Exam 1: An Overview of Marketing

All of the following are marketing management philosophies EXCEPT:

Personnel in sales-oriented firms tend to be "outward looking," focusing on selling what the market wants.

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.It has instructed its sales force to aggressively distribute and promote its printers.The CEO is sure the market will absorb more product if the sales force is determined and assertive.Fujifilm appears to have a _____ orientation.

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.

Sara Lee Industries spent considerable money and time developing a crustless bread.Prior to the introduction,the company had not conducted market research among its customers,but it was confident that its science and technology department had produced a successful new product.Based on this example,Sara Lee is a good example of a production-oriented company.

According to the American Marketing Association,marketing is 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.

At www.mystarbucksidea.com,customers are encouraged to share their ideas and thoughts about how Starbucks can better serve its customers.Starbucks customers told management that they wanted to be recognized for choosing Starbucks coffee.So Starbucks instituted the My Starbucks Reward program with money-saving benefits to their Starbuck cardholders.Starbucks is an example of a company with a _____-oriented philosophy.

Customer value is the relationship between company profits and company costs.

Networkcar.com sells a plug-in device that connects to computer diagnostic ports that are standard on cars.The device beams signals to dealers who can remotely diagnose or spot trouble,allowing car dealerships to maintain a closer bond with their customers by offering maintenance before a problem leaves customers with an inoperable or possibly dangerous car.With the device,dealers can better engage in:

What is the fundamental objective of most businesses?

Describe the concept of exchange,and list the five conditions that must be satisfied for exchange to occur.If all conditions are met,does that guarantee exchange will occur? Explain why or why not.

Life is good® no longer encloses its apparel in individual poly bags when shipping to customers because the management feels it harms the environment.This is an example of a _____ orientation.

Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?

Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance,retirement plans,and preplanned funeral services?

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." Employees participate 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. But it doesn't stop with employees. 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: "If we really do our job, we really don't need sales anymore. Satisfied guests are your advertising." -Refer to Ritz-Carlton Hotels.The "Give Back Getaways" and "Vow to Help Others" programs offered by Ritz-Carlton hotels are applications of which marketing management philosophy?

Barry collects antique watches and has 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?

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

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 needed 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 common requests was for a customer rewards program. In response, Starbucks started My Starbucks 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 that these improvements will restore customers' loyalty and confidence. -Refer to Starbucks.Which of the four conditions did NOT exist in the minds of the Starbucks consumer,resulting in declining sales?

Which marketing management philosophy focuses on the question,"What do customers want and need?"

Most companies become sensitized to community issues after they've done enough damage to draw the locals' anger.Dofasco,Inc.,a highly successful steel company in Ontario,tries to get ahead of business and community issues by annually bringing together representatives from the local area and deciding which projects to improve the local environment will be implemented.This annual community-wide meeting indicates Dofasco has a _____ orientation.