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Marketing

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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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Exchange

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People giving something up in order to receive something else they would rather have

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An exchange can take place only if the following five conditions exist:

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1. There must be at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party.

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Marketing and Management Philosophies

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Production Orientation, Sales Orientation, Marketing Orientation, Societal Marketing Orientation

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Production Orientation

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Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

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Sales Orientation

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Based on the belief that people ill buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

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Marketing Concept

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Simple and intuitively appealing philosophy that articulates a market orientation. It states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.

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Marketing Orientation

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Assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept

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Societal Marketing Orientation

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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

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Customer Value

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the relationship between benefits and the sacrifice necessary to obtain those benefits

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Customer Satisfaction

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customers' evaluation of a good or service in terms of whether it has met their needs and expectations

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Relationship Marketing

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a strategy that focuses on keeping and improving relationships with current customers

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Examples of institutions

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Manufacturers, retailers, transportation firms, marketing research firms, bank organizations, media (online, TV, radio, newspaper)

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Customer Relationship Management (CRM)

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a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups

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On-demand marketing

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delivering relevant experiences, integrated across both physical and virtual environments, throughout the customer's decision and buying process

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In the context of on-demand marketing, which of the following statements is true of sales-oriented businesses?

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They try to convince potential customers to buy, even if the customer and product are mismatched.

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Which of the following is a reason for firms to adopt a societal marketing orientation?

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Growing environmental concerns

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Which of the following statements is a difference between a production orientation and a sales orientation?

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A production orientation focuses on the internal capabilities of a firm, while a sales orientation focusses on increasing a firm's profits by using aggressive advertisements.

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Identify a true statement about sales-oriented firms.

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They target their products at "everybody" or the "average customer."

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A production orientation philosophy focuses on:

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assessing the resources of a firm.

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The relationship between benefits and the sacrifice necessary to obtain those benefits is known as _____.

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customer value

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The _____ states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.

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marketing concept

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_____ delivers relevant experiences throughout a consumer's decision and buying process that are integrated across both physical and virtual environments.

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On-demand marketing

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A production orientation philosophy:

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does not consider whether the goods and services that a firm produces most efficiently meet the needs of the marketplace.

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A _____ is a philosophy that focuses on the internal capabilities of a firm rather than on the desires and needs of the marketplace.

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production orientation

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Which of the following statements is true of customer relationship management?

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It involves establishing and tracking customer interactions with the company.

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Livin' Styles, a home décor company, is well known for its varieties of designs. The management of Livin' Styles collaborates with its customers and co-creates designs. This is an example of _____.

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creating customer value

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Which of the following statements is true of customer-oriented personnel?

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They come from a culture that supports its people.

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Which of the following statements is true of market-oriented firms?

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They create the benefits their customers seek.

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Which of the following statements is true of market-oriented firms?

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They assume that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product.

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Allied Inc., a beverage manufacturer, follows a societal marketing orientation. It wants to revamp its existing containers as they were found to be harmful to its users. In this case, Allied Inc. should:

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produce containers that are less toxic than its previous containers.

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In the context of on-demand marketing, which of the following statements is true of a sales-oriented firm?

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It extensively uses personal selling and advertising.

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Which of the following statements is true of a production-oriented firm?

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It can survive and even prosper when demand exceeds supply.

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Which of the following statements is true of customer relationship management?

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It involves linking all processes of a company from its customers through its suppliers.

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Which of the following is a sales-oriented organization?

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Fillets Inc., which believes that aggressive promotion techniques can result in high sales

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Researchers at Fresnas Inc. invented a new form of glass that filters harmful rays of sunlight and blocks heat. Without researching the market conditions, Fresnas Inc. manufactured windshields with the new glass. It hopes that customers will like its new product. In this scenario, Fresnas Inc. has adopted a _____.

answer

production orientation

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Which of the following statements is true of the marketing concept?

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It states that an organization should satisfy customer wants and needs while meeting organizational objectives.

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Which of the following statements is true of a sales orientation?

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Intermediaries are encouraged to push manufacturers' products aggressively.

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The management of Leyton Electronics Inc. always favors market orientation over the other marketing management philosophies. In this case, which of the following is most likely to be true of Leyton Electronics Inc.?

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It satisfies its customers' wants and needs legally and responsibly.

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In the context of marketing, which of the following statements is true of nonprofit organizations?

answer

They exist to achieve goals other than business-related goals.

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Nessca Corp. manufactures electronic gadgets. It instructs its marketing team to competitively advertise and promote its gadgets. The company, instead of believing in market research, believes that the market will absorb more products if customers are made aware of the products. The workforce of Nessca Corp. is most likely to:

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be inward looking, focusing on selling what the firm makes.

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A firm would benefit from a production orientation when _____.

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it produces exactly what the market wants

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Which of the following statements is true of firms that adopt relationship marketing strategies?

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They encourage teamwork among employees.

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Which of the following is a similarity between a production orientation and a sales orientation?

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Both lack an understanding of the needs and wants of the marketplace.

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Which of the following statements is true of production-oriented firms?

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They do not understand the needs and wants of the marketplace.

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Which of the following statements is true of on-demand marketing?

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It is aimed at enhancing customer relationships.

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Which of the following statements is true of marketing?

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It offers great career opportunities in business and nonbusiness organizations.

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Which of the following is a drawback of a sales orientation?

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It cannot convince people to buy goods that are neither wanted nor needed

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Which of the following statements is true of market-oriented personnel?

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They derive their profits from an external focus.

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Which of the following statements is true of marketing?

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It focuses on delivering value and benefits to customers.

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