, Niche
Building Sustainable Competitive Advantage - ANSWER-Sustainable competitive
advantage is an advantage that cannot be copied by the competition.
A firm that has successfully achieved a competitive advantage will stake out a
position unique in some manner from its rivals.
Marketing Objective - ANSWER-is a statement of what is to be accomplished
through marketing activities.
Marketing Objective:
To be useful, stated objectives should be-- - ANSWER-Realistic
Measurable
Time specific
Compared to a benchmark
Target Market Strategy-
UNDIFFERENTIATED: - ANSWER-Appeal to the entire market
with one marketing mix
Target Market Strategy-
NICHE: - ANSWER-Concentrate on one
marketing segment
Target Market Strategy-
DIFFERENTIATED: - ANSWER-Appeal to multiple markets
with multiple marketing mixes
Following Up on the
Marketing Plan - ANSWER-Implementation
Evaluation and Control
Marketing Audit
A marketing audit is... - ANSWER-Comprehensive
Systematic
Independent
Periodic
Active Civil Society:
The following factors maintain order and keep people and organizations from running
amuck-- - ANSWER-Ethics
Laws
Formal and informal groups
Self-regulation
Verified Answers
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.
Questions That Help Determine Marketing Philosophy - ANSWER-
Questions That Help Determine Marketing Philosophy
Production--> - ANSWER-What can we make or do best?
Questions That Help Determine Marketing Philosophy
Sales--> - ANSWER-How can we sell more aggressively?
Questions That Help Determine Marketing Philosophy
Marketing--> - ANSWER-What do customers want and need?
Questions That Help Determine Marketing Philosophy
Societal--> - ANSWER-What do customers want/need, and how can we benefit
society?
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-creation with customers
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.
Successful strategies need for a Relationship Marketing - ANSWER-Customer-
Oriented Personnel
,Effective Training Programs
Empowered Employees
Teamwork
Building Relationships: - ANSWER-Customer-orientated personnel
Employee training programs
Empowered employees
Teamwork
Building Relationships:
Customer-orientated personnel - ANSWER-Every employee represents the firm in
the eyes of the customer.
Building Relationships:
Empowered employees- - ANSWER-Employees are given more authority to solve
customer problems on the spot.
Building Relationships:
Teamwork- - ANSWER-Emphasizing cooperation over competition while helping a
customer.
Knowing the Firm's Business: - ANSWER-Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Strategic Planning is... - ANSWER-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-What is the
organization's main activity at a particular time?
How will it reach its goals?
Characteristics of
Strategic Business Units (SBUs)
An SBU has... - 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-Market
Penetration
Market Development
Product Development
Diversification
Ansoff's Opportunity Matrix:
-Market
Penetration - ANSWER-Increase market share among existing customers
Ansoff's Opportunity Matrix:
-Market Development - ANSWER-Attract new customers to existing products
Ansoff's Opportunity Matrix:
-Diversification - ANSWER-Introduce new products into new markets
Portfolio Matrix Strategies - ANSWER-Build
Hold
Harvest
Divest
SWOT - ANSWER-Strengths
Weaknesses
Opportunities
Threats
SWOT-
Strengths - ANSWER-Family-friendly environment; good food
SWOT-
Weaknesses - ANSWER-Lack technological infrastructure & CRM capabilities
SWOT-
Opportunities - ANSWER-Local economic investment - plywood and tire
manufacturer; contractor lodging
SWOT-
Threats - ANSWER-Lose long-term family/retreat business for short-term opportunity
gains
Types of Competitive Advantage - ANSWER-Cost
Product/Service Differentiation
, Niche
Building Sustainable Competitive Advantage - ANSWER-Sustainable competitive
advantage is an advantage that cannot be copied by the competition.
A firm that has successfully achieved a competitive advantage will stake out a
position unique in some manner from its rivals.
Marketing Objective - ANSWER-is a statement of what is to be accomplished
through marketing activities.
Marketing Objective:
To be useful, stated objectives should be-- - ANSWER-Realistic
Measurable
Time specific
Compared to a benchmark
Target Market Strategy-
UNDIFFERENTIATED: - ANSWER-Appeal to the entire market
with one marketing mix
Target Market Strategy-
NICHE: - ANSWER-Concentrate on one
marketing segment
Target Market Strategy-
DIFFERENTIATED: - ANSWER-Appeal to multiple markets
with multiple marketing mixes
Following Up on the
Marketing Plan - ANSWER-Implementation
Evaluation and Control
Marketing Audit
A marketing audit is... - ANSWER-Comprehensive
Systematic
Independent
Periodic
Active Civil Society:
The following factors maintain order and keep people and organizations from running
amuck-- - ANSWER-Ethics
Laws
Formal and informal groups
Self-regulation
