MKTG 3310 WOLTER FINAL EXAM || with 100% Verified Solutions.
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Course
MKTG 3310 WOLTER
Institution
MKTG 3310 WOLTER
Simple Trade Era correct answers pre-industry, blacksmiths and tradesmen
Production Era correct answers () how fast can you make things is what makes you successful - "If we make it, it will sell"
Sales Era correct answers () this is where you get your traditional depiction of sales men
Ma...
MKTG 3310 WOLTER FINAL EXAM || with 100% Verified
Solutions.
Simple Trade Era correct answers pre-industry, blacksmiths and tradesmen
Production Era correct answers (1860-1920) how fast can you make things is what makes you
successful - "If we make it, it will sell"
Sales Era correct answers (1920-1950) this is where you get your traditional depiction of sales
men
Marketing Department Era correct answers (1950-1970) began to focus on the customer
Marketing Company Era correct answers (1970-1990) focus on the customer became the most
important thing. Customer's views becomes the view of the entire company
Relationship Marketing correct answers (1990-2005) companies began to think about building
relationships so that they focus on customers buying things more than one time
One-to-One Marketing Era correct answers (2005-presesnt) based on technologies, building
relationships but on a larger scale
Are all companies now in the marketing era? correct answers No- some companies have
remained product oriented, which is associated with the Sales Era. This line of thinking occurs
when a company becomes so proud of their product that they distance themselves from the
customer
Two characteristics that define a market correct answers 1. Satisfy the needs of the customer at a
profit
2. Keeping the companies goals in mind
What is marketing? correct answers the art and science of creating and managing value
(innovation, communicating, delivering, servicing, procuring) AND business philosophy,
discipline, distinct unit in an organization, and a set of business activities
What is marketing not? correct answers 1. selling more things to more people more often for
more money
2. the devil
3. just advertising
4. unnecessary
Marketing Concept correct answers includes three basic ideas:
1. customer satisfaction
2. total company effort
3. profit (not just sale)
, Marketing Orientation correct answers instead of trying to get the customer to buy what the firm
has produced, a market oriented firm tries to offer customers what they need. This is carrying out
the marketing concept
What is a production orientation and how does it exemplify narrow thinking? correct answers
making whatever products are easy to produce and then trying to sell them. This causes narrow
thinking/lack of central focus in a business firm because they think of customers as existing to
buy the firms output rather than the firm existing to to the customer/needs of society
What is value? correct answers customer value- the difference between the benefits a customer
sees from what the market is offering and the costs of obtaining those benefits- what you get
from what you give (time, effort, costs) example: how difficult it is to turn into a McDonald's-
companies do not determine value-they offer value proposition
How is value determined? correct answers Price can determine value-but not ALWAYS-price
and cost of labor and resources can provide a rough estimate of value BUT if the good/service
does not meet the customers need it will result in low customer value even if the price is low.
(Price isn't always used to find value BUT price (especially a high price) can be indicative of a
products value to society
What is the unique contribution of marketing to a firm? correct answers 1. Accounting- tracks
revenue, cost flows, profit, etc and communicates these to managers and owners
2. Managers- organize resources to achieve goals efficiently and strategically
3. Finance-aquires cash flow from investors. Evaluate and manage the firms risk, assets, and
owners
4. Marketing- acquire cash flow fro customers, stimulate demands and evaluate and manage
customer value
Shareholder Orientation correct answers a companies main focus is to maximize shareholder
value. idea that if you are taking care of your shareholders, you are taking care of the company
How does shareholder orientation differ from marketing concept? correct answers puts
shareholder as the main focus rather than customer satisfaction
What are potential problems with focus on shareholders? correct answers causes companies to be
very short term focused in order to make quarterly earnings. this makes the market volatile in the
long run, the average stockholding period has gotten significantly shorter
What is the macro-micro dilemma? correct answers sometimes what people purchase (micro
level) could not be what is in the best interest on the macro level.
ex: buying bottled water is convenient for the individual, but it could have negative effects such
as increased pollution and wasted resources
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