Marketing final review

Which of the following strategies illustrates a market orientation?

Creating customer value

T:F-Individuals in the age group of 12 to 18 years, who extensively use the internet is an example of a market segment.

False

T:F-Nonprofit organizations should adopt a sales orientation rather than a market orientation.

False

T:F-A company that sells paper stationery made of recycled materials, which no other paper manufacturing company in the market has the ability produce, has a competitive advantage.

True

T:F-A diversification strategy can be risky when a firm is entering unfamiliar markets.

True

T:F-A local grocer groups his customers into specific groups based on what they buy and when they shop. The grocer then schedules shipments of specific items based on these customer segments and offers different promotions to different customer groups. This is an example of customer relationship management.

True

T:F-A market segment is a group of individuals or organizations who share one or more characteristics.

True

T:F-A market-oriented organization recognizes that different customer groups want different features or benefits.

True

T:F-A production-oriented firm focuses on its internal capabilities.

True

T:F-An ideal marketing penetration strategy would be to offer cash backs and discounts on products to customers.

True

T:F-Imitating a rival's competitive advantage requires the company to first identify the rival's competitive advantage.

True

T:F-Morals are rules people develop as a result of cultural values and norms.

True

T:F-Studies suggest that ethical beliefs vary little from culture to culture.

True

T:F-Target markets can be selected by appealing to the entire market with one marketing mix.

True

T:F-The fundamental problem with a sales orientation is a lack of understanding of the needs and wants of the marketplace.

True

T:F-The greater the likelihood that an action will result in a harmful outcome, the more likely that marketers will recognize a problem as unethical.

True

T:F-The process of formulating the code of ethics facilitates discussion among employees about what is right and wrong and ultimately leads to better decisions.

True

Companies that rely on the marketing concept and have implemented a market orientation strategy recognize that:

customer wants can be satisfied by integrating activities of the firm

A market-oriented firm

defines its mission in terms of the benefits its customers seek.

A sales-oriented firm:

extensively uses personal selling and advertising

A firm that extensively uses relationship-marketing strategies is most likely to:

rely on aggressive sales strategies.