Ch 1 Quiz

Which of the following action elements is required for successful Marketing (Big M)?

Aligning all internal organizational processes and systems around the product

"Little m" marketing refers to strategies the firm uses to reach it stakeholders.

False

GenY consumers tend to value relationships with marketers like State Farm Insurance in exactly the same way as the prior generations.

False

When Henry Ford said, "People can have the Model T in any color-so long that it's black," he was reflecting a sales orientation.

False

Which of the following is a reason why production capacity utilization began to decline around the end of World War I?

Financial markets placed more pressure on firms to continually increase sales volume and profits.

Of all the business fields, marketing is the most visible to people outside the organization.

True

Peter Drucker stated that since it is the customer who defines value, the business enterprise has only two business functions: marketing and innovation.

True

Some firms come close to one-to-one marketing by employing mass customization.

True

The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

True

Peter Drucker, the father of modern management, stated that the only purpose of an organization is to ____.

create a customer

The AMA's definition of marketing reflects the view toward the marketing activities as focused on ____.

creating and delivering offerings that have value

Companies that conduct a great deal of research to learn how they can successfully put the marketing concept into practice most likely have a ____ orientation.

marketing

Which of the following areas of business is highly public and readily visible outside the confines of the internal business operation?

marketing

____ is 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.

marketing

Everything from brand image, to the message sales people and advertisements deliver, to customer service, to packaging and product features, to the chosen distribution channel exemplify ____.

marketing (little m)

The concept of supply chain management is considered to be part of the ____ of the marketing mix.

place

The 4Ps of marketing refer to ____.

product, price, palace, and promotion

Henry Ford is well known to business students for creating the assembly line that enabled mass production of the Model T. This is an example of the ____ orientation.

production

Satern Brothers provides accounting services to small businesses. Before and after tax season, the partners meet with each client company. They send a monthly newsletter to update clients with tax changes. The firm's business practices mainly focus on keeping profitable current customers rather than gaining new customers. Satern Brothers had adopted a ____ orientation approach.

relationship

In the context of change drivers impacting the future of marketing, the way a firm looks at strategy and tactics is reflected in the ____.

shift in generational values and preferences

Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the _____.

shift in information power from marketer to customer

Marketing (Big M) is also known as ____ marketing.

strategic

For successful Marketing (Big M), all internal organizational practices should be aligned around ____.

the customer

In order for Marketing (Big M) to succeed, it must be championed by ____.

top management