MKT 531 FINAL EXAM
1. a). With respect to the strategic planning process, why has social responsibility and marketing ethics become important today? b). Is it really necessary to consider these issues in strategic planning?
A firm’s reputation is vital to its survival. Whether a firm’s reputation is a good one or not, depends upon their degree of commitment to social responsibility. Social responsibility generally means a firm has a responsibility to have a positive impact on society, and at the same time, reduce their behaviors that have a negative impact. Social responsibility can be broken down into four sub-categories: economic, legal, ethical and philanthropic. The most basic are economic and legal. Economic responsibility simply means the firm is responsible to its …show more content…
Discuss the relationship among quality, value and satisfaction and their roles for developing a long-term relationship with customers. Pick one case from all the cases assigned throughout this semester and relate your discussion to the case.
The shift to a customer-centric marketing strategy has strengthened the bond between quality, value and satisfaction.
The quality of the product is determined by the consumer in comparison to competing products, or to a standard of excellence. Quality also applies to the total product offering, which consists of at least three different components: the core product, the supplemental products and symbolic and experiential attributes. Over time, the quality of the core product becomes expected, and this is where the supplemental products become important. Symbolic and experiential attributes further increase the perceived quality and are things like image, prestige and brand. To deliver superior quality, you need to understand customers’ expectations, translate expectations into quality standards, uphold quality standards accurately and consistently, and do not
1. a). With respect to the strategic planning process, why has social responsibility and marketing ethics become important today? b). Is it really necessary to consider these issues in strategic planning?
A firm’s reputation is vital to its survival. Whether a firm’s reputation is a good one or not, depends upon their degree of commitment to social responsibility. Social responsibility generally means a firm has a responsibility to have a positive impact on society, and at the same time, reduce their behaviors that have a negative impact. Social responsibility can be broken down into four sub-categories: economic, legal, ethical and philanthropic. The most basic are economic and legal. Economic responsibility simply means the firm is responsible to its …show more content…
Discuss the relationship among quality, value and satisfaction and their roles for developing a long-term relationship with customers. Pick one case from all the cases assigned throughout this semester and relate your discussion to the case.
The shift to a customer-centric marketing strategy has strengthened the bond between quality, value and satisfaction.
The quality of the product is determined by the consumer in comparison to competing products, or to a standard of excellence. Quality also applies to the total product offering, which consists of at least three different components: the core product, the supplemental products and symbolic and experiential attributes. Over time, the quality of the core product becomes expected, and this is where the supplemental products become important. Symbolic and experiential attributes further increase the perceived quality and are things like image, prestige and brand. To deliver superior quality, you need to understand customers’ expectations, translate expectations into quality standards, uphold quality standards accurately and consistently, and do not