Lecture 1

Question 1

How does managment work for a production oriented buisness?

Answer 1

It uses the resources it has to ask how they can develop the best possible product that will sell itself because it’s so good.

Question 2

How does it differ from other buisnesses?

Answer 2

It does not focus on the market: customer wants, and desires, product diffrentiation etc.

Question 3

Conditions needed?

Answer 3

High demand for product and competition must be weak

Question 4

Overall goal

Answer 4

Wants to develop the best product possible which will sell itself because it’s so good.

Question 5

What is the focus of sales orientation?

Answer 5

To collect money by selling as many products as possible

Question 6

What is the problem of sales orientation?

Answer 6

No matter how effective the sales technique customers won’t by products that they want.

Question 7

Focus of marketing concept?

Answer 7

To develop a product that meets customer needs and wants and diffrentiates from it’s competitiors.

Question 8

Achieving a market orientation consists of which of the following features.

Answer 8

Researching information related to customers, comeptitiors and buisness partners, examining this information from a buisness perspective, using it develop a product of value to customers and implementing the processes to do so.

Question 9

What is the goal of marketing?

Answer 9

To fulfill an organization’s longterm goals by satisfying customers wants and desires, and impacting individuals and society in a beneficial manner.

Question 10

How to market?

Answer 10

Combine all of an org. activities to develop, communicate and deliver a valuable product to a consumer.

Question 11

Two things that societal marketing wants?

Answer 11

1. Satisfying customer wants and desires

2. Benfiting individuals and society in the longterm

Question 12

When would an organization refuse to create a product that consumers want

Answer 12

If that product is not in the best interest of individuals or society.

Question 13

What are the differences between sales oriented and market oriented organizations?

Answer 13

Sales oriented: focuses on collecting the most money by selling the most goods and services it already has

Market oriented: focuses on collecting the most money by creating a product/ service that customers want based on outside market research before attempting to sell it.

Question 14

Customer value requirements:

Answer 14

• Give facts
• build trust
• reasonable pricing

Question 15

Customer value requirements:

Answer 15

• give facts-ingredient label does not disclude anything
• build trust-does it’s job
• post sales support
• product does it’s job-drink increases concentration
• reasonable pricing- 1 dollar per coke bottle 2 dollars for new age drink

Question 16

Customer satisfaction:

Answer 16

measured by how well a customer evaluates a particular product/service-new age drinks taste amazing!

Question 17

Relationship marketing:

Answer 17

Building a relationship with the customer after selling them a product/service

Question 18

What char. does successful relationship marketing depend upon?

Answer 18

This depends upon:

1. Effective training of customer service personel
2. Teamwork
3. Employees with ability to solve problems and make descions
4. Presence of customer service personel-sales people, customer service support

Question 19

Customer relationship managment:

Answer 19

Stragety to make the most profit, customer satisfaction and relationships by building a relationship with a particular target segment of customers-build relationships with hippie, nonalchol consuming ind. looking to improve congnition.

Question 20

What is demand marketing?

Answer 20

The ability to market goods and services online and in person-co

Question 21

Why study marketing?

Answer 21

1. Good career opportunities
2. Impacts society-more people can get more of what they want
3. Impacts business-expands business and improves the economy