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Marketing Exam 1

philosophy organization function
marketing’s two facets:
1. a _____________, an attitude, a perspective, or a management orientation that stresses customer satisfaction
2. an ______________ ______________ and a set of processes used to implement this philosophy
the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
incentives recognition
research shows that companies that reward employees with ____________ and ____________ on a consistent basis are those that perform best
competitive advantage
some companies, such as home depot, believe employees are their biggest _____________ ___________
one desired outcome of marketing is an ____________; people giving up something in order to receive something they would rather have
two parties communication delivery desirable
an exchange can take place only if the following conditions exist:
1. there must be at least _____ _______
2. each party has something that might be of _______ to the other
3. each party is capable of ___________ and _________
4. each party is free to accept or reject the exchange offer
5. each party believes it is appropriate or __________ to deal with the other party
production sales market societal marketing
the 4 philosophies that strongly influence an organization’s marketing processes:
production orientation
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
a ____________ orientation falls short because it does not consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace
Apple has a history of ___________ orientation
sales orientation
the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
to ______-oriented firms, marketing means selling things and collecting money
marketing concept
the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives
unique experience satisfies
the recipe for success is to consistently deliver a _____________ _____________ that your competitors cannot match and that ____________ the intentions and preferences of your target buyers
market oriented
firms that adopt and implement the marketing concept are said to be _____________ ____________, meaning they assume that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product
market orientation
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;
it is synonymous with the marketing concept
societal marketing orientation
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’ and society’s long-term best interests
focus business directed goal tools
sales-oriented and market-oriented firms can be compared in terms of five characteristics:
1. the organization’s ____________
2. the firm’s ______________
3. those to whom the product is ____________
4. the firm’s primary ____________
5. the _________ used to achieve those goals
inward looking
personnel in sales-oriented firms tend to be “____________ ___________,” focusing on selling what the organization makes rather than making what the market wants
market-oriented organizations have an _____________ focus
customer value
the relationship between benefits and the sacrifice necessary to obtain those benefits
perform trust pricing facts service creation
marketers interested in consumer value:
– offer products that ___________
– earn __________
– avoid unrealistic ____________
– give the buyer _________
– offer organization-wide commitment in __________ and after-sales support
– co-___________
relationship marketing
a strategy that focuses on keeping and improving relationships with current customers
customer training authority teamwork
most successful relationship marketing strategies depend on _________-oriented personnel, effective ________ programs, employees with _________ to make decisions and solve problems (empowerment), and _______________
delegation of authority to solve customers’ problems quickly–usually by the first person the customer notifies regarding a problem
collaborative efforts of people to accomplish common objectives
goods and services
a sales-oriented firm defines its business (or mission) in terms of…
a market-oriented firm defines its business (or mission) in terms of the __________ its customers seek
everybody the average customer
a sales-oriented firm targets its products at “______________” or “____ __________ ___________”
specific groups
a market-oriented firm targets its products at ___________ ____________ of people
sales volume mismatched
a sales-oriented firm seeks to achieve profitability through ________ _________ and tries to convince potential customers to buy, even if the seller knows that the customer and product are ______________
making a sale
sales-oriented organizations place a higher premium on ______________ ____ __________ than on developing a long-term relationship with a customer
value satisfaction relationships
the ultimate goal of most market-oriented organizations is to make a profit by creating customer __________, providing customer ___________, and building long-term ________________ with customers
nonprofit organizations can and should adopt a ___________ orientation
sales-oriented organizations seek to generate sales volume through ___________ activities, mainly personal selling and advertising
marketing mix
market-oriented organizations recognize that each of the four components of the ____________ _________ are important
society businesses career everyday life
– plays an important role in _____________
– is important to ______________
– offers outstanding ___________ opportunities
– affects _________ _________
survival profits growth
the fundamental objectives of most businesses are ___________, __________ and growth
wants product prices distribution communicating
marketing includes the following activities, which are vital to business organizations:
– assessing the ______ and satisfactions of present and potential customers
– designing and managing ________ offerings
– determining ________ and pricing policies
– developing __________ strategies
– ______________ with present and potential customers

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