MKT 3401 MODULE 1 QUESTIONS AND ANSWERS
module essays
-is being able to satisfy the customers' needs and wants
-and give them something better than the competition
-and achieving long term goals for the organization by satisfying customer wants and
needs legally and responsibly - Answers - what is the concept of marketing? (3)
1. there needs to be at least two parties
2. each party has something of value that the other party might want.
3. each party needs to be capable of communicating what they want and delivering the
product or service.
4. The persuasive nature of marketing comes into play, where each party is able to
accept or reject the exchange offer.
5. to show the importance of relationships, each party desires to deal with the other
person. - Answers - a key goal of marketing is offering an exchange. what are the
several conditions for an exchange to occur? (5)
Note: exchange will not necissarly take place if these conditions exist, but they must
exist for exchange to be possible
- Answers - why must companies be able to understand marketing?
marketing management philosophy - Answers - When analyzing how a company might
operate, it is important to consider what type of ____________
It helps the company to understand more clearly their focus and how to accomplish its
goals.
production orientation
sales orientation
marketing orientation
societal orientation - Answers - what are the 4 marketing management philosophies?
production orientation
what a company does best without considering whether there is a market - Answers -
which marketing management philosophy is this?
This occurs when a company looks inward at what it does best and then produces that
product. The company is very good at what it is able to produce, the quality of the
production, and the efficiency of the production. The company is usually focused on
large volume and efficiency of production.
production orientation
,there is, however, a possible mistake often made in the production orientation. In an
effort to maximize production and efficiency, the company may not have considered the
market for its product(s). - Answers - this is an example of?
fast-food restaurants focus on making large quantities every day at a low cost. If
involved in this type of restaurant business, the company is more concerned with
quantity and how it can save money while selling high volumes of products. It strives to
have a good product but not a premium product.
sales orientation
whatever an organization puts together a very skilled sales force and their job is simply
to move products-- they sell. - Answers - which marketing management philosophy is
this?
This occurs when a company is not concerned about how the product is created; rather,
its focus lies in assembling a skilled and highly trained sales force whose job it is to
move these products.
seeks new products and services to supply - Answers - In a sales orientation, Once the
sales force is established, the company _______________________ the sales force.
sales orientation - Answers - Personal selling is a critical and valuable part of many
businesses that adopt what philosophy?
because sales orientation reminds the company that personal selling is ongoing and
critical to the overall brand of a company. - Answers - Why are sales representative's
personal brand critical to the brand of sales orientation companies?
financial services
insurance companies,
cosmetic
home improvement companies,
telecommunication companies. - Answers - What are examples of sales orientation
(companies that rely heavily on skilled sales or customer service representatives) ? (5)
marketing orientation - Answers - which marketing management philosophy is this?
This occurs when the company gives customers what they want and does it better than
the competition. This strategy focuses on the customer and satisfying the customer's
needs and wants.
Coca-Cola - iconic brand
The Wall street Journal - premier newspaper
LSU football - successful program
Amazon - one of most powerful companies
because the marketing strategy focuses on the customer and satisfying the customer's
needs and wants and giving them something they will continue to use - Answers - What
companies are examples of marketing orientation and why?
, (a) how to create products or services that appeal to certain target markets;
(b) how to make strategic changes and adapt as times change;
(c) how to respond to competition they never expected; and, finally
(d) how to consistently take care of the customer. - Answers - What 4 concepts do
marketing orientation companies understand? (Coca-Cola, The Wall Street Journal,
LSU Football, Amazon)
social orientation
is basically the marketing orientation, satisfying the customers' needs and wants and
giving them something they want, but doing it while keeping our society safe by being
good to the environment, and while being good to others. - Answers - which marketing
management philosophy is this?
This occurs when a company adopts a marketing orientation and they also want to be
seen as genuinely good public citizens who protect the environment. By embracing and
supporting this philosophy, companies can build goodwill with communities and society
while also achieving their business goals.
century - Answers - Investing in a societal orientation has been a part of businesses for
almost a _________. and is included in the marketing strategy of many companies.
Investing in societal orientation
it has reached such an important level that companies might be harming their brand and
their relationship with customers if they are not involved in some form of a societal
orientation. - Answers - this is an example of?
companies that are using plastic bottles or straws are now reconsidering how this might
be harmful to the environment and how they might have to adjust their strategy for using
these products.
Corporate Social Responsibility (CSR) - Answers - has an over-arching impact on each
of these philosophies. Corporate leadership must be aware of the impact CSR has on
its company, its, brand, its reputation, its customers, and society overall.
strategic planning - Answers - is a managerial process whose main objective is the long
term success and profitability of a company.
because it is a managerial process whose main objective is the long term success and
profitability of a company. - Answers - why is there a need to continually strategic plan
and decision make?
the overall growth
revenue of a company
open new avenues for the competition to enter the marketplace and gain valuable
customers - Answers - Failure to understand changes in the marketplace and the
environment can prove harmful to: (3)
failure of strategic planning - Answers - this is an example of?
module essays
-is being able to satisfy the customers' needs and wants
-and give them something better than the competition
-and achieving long term goals for the organization by satisfying customer wants and
needs legally and responsibly - Answers - what is the concept of marketing? (3)
1. there needs to be at least two parties
2. each party has something of value that the other party might want.
3. each party needs to be capable of communicating what they want and delivering the
product or service.
4. The persuasive nature of marketing comes into play, where each party is able to
accept or reject the exchange offer.
5. to show the importance of relationships, each party desires to deal with the other
person. - Answers - a key goal of marketing is offering an exchange. what are the
several conditions for an exchange to occur? (5)
Note: exchange will not necissarly take place if these conditions exist, but they must
exist for exchange to be possible
- Answers - why must companies be able to understand marketing?
marketing management philosophy - Answers - When analyzing how a company might
operate, it is important to consider what type of ____________
It helps the company to understand more clearly their focus and how to accomplish its
goals.
production orientation
sales orientation
marketing orientation
societal orientation - Answers - what are the 4 marketing management philosophies?
production orientation
what a company does best without considering whether there is a market - Answers -
which marketing management philosophy is this?
This occurs when a company looks inward at what it does best and then produces that
product. The company is very good at what it is able to produce, the quality of the
production, and the efficiency of the production. The company is usually focused on
large volume and efficiency of production.
production orientation
,there is, however, a possible mistake often made in the production orientation. In an
effort to maximize production and efficiency, the company may not have considered the
market for its product(s). - Answers - this is an example of?
fast-food restaurants focus on making large quantities every day at a low cost. If
involved in this type of restaurant business, the company is more concerned with
quantity and how it can save money while selling high volumes of products. It strives to
have a good product but not a premium product.
sales orientation
whatever an organization puts together a very skilled sales force and their job is simply
to move products-- they sell. - Answers - which marketing management philosophy is
this?
This occurs when a company is not concerned about how the product is created; rather,
its focus lies in assembling a skilled and highly trained sales force whose job it is to
move these products.
seeks new products and services to supply - Answers - In a sales orientation, Once the
sales force is established, the company _______________________ the sales force.
sales orientation - Answers - Personal selling is a critical and valuable part of many
businesses that adopt what philosophy?
because sales orientation reminds the company that personal selling is ongoing and
critical to the overall brand of a company. - Answers - Why are sales representative's
personal brand critical to the brand of sales orientation companies?
financial services
insurance companies,
cosmetic
home improvement companies,
telecommunication companies. - Answers - What are examples of sales orientation
(companies that rely heavily on skilled sales or customer service representatives) ? (5)
marketing orientation - Answers - which marketing management philosophy is this?
This occurs when the company gives customers what they want and does it better than
the competition. This strategy focuses on the customer and satisfying the customer's
needs and wants.
Coca-Cola - iconic brand
The Wall street Journal - premier newspaper
LSU football - successful program
Amazon - one of most powerful companies
because the marketing strategy focuses on the customer and satisfying the customer's
needs and wants and giving them something they will continue to use - Answers - What
companies are examples of marketing orientation and why?
, (a) how to create products or services that appeal to certain target markets;
(b) how to make strategic changes and adapt as times change;
(c) how to respond to competition they never expected; and, finally
(d) how to consistently take care of the customer. - Answers - What 4 concepts do
marketing orientation companies understand? (Coca-Cola, The Wall Street Journal,
LSU Football, Amazon)
social orientation
is basically the marketing orientation, satisfying the customers' needs and wants and
giving them something they want, but doing it while keeping our society safe by being
good to the environment, and while being good to others. - Answers - which marketing
management philosophy is this?
This occurs when a company adopts a marketing orientation and they also want to be
seen as genuinely good public citizens who protect the environment. By embracing and
supporting this philosophy, companies can build goodwill with communities and society
while also achieving their business goals.
century - Answers - Investing in a societal orientation has been a part of businesses for
almost a _________. and is included in the marketing strategy of many companies.
Investing in societal orientation
it has reached such an important level that companies might be harming their brand and
their relationship with customers if they are not involved in some form of a societal
orientation. - Answers - this is an example of?
companies that are using plastic bottles or straws are now reconsidering how this might
be harmful to the environment and how they might have to adjust their strategy for using
these products.
Corporate Social Responsibility (CSR) - Answers - has an over-arching impact on each
of these philosophies. Corporate leadership must be aware of the impact CSR has on
its company, its, brand, its reputation, its customers, and society overall.
strategic planning - Answers - is a managerial process whose main objective is the long
term success and profitability of a company.
because it is a managerial process whose main objective is the long term success and
profitability of a company. - Answers - why is there a need to continually strategic plan
and decision make?
the overall growth
revenue of a company
open new avenues for the competition to enter the marketplace and gain valuable
customers - Answers - Failure to understand changes in the marketplace and the
environment can prove harmful to: (3)
failure of strategic planning - Answers - this is an example of?
