Exam 1: An Overview of Marketing

For an exchange to take place:

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

Increasingly well informed customers have shifted the power from manufacturers and retailers to consumers.

Explain the marketing concept and market orientation.What three requirements are included in the marketing concept?

Redefining the business mission of a mattress manufacturer as "a good night's sleep" rather than stating the mission as "the manufacture of high-quality mattresses" will:

Colorado Silversmith creates and markets silver and turquoise jewelry,which it sells to retailers in the western United States.The company's management believes its retail customers will stock more jewelry if its salespeople use aggressive marketing techniques,so the company provides strong incentives for salespeople and promotional allowances to resellers to get distribution for its jewelry.In other words,the company has a _____ orientation.

Explain how marketing is important to business and society.

Marketers interested in offering customer value can:

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

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.The creation of a consumer response blog is an example of _____.

Target shoppers can enroll in the Take Charge of Education® program so that Target will donate 1 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.

The societal marketing concept considers society's long-term best interests along with the satisfaction of customers' wants and needs.

What is the marketing concept? According to the marketing concept,what determines if a sale will actually occur?

The sales and market orientations differ on all of the following characteristics EXCEPT:

Which of the following statements about the societal orientation is FALSE?

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 _____ orientation.

A company that sets its goals and strategies based on what its current equipment can produce,what products engineering can design,and what the company itself can do best,has a(n)_____ orientation.

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.Customer-oriented personnel,effective training programs,employees with authority to make decisions and solve problems,and teamwork all work together at Ritz-Carlton to implement which type of strategy?

The Ritz-Carlton has Service Values that guide employees in providing its Gold Standard service.One of the service values states,"I own and immediately resolve guest problems." The Ritz-Carlton management uses _____ to provide customer service.

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: