Marketing Final Exam

Free to accept or reject the exchange offer 5 each

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Unformatted text preview: s free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party. Exchange will not necessarily take place even if all these conditions exist. They are necessary for exchange to be possible, but unless the buyer and seller reach an agreement, an exchange will not take place. PTS: 1 REF: 4 Communication KEY: CB&E Model Strategy OBJ: 01-1 TOP: AACSB MSC: BLOOMS Synthesis 4. Name and describe the four marketing management philosophies. ANS: PRODUCTION ORIENTATION. This orientation focuses firms on their internal production capabilities rather than the desires and needs of the marketplace. SALES ORIENTATION. This orientation assumes that buyers will purchase more of any item if aggressive selling techniques are used. Again, this orientation does not address the needs and wants of the marketplace. MARKET ORIENTATION. This orientation recognizes that a sale is dependent on the customer’s decision to purchase a product and provides increased responsiveness to customer needs and wants. To market-oriented firms, marketing means building relationships with customers. SOCIETAL MARKETING ORIENTATION. This orientation refines the marketing orientation by stating that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting the organization’s objectives and preserving or enhancing both individuals’ and society’s long-term best interests. PTS: 1 REF: 4-7 Communication KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB MSC: BLOOMS Synthesis 5. If a firm has a production orientation, what types of questions does management ask after assessing its resources? ANS: With a production orientation, management focuses on the internal capabilities of the firm. Management might ask: “What can we do best?” “What can engineering design?” and/or “What is economical and easy to produce with our equipment?” PTS: 1 REF: 5 Communication KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB MSC: BLOOMS Synthesis 6. An entrepreneur has set up a company to manufacture and market GPS systems for hunters. He has decided a sales orientation would best suit his new company. What are important considerations for this firm when it adopts this orientation? What are potential pitfalls of this orientation the owner needs to understand? ANS: The most important component for a sales orientation is an aggressive sales force. The sales force can push intermediaries to carry products or push consumers to purchase. For the entrepreneur in question, this is important, as hunters rarely buy GPS equipment directly from the manufacturer. Instead, GPS equipment is offered through specialty resellers. An aggressive sales force could help the entrepreneur sell his product in more outlets. However, despite a high-quality sales force, even aggressive salespeople cannot convince people to buy goods and services that are neither wanted nor needed. PTS:...
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