Need help with Marketing questions. Please respond only if you know 100% that yo
ID: 392801 • Letter: N
Question
Need help with Marketing questions. Please respond only if you know 100% that your answer is correct
27. The marketing concept is best thought of as which of the following?
- a guiding philosophy for the company’s marketing strategy
- a specific approach to building relationships with customers, vendors, and suppliers
- the overall purpose of the company
- the position the company’s product holds in customers’ minds
28. Which is NOT a step in the marketing control process?
- defining the mission
- evaluating the causes of gaps between expected and actual performance
- measuring performance
- setting goals
29. Ryan knows one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal Ryan knows his firm must look at everything they do:
- from a customer’s point of view.
- from a generational cohort maximization perspective.
- in order to value each person in the organization.
- to avoid foreign currency fluctuation.
30. The Mayo Clinic in Minnesota is known for top-quality medical care. This is an example of a firm focusing its efforts on satisfying customer needs that:
- are easiest to satisfy.
- competitive intelligence has identified.
- match their match their fundamental skills and competencies.
- provide minimum core value.
Explanation / Answer
Ans 27: a guiding philosophy for the company’s marketing strategy
Explanation: The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.
Ans 28: defining the mission
Explanation: Marketing control process is a four-step process: Define Marketing Objective, Set Performance Standards, Compare Results Against Standards, Corrections and Alterations
Ans 29: from a customer’s point of view.
Explanation: When selling products or services, values-based marketing is an appeal to a customer's values and ethics. It shifts marketing from a product-centric approach to a customer-centric one.
Ans 30: match their fundamental skills and competencies.
Explanation: The Mayo Clinic is focusing on their core competency of providing top-quality medical care.