marketing study guid

The term marketing refers
a philosophy that stresses customer satisfaction
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 pricing policy, and the distribution strategy. These activities are all a part of:
marketing
_____ is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction.
Marketing
The American Marketing Association’s definition of marketing:
includes the processes marketers use to establish and maintain relationships with customers
_____ is a key ingredient in the philosophy of marketing; it occurs when people give up something in order to receive something that they would rather have.
Exchange
In order for exchange to occur:
each party must have something the other party considers to be valuable
For an exchange to take place:
there must be at least two parties involved
Indonesian logging companies harvest the rainforests for timber and assume that a market exists for their products. The typical Indonesian logging company has a(n) _____ orientation.
production
The concept of exchange is important to marketing because:
marketing activities help to create exchange
Which of the following is NOT a marketing management philosophy?
profitability orientation
Firms with a _____ orientation focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
production
A company that 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, has a(n) _____ orientation.
production
A firm with a production orientation is most likely to survive if:
demand for the product it produces exceeds supply
A firm that adopts a(n) _____ orientation to marketing will fail to consider whether what the firm produces most efficiently also meets the needs of the marketplace.
production
The _____ orientation assumes people will buy more if aggressive selling techniques are used.
sales
A _____ orientation assumes marketing means selling things and collecting money. It also assumes people will buy more goods and services if aggressive marketing techniques are used.
sales
If a company uses a sales orientation, consumer complaints would most likely result in:
a modification of the sales presentation
Companies that rely on the marketing concept and that have implemented a market orientation strategy recognize that:
what the customer thinks he or she is buying is what is important
A company that has a market orientation and adheres to the marketing concept does NOT:
fuel sales growth through the application of aggressive sales techniques
The statement, “Marketing should be introduced at the beginning rather than the end of the production cycle and integrated into each phase of the business,” is consistent with a(n) _____ orientation.
market
The marketing concept involves:
focusing on customers’ wants so that the organization can distinguish its product (or products) from the competitors’ products
The marketing concept includes a goal orientation to remind managers that:
achieving long-term organizational goals is as important as satisfying customers
The marketing concept stresses that the social and economic justification for an organization’s existence is the satisfaction of customer needs and wants while:
simultaneously meeting organization objectives
An organization with a(n) _____ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests.
societal orientation
Which of the following statements about the societal orientation is true?
a. Companies that protect the environment by using all-natural materials in their products are showing a societal marketing orientation.
b. Marketers cannot deliver all benefits sought by customers because these benefits may not be in the long-term best interests of the customers.
c. The societal marketing concept is an important refinement of the market concept.
d. Organizations have both a social and economic justification for their existence.
e. All of these statements about the societal orientation are true.
Organizations that sell products that are often unsought (such as life insurance and retirement plans) may find themselves adopting a _____ orientation because the companies are marketing products that most people do not want.
sales
_____ gives customers the feeling their concerns are being addressed and at the same time gives employees the feeling their expertise matters to management.
Empowerment
Market-oriented firms primarily focus their efforts upon:
satisfying the wants and needs of their customers
Which of the following statements about a typical sales-oriented business is true?
The company invests the majority of its resources in promoting its products and services
_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.
Customer value
Marketers interested in offering customer value can:
a. offer products that perform
b. give the consumer facts
c. offer organization-wide commitment to service and after-the-sale support
d. avoid unrealistic pricing
e. do all of these
When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, _____ is created.
customer satisfaction
_____ is a strategy that entails forging long-term partnerships with customers.
Relationship marketing
Which of the following measures would be the best indicator of whether your organization’s personnel have a customer orientation?
Survey customers on how oriented the organization’s personnel are to customer needs and desires.
Some market-oriented firms give employees expanded authority to solve customer problems on the spot. This is known as:
empowerment
_____ is the collaborative efforts of people to achieve common objectives.
Teamwork
Dofasco, Inc. is a Canadian steel manufacturer. According to its CEO, “People can make a phenomenal difference if you stop telling them to come to work, put their brains in a box, and do whatever the supervisor says. We let our employees work in teams.” This quote implies that by using teamwork, Dofasco:
provides its customer with a high level of satisfaction
Dofasco, Inc. is a Canadian steel manufacturer. According to its CEO, “People can make a phenomenal difference if you stop telling them to come to work, put their brains in a box, and do whatever the supervisor says. We let our employees work in teams.” Teamwork would benefit Dofasco by:
enhancing employee performance
Redefining the business mission of a mattress manufacturer as “a good night’s sleep,” rather than stating the mission as “the manufacture of high-quality mattresses,” will:
help ensure the firm retains its focus on consumers and does not become preoccupied with its products and internal needs
One of the reasons given for the decline of the passenger rail industry in the United States is that the industry defined its mission as trains and not as transportation sources. The railroad industry failed to:
define its mission in terms of the benefits its customers seek
When light bulbs were first introduced, manufacturers offered one size for all light fixtures. Today you can buy light bulbs in different shapes, different wattages, and different colors. They also differ as to how much electricity they use and how many hours of illumination they will provide before failing. Light bulb manufacturers:
recognize different customer groups have different needs and wants
One way to identify the orientation of a firm is to examine its primary goal. If a firm seeks to achieve profitability through sales volume, it would probably be:
sales-oriented
_____ is the primary tool used by a sales-oriented organization to achieve its corporate goals.
Promotion
For a market-oriented organization, the primary tool used to achieve its goals is:
a. a blend of product, place, promotion, and pricing decisions
What is the fundamental objective of most businesses?
survival, profits, and growth
Which if the following is NOT a good reason to study marketing?
Marketing teaches businesses how to sell products that people do not need.
Which of the following statements contains one good reason for studying marketing?
Marketing offers outstanding career opportunities