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Exam (elaborations)

MKT 320F Final Exam Review with complete solution

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  • Course
  • MKT 320F
  • Institution
  • MKT 320F

Which marketing management philosophy focuses on the question, "What do customers want and need?" Market Sales Product Production Internal Market A company that wants to implement a market orientation would need to: determine how to deliver superior customer value. do research ...

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  • September 10, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MKT 320F
  • MKT 320F
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MKT 320F Final Exam Review with
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Which marketing management philosophy focuses on the question, "What do
customers want and need?"

Market
Sales
Product
Production
Internal - ANSWER- Market

A company that wants to implement a market orientation would need to:

determine how to deliver superior customer value.

do research on its customers, competitors, and markets.

implement actions that provide value to customers.

do all of the activities listed.

establish and maintain mutually satisfying relationships with customers. -
ANSWER- do all of the activities listed.

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

Market quality
Satisfaction percentage
Marketing utility

,Opportunity cost
Customer value - ANSWER- Customer value

_____ is a strategy that focuses on keeping and improving relationships with
current customers.

Organization-customer synergy
Relationship marketing
Commitment selling
Market engineering
Transactional marketing - ANSWER- relationship marketing

A business is concerned with many day-to-day activities. Some of the most
important of these activities are the planning and development of a product, its
ability to communicate value, its pricing policy, and the distribution strategy.
These activities are all a part of:

human resources.
production.
a control system.
marketing.
accounting. - ANSWER- marketing

Earl is starting a new bank. Before the opening day, Earl had a meeting with all
employees. He discussed their mission, defined objectives for the bank for the
coming years, and shared who their target market is. He talked about their
product offerings and where their future branches would be located. Earl is
sharing the bank's:

strategic contingency.
marketing plan.
financial analysis.
reengineering.
hierarchical restructuring. - ANSWER- marketing plan

A firm that wants to develop a deeper understanding of its customers may
optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups. This is _____:

social orientation.
sales maximization.

, customer optimization.
customer relationship management.
sales orientation. - ANSWER- customer relationship management

A _____ is a study conducted by an organization to identify its internal strengths
and weaknesses and also examine external opportunities and threats.

situation analysis
strategic alternative selection
trend analysis
marketing audit
competitive advantage audit - ANSWER- situation analysis

Coca-Cola vending machines are found all over the world. The newest machines
have an interactive screen that runs advertisements and allows users to obtain
free photos of themselves and ringtones after they have bought a drink. Critics of
these new vending machines are concerned that entertaining technology is being
used to market sugary products. In terms of a SWOT analysis, this concern would
be an example of a(n):

advantage.
weakness.
strength.
opportunity.
threat. - ANSWER- threat

Walmart realizes a _____ using its relationships with suppliers to give customers
low prices and good customer service.

marketing competitive advantage
niche competitive advantage
cost competitive advantage
brand name strategy
synergistic competitive advantage - ANSWER- cost competitive advantage

Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic
drink and put it into unusual bottles with elaborate designs. The wide-mouthed,
long-necked bottles are now considered to be trendsetters in the new age
beverage industry, and customers often buy the tea just for the bottle. The
success of Arizona Tea is based on:

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