Exam 1: An Overview of Marketing

What is the definition of marketing?

What does Xerox emphasize by replacing at its own expense any dissatisfied customer's equipment within a period of three years after purchase?

Canadian Smoked Turkey,Inc.is mail-order business that operates without any advertising.It does not accept credit cards and has no toll-free number for customers to call.It may be old-fashioned but it is also a very profitable company with thousands of loyal customers-some of whom have ordered from Canadian Smoked Turkey every year for the last 50 years.What does Canadian Smoked Turkey probably use to maintain these long-term ties to its customers?

Exchange is the key concept in the definition of marketing.What is the concept of exchange? What are the five conditions of exchange that must be satisfied for exchange to occur?

Which of the following is a marketing management philosophy?

What type of orientation does a company have when it 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?

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

Which orientation assumes people will buy more if aggressive selling techniques are used?

Jewellery stores want to provide their customers with the highest quality of diamonds available at the lowest possible prices.Unfortunately,the lowest-priced diamonds these days are sold by African rebels who use the profits to engage in genocide.Human rights organizations have asked jewellers to buy diamonds that are "conflict-free," that is,from South Africa,Australia,or Canada.LeeBrant is one retail jewellery store that sells only diamonds that are certified to be from these countries.One could say that LeeBrant has which of the following type of orientation?

World Wrestling Entertainment (formerly the World Wrestling Federation)is very focused on what its fans want,in terms of product licensing and,more importantly,in terms of plot lines and character development.All of the company's activities are integrated so that no employee ever loses sight of the company's desire to satisfy its fans.What type of orientation does World Wrestling Entertainment have?

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

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.

What is the term for the collaborative efforts of people to achieve common objectives?

Domino's Pizza is offering racing fans a chance to earn points toward NASCAR-branded merchandise via the NASCAR RacePoints loyalty program.Consumers who buy $20 worth of Domino's Pizza will receive 100 NASCAR RacePoints.NASCAR RacePoints will be credited to members' accounts.Racing fans can collect points to earn NASCAR merchandise,including apparel and hats or one-of-a-kind experiences,such as driving a real race car.What is Domino's engaging in?

If a company uses a sales orientation,what would consumer complaints most likely result in?

What do market-oriented firms primarily focus their efforts upon?

Explain the two facets of marketing.

Domino's Pizza is offering racing fans a chance to earn points toward NASCAR-branded merchandise via the NASCAR RacePoints loyalty program.Consumers who buy $20 worth of Domino's Pizza will receive 100 NASCAR RacePoints.NASCAR RacePoints will be credited to members' accounts.Racing fans can collect points to earn NASCAR merchandise,including apparel and hats or one-of-a-kind experiences,such as driving a real race car.What will occur when a NASCAR fan trades in his or her points for a mug autographed by a favourite driver?

Due to consumer concerns about skin cancer and other negative outcomes associated with sun exposure,the trend in sun-care products throughout most of the 1990s was in favour of higher-SPF sunscreens.This seems to be changing now,at least for some target segments.In response to the latest trends of teenagers using baby oil,Crisco,and even motor oil to enhance tanning effects,Coppertone and Hawaiian Tropic have introduced new low-UV-protection products.Giving customers what they want demonstrates which of the following types of orientation?

An organization believes that it exists to not only satisfy customer wants and needs and meet organizational objectives,but also preserve or enhance individuals' and society's long-term best interests.What type of orientation does the organization have?