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MKT 320F Final Exam Review with 100% Correct Answers Guaranteed Success
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MKT 320F Final Exam Review with 100% Correct Answers Guaranteed Success Which marketing management philosophy focuses on the question, "What do customers want and need?" Market Sales Product Production Internal - Market A company that wants to implement a market orientation would need to: ...

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  • September 26, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
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MKT 320F Final Exam Review with 100%

Correct Answers Guaranteed Success


Which marketing management philosophy focuses on the question, "What

do customers want and need?"



Market

Sales

Product

Production

Internal - ✔✔Market

A company that wants to implement a market orientation would need to:



determine how to deliver superior customer value.



do research on its customers, competitors, and markets.



implement actions that provide value to customers.

,do all of the activities listed.



establish and maintain mutually satisfying relationships with customers. -

✔✔do all of the activities listed.

_____ is defined as the relationship between benefits and the sacrifice

necessary to obtain those benefits.



Market quality

Satisfaction percentage

Marketing utility

Opportunity cost

Customer value - ✔✔Customer value

_____ is a strategy that focuses on keeping and improving relationships

with current customers.



Organization-customer synergy

Relationship marketing

Commitment selling

Market engineering

Transactional marketing - ✔✔relationship marketing

,A business is concerned with many day-to-day activities. Some of the most

important of these activities are the planning and development of a product,

its ability to communicate value, its pricing policy, and the distribution

strategy. These activities are all a part of:



human resources.

production.

a control system.

marketing.

accounting. - ✔✔marketing

Earl is starting a new bank. Before the opening day, Earl had a meeting

with all employees. He discussed their mission, defined objectives for the

bank for the coming years, and shared who their target market is. He talked

about their product offerings and where their future branches would be

located. Earl is sharing the bank's:



strategic contingency.

marketing plan.

financial analysis.

reengineering.

, hierarchical restructuring. - ✔✔marketing plan

A firm that wants to develop a deeper understanding of its customers may

optimize profitability, revenue, and customer satisfaction by focusing on

highly defined and precise customer groups. This is _____:



social orientation.

sales maximization.

customer optimization.

customer relationship management.

sales orientation. - ✔✔customer relationship management

A _____ is a study conducted by an organization to identify its internal

strengths and weaknesses and also examine external opportunities and

threats.



situation analysis

strategic alternative selection

trend analysis

marketing audit

competitive advantage audit - ✔✔situation analysis

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