Marketing Final Exam

1 ref 5 communication key cbe model strategy obj 01 2

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Unformatted text preview: 1 REF: 5 Communication KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB MSC: BLOOMS Synthesis 7. Consider the following statement: “Relationship marketing is not possible in a firm embracing a production orientation.” Do you agree or disagree with this statement? Explain your answer. ANS: A company with a production orientation concentrates on what it can do best––its internal capabilities. Sometimes what the company produces is exactly what the customer wants, so it could be possible for a company to engage in relationship marketing (a strategy that entails forging long-term partnerships with customers) and still have a production orientation. However, the most successful relationship marketing strategies depend on customer-oriented personnel, effective training programs, employees with authority to make decisions and solve problems, and teamwork. PTS: 1 REF: 5 | 9 Communication KEY: CB&E Model Strategy OBJ: 01-2 | 01-3 TOP: AACSB MSC: BLOOMS Synthesis 8. What is the marketing concept? According to the marketing concept, what determines if a sale will actually occur? ANS: The marketing concept is a simple and intuitively appealing philosophy that articulates a marketing orientation. It states that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. It is based on an understanding that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product. PTS: 1 REF: 5-6 KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB Analytic MSC: BLOOMS Synthesis 9. Explain the marketing concept and market orientation. What three requirements are included in the marketing concept? ANS: The philosophy of the marketing concept states that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. Market orientation involves obtaining information about customers, competitors, and markets; examining the information from a total business perspective; determining how to deliver superior customer value; and implementing actions to provide value to customers. The marketing concept includes: focusing on consumer wants so the organization can distinguish its product(s) from competitors’ offerings integrating all the organization’s activities, including production, to satisfy these wants achieving long-term goals of the organization by satisfying customer wants and needs legally and responsibly PTS: 1 REF: 5-6 Communication KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB MSC: BLOOMS Synthesis 10. Explain the societal marketing orientation, and give an example of a company implementing this orientation. ANS: The societal marketing orientation is the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’...
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