Exam 1: An Overview of Marketing

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

One facet of marketing is that it is:

Compare and contrast the sales and market orientations using the following five characteristics as guidelines: (1)the organization's focus,(2)in the firm's business,(3)people to whom the product is directed,(4)the organization's primary goal,and (5)tools used to achieve that goal.

The Geek Squad is a tech support station located inside every Best Buy electronics retail store.Best Buy gives intensive training to the Geeks.The purpose of this training is to:

When a homeowner visited The Home Depot to buy what he thought he needed to fix a leaking toilet,he gathered up materials totaling almost $70.One his way to check out,an employee asked him what was he trying to fix.After some discussion,the employee convinced the homeowner that a $5.99 replacement part would fix the problem better than the materials he thought he needed and with less trouble.This sort of discussion between employees and customers is commonplace at The Home Depot and indicates the retail 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 customer' wants,the chocolate company exhibits a(n)_____ orientation.

Which of the following is the customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations?

TUFF SHED,Inc.is one of the leading suppliers of installed storage buildings and garages in the United States.TUFF SHED mandates that sales,management,and construction teams work together to anticipate and eliminate potential problems.They make sure customers get the right buildings for their needs,and they all are built well and in a timely manner.By using teamwork,TUFF SHED:

Name and describe the four marketing management philosophies.

Circuses As recently as 20 years ago, circuses came to town with tents, animals, clowns, and other performers. An advance man arrived about two weeks before the circus actually arrived, covered the community with posters, and gave out free tickets to schoolchildren. If the advance man had done a good job, when the circus arrived and opened its tent doors, 300 to 600 people would fill its seats. When the largest circus organizations merged, the newly formed Ringling Bros. and Barnum & Bailey's Greatest Show on Earth began performing in 4,000-seat arenas. Attendance, however, has stagnated in recent years. People have stopped going to the circus because they miss the circus tent and the intimate atmosphere it created. The newest thing in circuses is a return to the tent atmosphere with an emphasis on the types of entertainment that were popular years ago. Antique circus wagons, calliope music, and cotton candy are replacing the exotic animals and the prima donna performers. To satisfy the needs of this new audience, the tent circus now sells lattes and wine. -Refer to Circuses.To exhibit a societal marketing orientation,circuses could:

A newspaper ad for a hospital that states,"We have the most modern delivery rooms and state-of-the art medical equipment," is an indication of which marketing management philosophy?

_____ is the collaborative efforts of people to achieve common objectives.

While most marketing organizations rely on various forms of promotion to succeed,sales-oriented organizations make the most effective use of their entire marketing mix.

One way to identify the orientation of a firm is to examine its primary goal.If a firm seeks to achieve profitability through sales volume,it would probably be:

Walker Farms heard from many of its customers that they would like organic produce.As a result,Walker Farms became a certified organic farm.Walker realized that while not all consumers were willing to pay the higher prices for organic produce,his customers wanted the organic produce.Walker realized:

When customer expectations regarding product quality,service quality,and value-based price are met or exceeded,_____ is created.

Circuses As recently as 20 years ago, circuses came to town with tents, animals, clowns, and other performers. An advance man arrived about two weeks before the circus actually arrived, covered the community with posters, and gave out free tickets to schoolchildren. If the advance man had done a good job, when the circus arrived and opened its tent doors, 300 to 600 people would fill its seats. When the largest circus organizations merged, the newly formed Ringling Bros. and Barnum & Bailey's Greatest Show on Earth began performing in 4,000-seat arenas. Attendance, however, has stagnated in recent years. People have stopped going to the circus because they miss the circus tent and the intimate atmosphere it created. The newest thing in circuses is a return to the tent atmosphere with an emphasis on the types of entertainment that were popular years ago. Antique circus wagons, calliope music, and cotton candy are replacing the exotic animals and the prima donna performers. To satisfy the needs of this new audience, the tent circus now sells lattes and wine. -Refer to Circuses.Now circuses are trying to satisfy customers' needs and wants and to profit through customer satisfaction.They have adopted a _____ orientation.

All of the following are necessary for exchange to occur EXCEPT:

Consider the following statement: "Relationship marketing is not possible in a firm embracing a production orientation." Do you agree or disagree with this statement? Explain your answer.

The concept of exchange is important to marketing because: