Exam 1: An Overview of Marketing

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction.

After hearing his company criticized for its failure to respond to consumer needs,the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy.Which of the following actions would be the best approach to achieving this goal?

There are several important reasons to study marketing.Name three of these reasons.

At the Container Store every employee is trained to serve customers.Full time salespeople receive 240 hours of training.The Container Store works to hire people who are self-motivated and have a passion for customer service.The Container Store has a(n)_____ orientation.

Jacques Torres Chocolate is a factory and retail store in Brooklyn.Its owner is willing to try to produce new products when his customers suggest them--such as chili-pepper-laced chocolate candy.His only condition is that when he adds new products,his customers have the final say on whether the product is of any value.According to Torres,"If something doesn't move,that's the last time you see it." By focusing on customers' wants,the chocolate company exhibits a(n)_____ orientation.

Starbucks Loyalty Rewards The First Starbucks opened in 1970 in Seattle Washington. The demand for its coffee grew and Starbucks added more than 6,000 stores located in over 30 countries. In its more than 30 year history, Starbucks has never given out coupons for its coffee. Starbucks had only to make its coffee and customers came. Recently consumer quality perception of the Starbucks brand has started to fall. Starbucks started a consumer-response blog to learn more about what consumers expect from Starbucks. One of the most requests was for a customer rewards program. In response Starbucks has started the Starbuckscard rewards which offers free refills on brewed coffee, free beverage with whole bean purchase, beverage customization and free Wi-Fi. Starbucks also put coupons in a national newspaper for those consumers who love coupons and created a new brew of coffee for those who prefer a milder coffee taste. Starbucks is hoping with these improvements will restore customers' loyalty and confidence. -Refer to Starbucks.Starbucks customers wanted more value from their coffee.Starbucks management responded to customers through the Starbuckscard rewards program.Which element of value was Starbucks management working to increase?

Kellogg's gives consumers the chance to receive a free DVD.Consumers who buy five boxes of specially marked cereal can cut out the coupons and mail in their completed official form to get a free DVD.Kellogg's is engaging in:

Which of the following occurs when people give up something in order to receive something that they would rather have?

Starbucks Loyalty Rewards The First Starbucks opened in 1970 in Seattle Washington. The demand for its coffee grew and Starbucks added more than 6,000 stores located in over 30 countries. In its more than 30 year history, Starbucks has never given out coupons for its coffee. Starbucks had only to make its coffee and customers came. Recently consumer quality perception of the Starbucks brand has started to fall. Starbucks started a consumer-response blog to learn more about what consumers expect from Starbucks. One of the most requests was for a customer rewards program. In response Starbucks has started the Starbuckscard rewards which offers free refills on brewed coffee, free beverage with whole bean purchase, beverage customization and free Wi-Fi. Starbucks also put coupons in a national newspaper for those consumers who love coupons and created a new brew of coffee for those who prefer a milder coffee taste. Starbucks is hoping with these improvements will restore customers' loyalty and confidence. -Refer to Starbucks.For more than thirty years Starbucks held the orientation of "If we build it,they will come." This philosophy is most in line with a _____ orientation.

Only a firm's salespeople need to be customer-oriented.

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:

Which marketing management philosophy focuses on the question,"How can we sell more aggressively?"

Some market-oriented firms give employees expanded authority to solve customer problems on the spot.This is known as:

Barry collects antique watches and decided to sell a few of them on eBay. Some of the watches he wants to sell are rare and very valuable. What condition is necessary for an exchange to occur between Barry and a buyer?

Name and describe the four marketing management philosophies.

Ritz-Carlton Hotels Cesar Ritz, the founder of the original Ritz-Carlton, Boston, was known as the "king of hoteliers and the hotelier to kings." Today, there are more than 70 Ritz-Carlton hotels spanning 24 countries with 38,000 employees. These are not typical employees, though. They are described as "Ladies and Gentlemen serving Ladies and Gentlemen." Each employee participates in an intensive orientation program and recertification programs throughout their careers with the company, and many are allowed $2,000 to fix a guest's problem on the spot without managerial approval. So renowned is the Ritz way of doing business that the company offers a Leadership Center for executives and managers of other companies to learn and implement the Ritz way of customer service. It doesn't stop with employees, though. Ritz-Carlton hotels recently launched "Give Back Getaways" in 2008 that allow guests to volunteer in locales where they are vacationing. The hotel also offers "Vow to Help Others" which is a program that donates a portion of a wedding couple's reception costs to those in need. The chief operating officer's words sum up Ritz-Carlton's philosophy best when he stated, "If we really do our job, we really don't need sales anymore. Satisfied guests are your advertising." -Refer to Ritz-Carlton Hotels.Ritz-Carlton embodies an organization-wide commitment in service and support so that customers attain benefits relative to the price they pay for this service. Which element of an organization's focus is this commitment satisfying?

Target shoppers can enroll in the Take Charge of Education program so that Target will donate one percent of purchases made with a consumer's REDcard,a Target credit card.The more money customers spend,the larger the donation to the consumer's school of choice.By instituting the Take Charge of Education program to help local schools,Target has shown a _____ orientation.

An exchange cannot take place unless each party in the exchange has something that the other party values.

SAP,the world's largest business software company,has pledged to put the "customer at the center" of their universe.SAP has captured the idea of:

FujiFilm Computer Products has improved the efficiency and productivity of its plant,which manufactures printing technology.For the new fiscal year,the company projects a production increase of 25 percent and has instructed its sales force to aggressively distribute and promote the product.The CEO is sure the market will absorb more product if the sales force is determined and assertive.Apparently FujiFilm: