Exam 1: An Overview of Marketing

A company that has a market orientation and adheres to the marketing concept does NOT:

Which marketing management philosophy assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product?

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?

The manufacturer of Maine Kitchen Art bowls,spoons,and cutting boards knows marketing can make his company a success.He wants to rely solely on promotion as the technique for attracting customers.He advertises extensively in cooking magazines,offers coupons,and provides retailers who carry his product with attractive displays.From this information,you know that Maine Kitchen Art has a _____ orientation.

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.

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.

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

Explain how marketing affects consumers' everyday life? How will the study of marketing enable you to be a better consumer?

A market-oriented firm defines its business in terms of:

NARRBEGIN: Circuses Circuses As recently as twenty 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,three hundred to six hundred 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 close 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.One of the tent venues is called Barnum's Kaleidoscope,and it is in a permanent location with the hopes that people who see the show will want to return and see it again as well as bring their friends and relatives to the production.Which of the following techniques would most likely advance this strategy of referrals and repeat business?

NARRBEGIN: Ritz-Carlton Hotels 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.The chief operating officer's statement regarding sales and advertising illustrates which marketing management philosophy embraced by this company?

NARRBEGIN: Starbucks Loyalty Rewards 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 frequent 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.The fact that management realized that coffee drinkers had different needs whether be using coupons,wanting a milder brew of coffee or free Wi-Fi shows that Starbucks is now using a _____ oriented approach.

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.

NARRBEGIN: Circuses Circuses As recently as twenty 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,three hundred to six hundred 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 close 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.The circus's goal of redesigning the circus experience is being completed through the coordination of many marketing activities,such as value pricing,a product that includes exciting performances,tent venue locations,and promotion.These activities make up the _____ for the circuses.

Xerox emphasizes _____ by replacing at its own expense any dissatisfied customer's equipment within a period of three years after purchase.

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

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

NARRBEGIN: Circuses Circuses As recently as twenty 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,three hundred to six hundred 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 close 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.The aggressive promotions used by advance men indicate that decades ago the circuses probably had a _____ orientation.

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?

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: