marketing 300 test 1 ch 1
Companies can expand market share in three ways:
1. Attracting new customers 2. Increasing business with existing customers, 3. Retaining current customers
The marketing concept includes:
1. Focusing on customer wants and needs so that the organization can distinguish its products from competitors offerings 2. Integrating all the organizations activities including production to satisfy customer wants 3. Achieving long-term goals for the organization by satisfying customer want any legally and responsibly
The five characteristics that are used to compare the 2 orientations:
1. The organizations focus 2. Firms business 3. Those to whom the product is directed 4. The firms primary goal 5. The tools used to achieve the organizations goals
Consumers want:
1. To interact anywhere, anytime 2. To do new things with various kinds of information and ways that create value 3. Expect Data to be stored about them to be targeted specficiky to thejr needs or to personalize their experiences 4. Expect all interactions with a company to be easy
CRM is what 2 things:
1. better understanding of customer 2.also software program about customers
an exchange can take place ONLY if these 5 conditions exist:
1. must be at least 2 parties 2. each party has something that might be of value to other party 3. each party is capable of communication and delivery 4. each party us free to accept or reject the offer 5. each party believes it is appropriate or desirable to deal with other party
What 4 competing philosophies strongly influence and organizations marketing process?
1. production orientation 2. sales orientation 3. market orientation 4. societal marketing orientation
the key to success marketing is what 3 things?
1.Customer Satisfaction The customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations. 2.Customer Value The benefits received compared to the sacrifice made to purchase the product 3. Relationship Marketing- Strategy that focuses on establishing and improving relationships with customers.
marketing has ___ facets
2
___ has a history of product orientation
Apple
Product-oriented firms can survive if:
Competition is weak Demand exceeds supply
Strategy designed to gain a deep understanding of the customer and their needs
Customer relationship management
The customers evaluation of a good or service in terms of whether that good or service has met their needs and expectations is called:
Customer satisfaction
Ex of _____: shake shack is a fast casual burger restaurant at target people who care about how their food taste it where it comes from. The company sells its burgers or higher than average prices, but it uses humanely raised, antibiotic and hormone free meat that is ground fresh from for muscle cuts instead of scraps.
Customer value
The benefits received compared to the sacrifice made to purchase the product
Customer value
Giving employees authority to solve customer problems on the spot
Empowerment
the ___ use of social media have accelerated the shift in power from manufacturers and retailers to consumers and businesses users.
Internet
A __ orenited Organization aims at specific groups of people
Market
A ___ orientation involves obtaining information about customers, competitors, and market; examining the information from a total business perspective; determining how to deliver superior customer value; and implementing action to provide value to customers
Market
A ___ oriented firm defines its Business in terms of the benefit is customers seek
Market
A ___orientation has helped companies such as Zappos.com and red mill natural food out perform their competitors. These companies put customers at the center of their business in Ways most companies do poorly or not at all
Market
An example of ___ oriented organization is when Toyota used humor and a motto it's a car to appeal for an inexpensive car
Market
Companies that adopt CRM Systems are almost always ___ oriented, customizing product and service offerings based on a data generated through interaction between the customer and the company
Market
Examples of ___ orientation- JD power ranked Jaguar highest in customer satisfaction with dealer service among luxury auto motive brands, while Buick ranked highest amount of mass market brands. These rankings drive additional sales for the company
Market
Firms that adopt and implement the marketing concept are said to be ____, meaning they assume that a sale does not depend on an aggressive salesforce but rather on a customer decision to purchase a product
Market oriented
An example of ___ orientation: Kelloggs recently introduced open for breakfast, or of the company uses to connect with customer about what they are eating for breakfast. The program is also used to share stories about the company makes in its place to care for the environment.
Marketing
The ___ is a simple and intuitively appealing philosophy that articulate a market orientation. It states that's the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives .
Marketing concept
Why study marketing?
Marketing plays in important role in society, is important to businesses, marketing offers outstanding career opportunities, and affects your life every day
Understanding your competitive arena competitors strengths's and weaknesses is a critical component of ____ orientation. This includes assessing what existing or potential competitors intend to do tomorrow and in what they are doing today
Markets
____ marketing Delivers relevant experiences, integrated across both physical and virtual environments, throughout the consumer's decision and buying process
On demand
An example of ____: Commonwealth bank of Australia new smart phone app that integrates and personalizes the house hunting experience. A home buyer takes a picture of a house they like. Using software and technology, the app finds that house and provide the list price and other information, can mix with the buyer's financial data, and determine whether the buyer can be preapproved for mortgage (without it, this could take up to a week)
On demand marketing
The emergence of ____ is taking CRM to a new level. As technology evolves and becomes more sophisticated, consumer expectations of their decision and buying related experiences have risen.
On demand marketing
___ in sales oriented firms tend to be inward looking, focusing on selling what the organization makes rather than making what's the market wants.
Personnel
___ is the means by which organizations communicate with private and prospective customers about the merits a characteristic of their organization and products
Promotion
___ is a strategy that focuses on keeping and improving relationships with current customers
Relationship marketing
A ____ oriented firm defines it business or measured in terms of goods and services
SAles
A ____ oriented organization seeks to achieve probability pre-sale volume and tries to convince potential customers who buy, even if the seller knows that the customer and products are mismatch
Sales
___ oriented Organization like to generate sales volume through intensive promotional activities, mainly personal selling and advertising
Sales
a ___ oriented organization target its products at everybody or the average customer
Sales
Marketing products in containers that are less toxic than normal, or more durable, contain reusable materials, or are made of recycled materials is consistent with a _____ orientation
Societal market
Unilever is an example of ___ orientation: their brand includes Dove, Lipton tea, Hellmansn's, and Ben and Jerrys. is one company that put sustainability at the core of its business. It has promised both to cut it environmental foot print in half and to source all it's agricultural product in ways that do not degrade the earth by 2020 . The company also promote the well-being of 1 billion people by producing foods with less salt and fat and has developed campaign advocating handwashing and teeth brushing
Societal marketing
___ entails collaborative efforts of people to accomplish common objective
Teamwork
Bank of America, Comcast, dish network, and AT&T are examples of companies where executives lost track of the delicate balance between efficiency and service.
True
T/F: A recent study found that 55% of all consumers across 60 countries support socially/environmentally responsible companies they would pay more for their products
True
T/F: Founder of Walmart and Sam's Club Sam Walton once said," there is only one boss. the customer. And he can fire everybody in the company of the chairman on down, simply by spending his money somewhere else. "
True
T/F: Many of the historic sources of competitive advantage; technology, innovation, economies of scale; allow companies to focus their efforts internally and prosper
True
T/F: Many organizations that are frequently noted for delivering superior customer value in providing high level of customer satisfaction, such as Southwest airlines in Walt Disney World, assign employee to teams and teach team building skills
True
T/F: Price is a component of value, but low price is not the same as good value. Instead, customers value goods and services that are of the quality they expect and that are sold at prices they are willing to pay
True
T/F: Some companies such as Coca-Cola, Delta Airlines, Hershey, and Sears, have a pointed chief customer officer. Their responsibilities include ensuring that the company maintains a customer centric culture and that all company employees remain as is on delivering customer value
True
T/F: The best companies view new customer attraction as a launching point for developing and enhancing a long-term relationship
True
T/F: The founder of LL Bean Leon said a customer is the most important visitor. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it."
True
T/F: The fundamental problem with a sales orientation ass with a production orientation is a lack of understanding of the needs and wants of the marketplace
True
T/F: Today, many successful firms derive their competitive advantage from an extrernal, market oriented focus
True
T/F: as the Internet and mobile devices become increasingly persuasive, because smart control continue to grow. This means that companies must create strategies from the outside in by offering the sink and compelling customer value. This can be accomplished by being careful he starting customers and using tape market insight to inform and guide companies outside in view
True
T/F: customer value is not simply a matter of high quality.
True
T/F: having a market orientation and a focus on customer one does not mean offering customers everything they want. It isnt possible
True
T/F: in order for on-demand marketing to be successful, companies must deliver high-quality experiences across all touch point with a customer, including sale, service, product use, and marketing
True
T/F: lower income consumers are price sensitive, but they will pay for product if they deliver a benefit that is worth the money. Higher income customers may value and be willing to pay for high-quality products and superior customer service
True
T/F: most successful relationship marketing strategies depend on customer oriented personnel, effective training programs, employees with the authority to make decisions it's all problems, and teamwork
True
T/F: sales oriented companies often find that despite the quality of their sales force, they cannot convince people to buy services that are needed or wanted nor needed
True
T/F: some companies, in their passion to drive down cost, they ruined their relationships with customers
True
T/F: the recipe for success is to develop a pair of understanding of your customers and your competition, execute plans on the basis of this customer understanding, and how to deliver the desired experience using and integrating all the resources of the firm.
True
T/F: they key to consumer purchasing lies beyond the label proclaiming sustainability, natural ingredients, or being green. Customers want More sustainable products that perform better in their unsustainable counterparts
True
T/F: to sales oriented firm marketing mean selling things and collecting money
True
T/F: value can be used to sell a Mercedes-Benz as well as a Tyson frozen chicken dinner. In other words, value is something that shoppers of all market and add all income levels look for
True
T/F: what a business thinks it produces is not of primary importance to its success. Instead, what customers think they are buying—the perceived value—defines a business.
True
The differences between sales and market orientations are substantial
True
The ultimate goal of most market oriented organization is to make a profit by creating customer value, providing customer satisfaction, And building a long-term relationship with the customer
True
According to the AMA, marketing is the ____, set of ____, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
activity, institutions
_____= people giving up something in order to receive something else they would rather have
exchange
one desired outcome of marketing is an ____
exchange
ex of ___: place an ad in newspaper stating your car is for sale. several people may call or make an offer. all 5 conditions are necessary but unless you reach an agreement and sell the car, an exchange will not happen
exchange not happening, marketing happening
in 2016, ____ captured the #1 position in Fortune;s "100 best companies to work for" for the 5th year in a row
ex of _____: google pays 100% of employees health care, offers paid sabbaticals, and provides bocce courts, blowing alley, and 25 cafes- all for free; new parental leave benefits ( now receive 12 weeks fully paid baby bonding time) also gives $500 "baby bonding bucks" for every new parent to use
likable company to work for
marketing involves building _____, mutually relationships when these benefit all parties concerned.
long-term
____ orientation asks: What do our customers want and need?
marketing
focus of ____ orientation: Satisfying customer wants and needs while meeting organizational objectives
marketing
normally, we think of ___ as the medium of exchange. We "give up" __ to "get" the goods and services we want.
money
marketing is an ____ function and set of processes used to implement this philosophy
organization
it is a _____, an _____, a _______, or a management orientation that stresses customer satisfaction
philosophy, attitude, perspective
____ orientation asks: What can we make or do best?
production
a ____ orientation means that management assesses its resources and asks these ?s: what can we do best? what can our engineers design? what is easy to produce, given our equipment?
production
a _____ orientation falls short because it does not consider whether the good and services that the firm produces most efficiently also meet the needs of the marketplace.
production
example of ____ oriented industry: most furniture stores carry same styles/ varieties of furniture they have carried many years. regardless of what customers may be looking for, this is what they will find. they have been long lived because what they produce has matched up with customer expectations
production
focus of ____ orientation: Internal capabilities of the firm
production
____ orientation asks: How can we sell more aggressively?
sales
focus of ____ orientation: Aggressive sales techniques and the belief that high sales result in high profits
sales
____ extend the marketing concept by acknowledging that some products that customers want may not really be in their best interest for the best interest of society as a whole
societal marketing
focus of ____ orientation: Satisfying customer wants and needs while enhancing individual and societal well-being
societal marketing
T/F: In the often quoted words of David Packard, co-founder of Hewlett-Packard, "marketing is too important to be left only to the marketing department"
true
T/F: Research shows that companies that consistently reward employees with incentives and recognition are those that perform best, while disengaged workers cost the US economy upward of $350 billion a year in lost productivity
true
T/F: exchange does NOT require money
true
T/F: exchange will not necessarily take place even if all these conditions exist, but they must exist for it to happen
true
T/F: firms that succeed in competitive markets have a clear understanding that they must first determine what customers want and then produce it, rather than focus of what company management thinks should be produced and hope that the product is something customers want
true
T/F: marketing also entails an understanding that organizations have many connected stakeholder "partners," including employees, suppliers, stockholders, distributors, etc.
true
T/F: marketing can occur even if an exchange does not occur
true
T/F: marketing involves more than just activities performed by a group of people in a defined area or department.
true
T/F: marketing uses communication, distribution, and pricing strategies to provide customers and other stakeholders with the goods, services, ideas, values, and benefits they desire when and where they want them.
true
T/F:an exchange can happen when 2 or more people barter or trade things
true
marketing entails processes that focus on delivering ___ and ____ to customers, not just selling goods, services, or ideas.
value and benefits