Marketing Final Exam

Not customer oriented weakens the positive image of

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Unformatted text preview: not customer oriented weakens the positive image of the entire organization. TRAINING. Training is important to quality customer service and relationship building. EMPOWERMENT. In empowerment, delegation of authority is used to solve customer problems quickly, usually by the first person the customer notifies regarding a problem. TEAMWORK. Teamwork is the collaborative efforts of people to accomplish a common objective. Job performance, company performance, product value, and customer satisfaction all improve when people in the same department or work group begin supporting and assisting each other and emphasize cooperation instead of competition. PTS: 1 Communication REF: 9-10 OBJ: 01-3 TOP: AACSB KEY: CB&E Model Strategy MSC: BLOOMS Synthesis 14. List the three advantages of defining the company’s business in terms of the benefits customers seek instead of in terms of goods and services. ANS: (1) It ensures that the firm keeps focusing on customers and avoids becoming preoccupied with goods, services, or the organization’s internal needs. (2) It encourages innovation and creativity by reminding people there are many different ways to satisfy customer wants. (3) It stimulates an awareness of changes in customer desires and preferences so product offerings are more likely to remain relevant. PTS: 1 REF: 11 Communication KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB MSC: BLOOMS Synthesis 15. There are several important reasons to study marketing. Name three of these reasons. ANS: 1. 2. 3. 4. PTS: 1 REF: 12-13 Communication KEY: CB&E Model Strategy Marketing plays an important role in society. Marketing is important to businesses. Marketing offers outstanding career opportunities. Marketing affects your life every day. OBJ: 01-4 TOP: AACSB MSC: BLOOMS Synthesis 16. Explain how marketing is important to business and society. ANS: Marketing contributes directly to the achievement of business objectives, including survival, profits, and growth. Marketing is concerned with assessing the wants and satisfactions of customers, designing and managing product offerings, determining prices, developing distribution strategies, and communicating with customers. Marketing is important to society because it efficiently distributes the output of farms and factories to the millions of consumers worldwide. Marketing makes products and services safely and conveniently available when buyers want them, in desired quantities, at accessible locations. PTS: 1 REF: 13 Communication KEY: CB&E Model Strategy OBJ: 01-4 TOP: AACSB MSC: BLOOMS Synthesis 17. Explain how marketing affects consumers’ everyday life. How will the study of marketing enable you to be a better consumer? ANS: Every person participates in the marketing process as a consumer of goods and services. About half of every dollar spent pays for marketing costs. By developing an understanding of marketing, one can better understand the buying process, negotiate more effectively with sellers, and...
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