Exam (elaborations)
MARKETING 351 EXAM 1 |103 QUESTIONS
- Module
- MKTG 351
- Institution
- Oxford University (OX)
MARKETING 351 EXAM 1 |103 QUESTIONS
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MARKETING 351 EXAM 1 103QUESTIONS
Marketing - answer The activity for creating communicating delivering and exchanging offerings
that have value for customers.
exchange - answer people giving up something in order to receive something else they would
rather have.
5 conditions of exchange - answer 1. two parties
2. each party has something of value to the other
3. each party is capable of communication and delivery
4. each party is free to accept or reject an offer.
5. each party believes it is appropriate or desirable to deal with the other.
production orientation - answer a philosophy that focuses on the internal capabilities of the
firm rather than on the desires and needs of the marketplace.
sales orientation - answer the belief that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
marketing concept - answer the idea that the social and economic justification for an
organizations existence is the satisfaction of customer wants and needs while meeting
organizational objectives
market orientation - answer a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customers decision to purchase a product
, societal marketing orientation - answer 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
customer value - answer the relationship between benefits and the sacrifice necessary to obtain
those benefits
customer satisfaction - answer customers evaluation of a good or service in terms of whether it
has met their needs and expectations
relationship marketing - answer a strategy that focuses on keeping and improving relationships
with current customers
empowerment - answer delegations of authority to solve customers problems quickly usually by
the first person the customer notifies regarding a problem
teamwork - answer collaborative efforts of people to accomplish common objectives
customer relationship management - answer a company wide business strategy designed to
optimize profitability revenue and customer satisfaction by focusing on highly defined and
precise customer groups
on demand marketing - answer on demand marketing delivers relevant experiences throughout
the customers decision and buying process that are integrated across both physical and virtual
environments
Marketing Mix - answer customer-> product, price, place, promotion
uncontrollable environment - answer climate, politics, economics, competition, socio cultural,
technology
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