Marketing Final Exam

The following are good reasons to study marketing

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Unformatted text preview: All of the following are good reasons to study marketing EXCEPT: a. b. c. d. e. Marketing creates consumer needs. Marketing plays an important role in society, coordinating the huge numbers of transactions needed to provide goods and services. Marketing is a key function in business. Marketing offers outstanding career opportunities. Marketing affects your day-to-day life as a consumer. ANS: A Marketing may create consumer wants, but it does not create consumer needs. PTS: 1 REF: 12-13 Thinking KEY: CB&E Model Strategy OBJ: 01-4 TOP: AACSB Reflective MSC: BLOOMS Evaluation 90. What is the fundamental objective of most businesses? a. employee empowerment, teamwork, and relationship marketing b. satisfied stakeholders c. low costs and high quality d. customer loyalty and retention e. survival, profits, and growth ANS: E The use of marketing allows businesses to achieve this objective. PTS: 1 REF: 13 KEY: CB&E Model Strategy OBJ: 01-4 TOP: AACSB Analytic MSC: BLOOMS Comprehension Ritz-Carlton Hotels Cesar Ritz, the founder of the original Ritz-Carlton, Boston, was known as the “king of hoteliers and the hotelier to kings.” Today, there are more than 70 Ritz-Carlton hotels spanning 24 countries with 38,000 employees. These are not typical employees, though. They are described as “Ladies and Gentlemen serving Ladies and Gentlemen.” Employees participate in an intensive orientation program and recertification programs throughout their careers with the company, and many are allowed $2,000 to fix a guest’s problem on the spot without managerial approval. So renowned is the Ritz way of doing business that the company offers a Leadership Center for executives and managers of other companies to learn and implement the Ritz way of customer service. But it doesn’t stop with employees. Ritz-Carlton hotels recently launched “Give Back Getaways” in 2008 that allow guests to volunteer in locales where they are vacationing. The hotel also offers “Vow to Help Others,” which is a program that donates a portion of a wedding couple’s reception costs to those in need. The chief operating officer’s words sum up RitzCarlton’s philosophy best: “If we really do our job, we really don’t need sales anymore. Satisfied guests are your advertising.” 91. Refer to Ritz-Carlton Hotels. The chief operating officer’s statement regarding sales and advertising illustrates which marketing management philosophy embraced by this company? a. Sales b. c. d. e. Market Production Societal Promotional ANS: B A market orientation is a philosophy that assumes 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: 6 Thinking KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Application 92. Refer to Ritz-Carlton Hotels. The “Give Back Getaways” and “Vow to Help Others” programs offered by Ritz-Carlton hotels are applications of which marketing managemen...
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