Marketing Chapter 1
Which of the following is a similarity between a production orientation and a sales orientation?
Both lack an understanding of the needs and wants of the marketplace.
ABC Apparel follows a market-oriented approach, whereas XYZ Apparel believes in a sales-oriented approach. Considering their approaches, it is evident that ______ has/have a competitive edge in today's market.
ABC Apparel
Which activity do flourishing companies consider as the launching point for building relationships with customers?
Attracting new customers
Which of the following is a drawback of a sales orientation?
It cannot convince people to buy goods that are neither wanted nor needed.
Which of the following statements is true of on-demand marketing?
It is aimed at enhancing customer relationships
Which of the following statements is true of market-oriented firms?
They assume that the sale of goods or services does not depend on an aggressive sales force but rather on a customer's decision to purchase that product.
A production-orientated company can survive in a competitive market if ______.
its goods and services meet the needs of the marketplace
The management of PQR Electronics believes that success can be achieved with a thorough understanding of its competitive arena and by developing products that satisfy the needs, wants, and expectations of customers. Therefore, PQR Electronics can be said to have a ______ orientation.
market
When a firm believes that the sale of a product depends on the decision of the customer rather than on aggressive sales techniques, then the firm is said to be ______ oriented.
market
When a firm believes that the social and economic validation for its existence is obtained from achieving their organizational objectives by satisfying customer wants and needs legally and responsibly, then that firm is said to be ______ oriented.
market
A firm that acknowledges the importance of all four marketing mix decisions (product decisions, place or distribution decisions, promotion decisions, and pricing decisions) is a ______ firm.
market-oriented
Which marketing philosophy could most help a company outperform its competitors in today's marketplace?
a market orientation
A market-oriented firm has a competitive advantage over its sales-oriented counterpart because ______.
it defines its business in terms of benefits its customers seek
A firm could benefit from a production orientation when _____.
it produces exactly what the market wants
Which of the following statements is true of a sales-oriented firm?
Intermediaries are encouraged to aggressively push manufacturers' products.
Which of the following activities is not required to achieve a market orientation?
Employing a high-quality sales force to aggressively promote goods and services
Which of the following statements is true of the marketing concept?
It states that an organization should satisfy customer wants and needs while meeting organizational objectives.
Identify a critical component of a market-oriented firm
It understands the strengths and weaknesses of competitors.
Which one of the following is a hallmark of relationship marketing?
Long-term focus on customer needs
Which of the following statements is not true of marketing?
Marketing focuses primarily on selling goods, services, and/or ideas to customers.
Which statement expresses the American Marketing Association (AMA)'s core definition of marketing?
Marketing is an organization function and a set of processes implemented in order to ensure customer satisfaction.
All of the following are advantages of defining a firm's mission in terms of benefits that customers seek except for which one?
Satisfying customer wants and needs may not always be in the best interests of society as a whole
A sales-oriented company is one that focuses on _______.
aggressive sales techniques
A customer's assessment of whether an organization's goods or services have met his or her needs and expectations is defined as ______.
customer satisfaction
The company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups is called ______.
customer relationship management
The AB group of hotels is keen on building relationships with customers. To ensure success in this effort, the attitudes and actions of its employees need to be ________ oriented
customer
Stacy, a customer of MMM Bank, is extremely pleased with the bank's efforts to please customers and its range of services. She gives the bank high ratings on their feedback form and also recommends the bank to her friends and family. Stacy's evaluation of MMM Bank is a reflection of ______.
customer satisfaction
Employees are more likely to take prudent risks to a build stronger business and sustain the company's success in addition to taking responsibility for their actions when they are ______.
empowered to immediately resolve customer problems
The authority that employees are given to swiftly solve customers' problems is referred to as _______.
empowerment
A firm that has adopted a societal marketing orientation focuses on ______.
enhancing individuals' and society's long-term best interests
The management of GH Apparel has thoroughly analyzed the market and recognizes the wants and needs of different customer groups. It takes all these findings into consideration and develops different types of goods that cater to each group. From this scenario, it is evident that GH Apparel is a ______ organization.
market-oriented
High-quality customer-friendly experiences such as sales, service, product use, and marketing are crucial to the success of ______.
on-demand marketing
The process of delivering relevant experiences that are integrated across both physical and virtual environments, throughout the consumer's decision and buying process, is known as ______.
on-demand marketing
Firm XYZ is known for adopting a strategy that focuses on designing new products based on their assessment of the capabilities of their engineers and on the easy availability of resources. The firm's approach, which emphasizes the ease of production and the talents of its resources rather than the needs and wants of the marketplace, can be attributed to its ______ orientation.
production
The management at ABC Computers believes that high sales will result in high profits. Together with the company sales force, management devises a sales strategy to promote their new line of convertible laptops based on the assumption that consumers will purchase a product if the company promotes it aggressively. This sales hypothesis can be attributed to the company's ______ orientation.
sales
An organization that devises strategies to convince a customer to buy their product in spite of acknowledging the mismatch between the customer and the product is said to be a _______ organization.
sales-oriented
The research and development team of BB Beverages has discovered that, during the testing process, one of their highly profitable new beverages contains ingredients that may cause liver damage in humans if consumed regularly over time. Additionally, the team also acknowledged that the plant that manufactures this beverage draws healthy groundwater which could cause a water shortage in areas surrounding the plant. Based on these findings, management has halted its production of this beverage until a solution can be found that does not adversely affect its consumers and the environment. Given this decision, it is evident that BB Beverages embraces a ______ orientation.
societal marketing
Applying employees' collaborative efforts to accomplish common organizational objectives is known as ______.
teamwork
A production-oriented firm is one that focuses on _______.
the internal capabilities of the firm