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Marketing Final Exam

And societys long term best interests students

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Unformatted text preview: and society’s long-term best interests. Students’ examples will vary depending upon what commercials, advertisements, and publicity they have been exposed to. All should select a company that exists not only to satisfy customers’ wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ or society’s long-term best interests. PTS: 1 REF: 6-7 OBJ: 01-2 TOP: AACSB Communication | AACSB Ethics MSC: BLOOMS Synthesis KEY: CB&E Model Strategy 11. What is customer value? What are the six ways marketers can make sure customers perceive their companies/products as sources of value? ANS: Customer value is the relationship between benefits and the sacrifice necessary to obtain those benefits. Marketers who want to be perceived by their customers as offering value can (1) offer products that perform, (2) earn trust, (3) avoid unrealistic pricing, (4) give the buyer facts, (5) offer organization-wide commitment in service and after-sales support, and (6) co-creation. PTS: 1 REF: 7-8 Communication KEY: CB&E Model Customer OBJ: 01-3 TOP: AACSB MSC: BLOOMS Synthesis 12. Compare and contrast the sales and market orientations using the following five characteristics as guidelines: (1) the organization’s focus, (2) in the firm’s business, (3) people to whom the product is directed, (4) the organization’s primary goal, and (5) tools used to achieve that goal. ANS: ORGANIZATION’S FOCUS. With a sales orientation, the firm’s focus is inward upon the firm’s own needs. With a market orientation, the focus is outward on the wants and preferences of customers. In particular, market-oriented firms create customer value, maintain customer satisfaction, and build long-term relationships. BUSINESS. A firm with a sales orientation is in the business of selling goods and services. A firm with a market orientation is in the business of satisfying consumer wants and needs. CUSTOMERS. A sales orientation directs the firm’s output at everybody, while a market orientation directs goods toward specific groups of people. PRIMARY GOAL. The primary goal of a firm with a sales orientation is to make profit through maximizing sales volume. The primary goal of a firm with a market orientation is to seek profit through customer satisfaction. TOOLS FOR GOAL ACHIEVEMENT. A sales orientation seeks to achieve goals primarily through intensive promotion. A market orientation achieves goals through coordinated use of a set of marketing activities. See Review Learning Outcome 3. PTS: 1 REF: 7–12 Communication KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB MSC: BLOOMS Synthesis 13. Discuss the elements needed to implement successful relationship marketing strategies. ANS: Most successful relationship marketing strategies depend on: CUSTOMER-ORIENTED PERSONNEL. An employee may be the only contact a customer has with the firm, so in that customer’s eyes, the employee is the firm. Any person, department, or division that is...
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