MKT 101 EXAM 1 - ESSAY QUESTIONS
COMPLETE WITH 100% VERIFIED
ANSWERS
\.Anticipation, management, and satisfactions are three important aspects in the
definition of "marketing." What
does each of these terms encompass? - ANSWERS✔-ANTICIPATION- ENTAILS
DOING RESEARCH AND ANALYSIS TO FIND OUT WHAT IS GOING ON AROUND US.
THIS INVOLVES ANALYZING THE ENVIRONMENT, UNDERSTANDING WHAT IS GOING
ON, AND COMPARING AND UNDERSTANDING COMPETITION. MANAGEMENT-
ENTAILS STIMULATING ACTIVITIES THAT MOTIVATE PEOPLE;
STIMULATING/MOTIVATING PEOPLE BY DROPPING PRICES, OR IN THE AUTO
INDUSTRY CREATING NEWER MODELS. SATISFACTION- REFERS TO HOW WELL OUR
EXPECTATIONS ARE REACHED (INCLUDING AFTER WE PURCHASE)
\.What are the five components of the marketing concept? (HINT: GOSIPP) -
ANSWERS✔-1. PEOPLE
2. GOODS
3. SERVICES
4. ORGANIZATIONS
5. PLACES
6. IDEAS
ALL OF THESE ARE THINGS THAT WE MARKET.
, \.Define and contrast these concepts: customer service satisfiers AND dissatisfiers,
customer satisfaction, relationship
marketing, and employee empowerment - ANSWERS✔-CUSTOMER SATISFIERS
ARE THE "EXTRA" THINGS, THINGS WE GET EXCITED BY. IN CONTRAST, CUSTOMER
SERVIE DISSATISFIERS ARE THINGS WE EXPECT AND THEREFORE WE DO NOT GET
EXCITED BY THEM, BUT IF WE DO NOT GET THEM WE ARE
DISAPPOINTED/DISSATISFIED. CUSTOMER SATISFACTION DEPENDS ON HOW
CLOSELY CUSTOMER EXPECTATIONS AND ACTUAL GOOD OR SERVICE
PERFORMANCE ARE MATCHED. RELATIONSHIP MARKETING MEANS HAVING A
LONG-TERM BUYER/SELLER RELATIONSHIP RATHER THAN SHORT-TERM
TRANSACTIONS. EMPLOYEE EMPOWERMENT IS WHEN EMPLOYEES HAVE THE
TOOLS/RESOURCES TO MAKE DECISIONS WITHOUT SUPERVISION (IE: CASHIER
DOING A RETURN TRANSACTIONS WITHOUT NEEDING A MANAGER)
\.Explain the concept of SWOT analysis. - ANSWERS✔-SWOT ANALYSIS OR
"SITUATION ANALYSIS" IS COMPRISED OF INTERNAL STRENGTHS, WEAKNESSES,
AND EXTERNAL OPPORTUNITIES AND THREATS. STRENGTHS ARE COMPANY
ATTRIBUTES THAT ARE USED TO DEVELOP COMPETITIVE ADVANTAGES (IE:
RESOURCES, CREATIVITY, GOOD REPUTATION IN MARKETPLACE) WEAKNESSES ARE
COMPANY ATTRIBUTES THAT MAY NEGATIVELY AFFECT PERFORMANCE (IE: HIGH
COST STRUCTURE, HIGH EMPLOYEE TURNOVER, NO PLANNING) OPPORTUNITIES
ARE OPENINGS IN THE EXTERNAL ENVIRONMENT UPON WHICH A FIRM MAY
CAPITALIZE (IE: NEW TECHNOLOGY, ENERGY ALTERNATIVES, MEDICAL CURES,
GRADUATE PROGRAMS) THREATS ARE NEGATIVE EVENTS IN THE EXTERNAL
ENVIRONMENT WHICH MAY NEGATIVELY EFFECT A FIRM (IE: ENERGY PRICES,
ECONOMIC DOWNTURN, NATURAL DISASTERS)
\.In working within the marketing environment of a firm, what factors are
controllable by the marketers in a
COMPLETE WITH 100% VERIFIED
ANSWERS
\.Anticipation, management, and satisfactions are three important aspects in the
definition of "marketing." What
does each of these terms encompass? - ANSWERS✔-ANTICIPATION- ENTAILS
DOING RESEARCH AND ANALYSIS TO FIND OUT WHAT IS GOING ON AROUND US.
THIS INVOLVES ANALYZING THE ENVIRONMENT, UNDERSTANDING WHAT IS GOING
ON, AND COMPARING AND UNDERSTANDING COMPETITION. MANAGEMENT-
ENTAILS STIMULATING ACTIVITIES THAT MOTIVATE PEOPLE;
STIMULATING/MOTIVATING PEOPLE BY DROPPING PRICES, OR IN THE AUTO
INDUSTRY CREATING NEWER MODELS. SATISFACTION- REFERS TO HOW WELL OUR
EXPECTATIONS ARE REACHED (INCLUDING AFTER WE PURCHASE)
\.What are the five components of the marketing concept? (HINT: GOSIPP) -
ANSWERS✔-1. PEOPLE
2. GOODS
3. SERVICES
4. ORGANIZATIONS
5. PLACES
6. IDEAS
ALL OF THESE ARE THINGS THAT WE MARKET.
, \.Define and contrast these concepts: customer service satisfiers AND dissatisfiers,
customer satisfaction, relationship
marketing, and employee empowerment - ANSWERS✔-CUSTOMER SATISFIERS
ARE THE "EXTRA" THINGS, THINGS WE GET EXCITED BY. IN CONTRAST, CUSTOMER
SERVIE DISSATISFIERS ARE THINGS WE EXPECT AND THEREFORE WE DO NOT GET
EXCITED BY THEM, BUT IF WE DO NOT GET THEM WE ARE
DISAPPOINTED/DISSATISFIED. CUSTOMER SATISFACTION DEPENDS ON HOW
CLOSELY CUSTOMER EXPECTATIONS AND ACTUAL GOOD OR SERVICE
PERFORMANCE ARE MATCHED. RELATIONSHIP MARKETING MEANS HAVING A
LONG-TERM BUYER/SELLER RELATIONSHIP RATHER THAN SHORT-TERM
TRANSACTIONS. EMPLOYEE EMPOWERMENT IS WHEN EMPLOYEES HAVE THE
TOOLS/RESOURCES TO MAKE DECISIONS WITHOUT SUPERVISION (IE: CASHIER
DOING A RETURN TRANSACTIONS WITHOUT NEEDING A MANAGER)
\.Explain the concept of SWOT analysis. - ANSWERS✔-SWOT ANALYSIS OR
"SITUATION ANALYSIS" IS COMPRISED OF INTERNAL STRENGTHS, WEAKNESSES,
AND EXTERNAL OPPORTUNITIES AND THREATS. STRENGTHS ARE COMPANY
ATTRIBUTES THAT ARE USED TO DEVELOP COMPETITIVE ADVANTAGES (IE:
RESOURCES, CREATIVITY, GOOD REPUTATION IN MARKETPLACE) WEAKNESSES ARE
COMPANY ATTRIBUTES THAT MAY NEGATIVELY AFFECT PERFORMANCE (IE: HIGH
COST STRUCTURE, HIGH EMPLOYEE TURNOVER, NO PLANNING) OPPORTUNITIES
ARE OPENINGS IN THE EXTERNAL ENVIRONMENT UPON WHICH A FIRM MAY
CAPITALIZE (IE: NEW TECHNOLOGY, ENERGY ALTERNATIVES, MEDICAL CURES,
GRADUATE PROGRAMS) THREATS ARE NEGATIVE EVENTS IN THE EXTERNAL
ENVIRONMENT WHICH MAY NEGATIVELY EFFECT A FIRM (IE: ENERGY PRICES,
ECONOMIC DOWNTURN, NATURAL DISASTERS)
\.In working within the marketing environment of a firm, what factors are
controllable by the marketers in a
