What are the eras of different orientation in the history of American business? correct answers Product
Sales
Marketing
Relationship
Product Orientation correct answers focused on making the product
Sales Orientation correct answers focused on moving the product
Marketing Orientation co...
MKTG 3310 Final Exam || A+ Verified Solutions.
What are the eras of different orientation in the history of American business? correct answers
Product
Sales
Marketing
Relationship
Product Orientation correct answers focused on making the product
Sales Orientation correct answers focused on moving the product
Marketing Orientation correct answers Focused on market
Relationship Orientation correct answers Focused on relationship
Are all companies now in the marketing era? correct answers No, Relationship
What are the two characteristics that define a market? correct answers People with both the
desire and the ability to buy a specific offering
What is marketing? correct answers Co-creation of value
-a business philosophy (marketing concept)
-a business discipline (marketing ideas)
-a distinct unit in an organization (marketing department_
-a set of business activities (market research, etc.)
What is marketing NOT? correct answers Advertising, a necessary tool, the devil, selling more
things to more people for more money
What is the marketing concept? correct answers The extent that a company focuses on customer's
needs, wants, and desires, then worries about profit
What is a market orientation? correct answers The implementation of the marketing concept
throughout an organization
"Instead of just trying to get customers to buy what the firm has produced, a marketing-oriented
firm tries to offer customers what they need"
What three characteristics of a firm are needed to be market oriented? correct answers -Customer
satisfaction
-Total company effort
-Profit
What is a production orientation and how does this exemplify narrow thinking? correct answers
Just focused on the product, can lead to marketing myopia
,What is value? correct answers what you get/ what you give
What is the unique contribution of marketing to a firm? correct answers Acquiring resources
from customers
-tasked with creating demand, and securing money from customers in the form of revenue
-money also comes from investors in the form of capital
What is shareholder orientation? correct answers Focused on maximizing returns to shareholders
What are potential problems with a focus on shareholders? correct answers Makes people have a
short term focus and you can mine profit by undermining the long term viability
What is the macro-micro dilemma? correct answers Micro decisions that are unethical create a
macro problem. What may be beneficial to some companies or customers may be harmful to
others or the environment
What is the Milton Friedman view of businesses role in the world? correct answers Make money
as long as it is legal and not fraudulent; no matter what the cost to society
-"There is one and only one social responsibility of business - to use its resources and engage in
activities designed to increase profits so long as it stays within the rules of the game, which is to
say, engages in open and free competition without deception or fraud."
What is an argument for why Milton Friedman's view of business is the correct view? correct
answers A business cannot run without money. Technology will gradually improve due to
competition
What are three arguments for businesses to engage in other causes besides seeking a profit?
correct answers -Stakeholder Responsibility (consumers want them to do it)
-Social Responsibility
-Environmental Responsibility
-have the best talent and resources
-problems are too big
What is a stakeholder? correct answers customers, employees, investors and community
What is stakeholder orientation? correct answers Being oriented between the stakeholder firms
obligation to improve its positive effect on all people who have a stake in the company
What is social orientation? correct answers Putting human welfare on the top of the priority list
even before profits. This concept suggests that in order to sustain long term success.
What is the idea of value creation and appropriation? correct answers Value Creation influences
the potential magnitude of the advantage while Value Appropriation influences the amount of the
advantage the firm is able to capture and the length of time the advantage persists
Who are the main appropriators? correct answers Firm, society, competitors
, What is marketing strategy? correct answers A marketing strategy specifies a target market and a
related marketing mix. It is a big picture of what a firm will do in some market.
What is a target market? correct answers A fairly homogeneous (similar) group of customers to
whom a company wishes to appeal to
What is the marketing mix? correct answers The controllable variables the company puts
together to satisfy this target
What is the difference between mass marketing and target marketing? correct answers Mass
Marketing is a shotgun approach aiming in no particular direction, just trying to hit as much as
possible.
Target Marketing is varying some element of the mix for a target market (rifle).
What is customer lifetime value? correct answers Total stream of purchases a customer may
contribute over their lifetime (length of relationship)
(college graduate buying a car for a lesser amount and then years later buying a car of the same
brand that cost more money)
What is customer equity? correct answers The expected profitability from a firm's customers
over some period of time
What do these two metrics, customer lifetime value and customer equity, allow a firm to do?
correct answers The firm can focus on attracting new customers as well as retaining and growing
current customers
-relationships increase lifetime customer value
-customer equity estimates profitability
What is market share? correct answers the portion of a market controlled by a particular
company or product
What is the benefit of market share? Why? correct answers Economies of scale, Market power,
quality of management. It is NOT because high market share companies can charge higher prices
How is market share related to customer satisfaction? correct answers Negative relationship
How is market share related to the marketing concept? correct answers they are related because it
shows what the customer values in products during a set period
What is marketing myopia? correct answers When you define yourself based on your product
and don't see the broader picture (Netflix not just seeing themselves in the DVD business and
moving into streaming and entertainment) (railroads)
What happens if a firm goes too far and defines itself too broadly? correct answers It will lose
focus and become scattered and will lose focus on their own company
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