Marketing 300 Final

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: Select one: a. have a sales orientation b. define its mission in terms of the benefits its customers seek c. empower the consumer d. ignore the marketing concept of serving customer needs and wants e. realize "customers only want what they know"

A market-oriented firm defines its business in terms of the benefits its customers seek. Because of the limited way the railroad industry defined its business, it missed an opportunity to define itself in terms of the benefits customers were seeking. The correct answer is: define its mission in terms of the benefits its customers seek

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. Select one: a. exchange b. production c. marketplace d. market e. sales

A production orientation focuses on the internal capabilities of the firm. The correct answer is: production

A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has been legally harvested. In places like Indonesia, as much as 80 percent of timber available for sale is illegally cut. Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests. Which of the following conditions required for an exchange to occur is missing when a company tries to sell illegally acquired logs to The Home Depot? Select one: a. Nobody sees the exchange as producing value. b. Each party has something of value to bring to the exchange. c. One party is free to accept the exchange offer. d. There are more than two parties involved. e. Each party believes it is appropriate to deal with the other party.

For an exchange to occur, two or more parties must be involved. Both parties are free to accept or reject the exchange. If The Home Depot believes the timber has been illegally harvested, then it will not want to deal with the loggers. The correct answer is: Each party believes it is appropriate to deal with the other party.

Market-oriented firms primarily focus their efforts upon a. satisfying the organization's needs for low overhead b. achieving the company's societal responsibilities inexpensively c. satisfying the wants and needs of their customers d. distributing goods and services e. improving the technological skills and competitive advantages of the firm

Market-oriented firms are focused outward toward their customers. The correct answer is: satisfying the wants and needs of their customers

All of the following are marketing management philosophies EXCEPT: Select one: a. societal marketing orientation b. profitability orientation c. production orientation d. market orientation e. sales orientation

The four marketing philosophies are commonly referred to as production, sales, market, and societal marketing orientations. The correct answer is: profitability orientation

A company that wants to implement a market orientation would need to a. determine how to deliver superior customer value b. do research on its customers, competitors, and markets c. implement actions that provide value to customers d. establish and maintain mutually satisfying relationships with customers e. do all of the activities listed

These are all options that make up a successful marketing orientation. The correct answer is: do all of the activities listed

_____ is a strategy that focuses on keeping and improving relationships with current customers. Select one: a. Organization-customer synergy b. Market engineering c. Transactional marketing d. Commitment selling e. Relationship marketing

This is the definition of relationship marketing. The correct answer is: Relationship marketing

The marketing concept involves: Select one: a. selling as much as possible under the assumption consumers will buy more at lower prices b. selling as much product as possible under the assumption people will buy more goods and services if aggressive selling techniques are used c. focusing on customers' wants and needs so that the organization can distinguish its product (or products) from competitors' products d. focusing on production in order to increase product quality and lower prices e. satisfying management's needs and wants with the idea of maximizing profits in the short run

This is the definition of the marketing concept. The correct answer is: focusing on customers' wants and needs so that the organization can distinguish its product (or products) from competitors' products