Marketing Test 1 (Ch. 1) – Flashcards
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One facet of marketing is that it is...
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A philosophy that stressed customer satisfaction
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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 pricing policy, and the distribution strategy. These activities are all a part of:
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Marketing
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What are the 2 Facets of marketing?
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-a philosophy -an attitude -a perspective -a marketing orientation
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Activities and processes that implement the two facets are know as...
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The 4Ps- Marketing Mix
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What are the 4Ps?
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Products, Promotion, Place/distribution, Pricing
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What is marketing?
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Employee satisfaction *Satisfying employees is the 1st step*
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Which of the following occurs when people give up something in order to receive something that they would rather have?
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Exchange
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The concept of exchange is important to marketing because:
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Marketing activities help to create exchange
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All of the following are marketing management philosophies EXCEPT:
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Profitability orientation
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What are the four marketing management philosophies?
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Production orientation, sales orientation, market orientation, societal orientation
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A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation.
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Production
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The ___ orientation assumes people will buy more if aggressive selling techniques are used.
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Sales
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Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance, retirement plans, and pre-planned funeral services?
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Sales orientation
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Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?
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Sales
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Which marketing management philosophy assumes that a safe does not depend on an aggressive sales force but rather on a customer's decision to purchase a product?
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Market orientation
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An organization with a(n) __ believes that it 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.
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Societal marketing orientation
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What is the focus on in production orientation?
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On the internal capabilities of the firm. -unique product -what can we make or do best
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What is the focus on in sales orientation?
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On aggressive sales techniques and the belief that high sales result in high profits. -things that aren't necessary (insurance, retirement plans, etc.) - "how can we sell more aggressively?"
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What is the focus on in market orientation?
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On satisfying customer needs and wants while meeting objectives. -most popular -"what do customers want and need?"
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What is the focus on in societal orientation?
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On satisfying customer needs and wants while enhancing individual and societal well-being (green) -best for society -"what do customers want and need, and how can we benefit society?"
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A company that wants to implement a market orientation would need to...
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Do research on its customers, competitors, and markets, determine how to deliver superior customer value, establish and maintain mutually satisfying relationships with customers, and implement actions that provide value to customers.
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When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, __ is created.
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Customer satisfaction
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High customer satisfaction occurs in firms where:
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Employees know their jobs affect customer satisfaction
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__ is a strategy that focuses on keeping and improving relationships with current customers.
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Relationship marketing
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Most successful relationship marketing strategies depend on:
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Customer-oriented personnel, effective training programs, employees with authority to make decisions and solve problems, and teamwork
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What is the primary profit goal of sales orientation?
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Maximum sales volume
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What is the primary profit goal of market orientation?
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Customer satisfaction
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All of the following are good reasons to study marketing except:
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Marketing creates consumer needs
