MKTG 351 Midterm #1

Which of the following statements is true of the role of marketing in a society? a. Marketing makes food available in desired quantities at accessible locations. b. Marketing is just a job done by people in a marketing department. c. Marketing makes products inaccessible to low-income customers. d. Marketing offers lesser career opportunities compared to all other domains.

a. Marketing makes food available in desired quantities at accessible locations.

A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups is called _____. a. customer relationship management b. customer value framework c. consumer sales promotion d. consumer market penetration

a. customer relationship management

The customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations is called _____. a. customer satisfaction b. customer engagement c. customer empowerment d. customer value

a. customer satisfaction

A marketing concept includes a. distinguishing a firm's products from its competitors' offerings. b. prioritizing a firm's short-term sales goals over its long-term goals. c. emphasizing internal production capabilities over customer needs. d. stressing the use of aggressive promotional strategies to sell products.

a. distinguishing a firm's products from its competitors' offerings.

Which of the following statements is true of a market-oriented organization? a. It assumes that all customers want the same features and benefits. b. It develops programs that bring about mutually satisfying exchanges between selective groups. c. It seeks to achieve profitability through sales volume, convincing potential customers to buy. d. It always offers customers everything that they want.

b. It develops programs that bring about mutually satisfying exchanges between selective groups

_____ delivers relevant experiences throughout a consumer's decision and buying process that are integrated across both physical and virtual environments. a. Product marketing b. On-demand marketing c. Premium marketing d. Societal marketing

b. On-demand marketing

Magnira Corp., an online fashion retailer, frequently takes design submissions from its users, evaluates them, and produces the ones that most closely fit the seasonal look. It focuses on its customer's needs and on what its competitors offer. In this scenario, Magnira Corp. has adopted a _____. a. production orientation b. market orientation c. promotional orientation d. sales orientation

b. market orientation

A _____ is a philosophy that focuses on the internal capabilities of a firm rather than on the desires and needs of the marketplace. a. sales orientation b. production orientation c. societal marketing orientation d. market orientation

b. production orientation

Check My Work A _____ is based on the belief that people will buy more goods and services if aggressive marketing techniques are used. a. production orientation b. sales orientation c. societal marketing orientation d. market orientation

b. sales orientation

Which of the following statements is true of the marketing concept? a. It overlooks the legal responsibilities of companies. b. It focuses on short-term sales goals rather than long-term organizational goals. c. It focuses on the importance of understanding customers and competition. d. It believes that marketing means selling things and collecting money.

c. It focuses on the importance of understanding customers and competition

Which of the following statements is a difference between market-oriented personnel and sales-oriented personnel? a. Market-oriented personnel target its products to everybody, while sales-oriented personnel target its products to specific groups of people. b. Market-oriented personnel are occupied with organizational needs, while sales-oriented personnel keep their focus on customers. c. Market-oriented personnel tend to have an external focus, while sales-oriented personnel tend to be inward looking. d. Market-oriented personnel focus on the production of goods and services, while sales-oriented personnel focus on the benefits of the products its customers seek.

c. Market-oriented personnel tend to have an external focus, while sales-oriented personnel tend to be inward looking.

Which of the following indicates the focus of a production-oriented firm? a. Enhancing individuals' and society's long-term best interests b. Aggressive sales techniques c. The internal capabilities of the firm d. The needs and wants of the customers

c. The internal capabilities of the firm

In the context of on-demand marketing, which of the following statements is true of market-oriented firms? a. They emphasize on closing a deal rather than developing a long-term customer relationship. b. They emphasize on convincing potential customers to buy unwanted products. c. They seek to make a profit by creating customer value and customer satisfaction. d. They lay minimum emphasis on customer relationship management.

c. They seek to make a profit by creating customer value and customer satisfaction.

Identify a true statement about sales-oriented firms. a. They recognize that different customer groups want different features or benefits. b. They recognize the role of employee training in customer service and relationship building. c. They target their products at "everybody" or the "average customer." d. They target their products to specific groups of people.

c. They target their products at "everybody" or the "average customer."

Harlose Inc. is a company that manufactures apparel for men and women. The company focuses on creating customer value. In this case, Harlose Inc. can a. produce unrealistically expensive but high-quality products for its customers. b. engage in aggressive advertising to enhance its sales and profits. c. customize its products according to customers' requirements. d. inhibit cocreation as it might compromise product quality.

c. customize its products according to customers' requirements

The term _____ is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. a. divesting b. self-dealing c. marketing d. investing

c. marketing

The _____ states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives. a. sales concept b. production orientation philosophy c. marketing concept d. promotion orientation philosophy

c. marketing concept

Omega Inc. offers a wide range of home appliances. The company's main objective is to promote its products aggressively so that it gains high profits. Omega Inc. employs a team that is specifically assigned with the task of ensuring that a large number of products are sold. In this scenario, Omega Inc. is most likely to be a _____ firm. a. cause-oriented b. production-oriented c. sales-oriented d. market-oriented

c. sales-oriented

Which of the following is a critical component of a market orientation? a. An aggressive sales force that can reliably improve a company's sales b. An assessment to decide what a firm can produce easily irrespective of customer needs c. An aggressive promotional strategy that might help save a bad product d. An understanding of competitors' strengths and weaknesses

d. An understanding of competitors' strengths and weaknesses

Which of the following statements is true of firms that adopt marketing concepts? a. They focus on aggressive marketing strategies assuming that customers will buy products they do not need. b. They believe that price is the most important variable for customers to buy a product. c. They believe that good promotion and advertising strategies can save a bad product. d. They focus on integrating all the organization's activities to satisfy customer wants.

d. They focus on integrating all the organization's activities to satisfy customer wants.

In the context of on-demand marketing, which of the following statements is true of sales-oriented businesses? a. They recognize that different customer groups want different features or benefits. b. They make a profit by creating customer value and providing customer satisfaction. c. They place high premium on developing a long-term relationship with the customer. d. They try to convince potential customers to buy, even if the customer and product are mismatched.

d. They try to convince potential customers to buy, even if the customer and product are mismatched.

Aphroditera Inc., a company that manufactures beauty products, follows the philosophy of sales orientation. In this case, the workforce of Aphroditera Inc. is likely to a. put extensive efforts in customer relationship management. b. focus on determining the needs of its customers and designing a sales strategy accordingly. c. refrain from aggressive marketing and promotional measures. d. be inward looking, focusing on selling what the firm makes.

d. be inward looking, focusing on selling what the firm makes.

The relationship between benefits and the sacrifice necessary to obtain those benefits is known as _____. a. opportunity cost b. customer loyalty c. value pricing d. customer value

d. customer value

Powell Motors, an automobile manufacturing company, spent considerable time, effort, and money in developing a fiber-reinforced dashboard for its cars without researching customer needs. Because of the new feature, the cars manufactured by Powell Motors are priced higher than other companies' cars belonging to the same segment. The company has introduced its cars in the market with the hope that customers would like this type of dashboard and buy them despite the high price. In this scenario, Powell Motors has adopted a _____. a. market orientation b. sales orientation c. societal marketing orientation d. production orientation

d. production orientation