Question 1

The organizations that are frequently noted for delivering superior customer value and providing high levels of customer satisfaction assign employees to teams and teach them team-building skills.

Accepted Answer

A) True 
 B)False

Question 2

Marketing determines prices and pricing policies that contribute to achieving the fundamental objectives of most businesses.

Accepted Answer

A) True 
 B)False  True

Question 3

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.

Accepted Answer

A)   production
B)   sales
C)   market
D)   societalE) A) and C)
F) B) and D) C

Question 4

The Internet and the extensive use of social media have fueled the change in power from consumers and business users to manufacturers and retailers.

Accepted Answer

A) True 
 B)False

Question 5

A market-oriented firm has a competitive advantage over its sales-oriented counterpart because ______.

Accepted Answer

A)   it focuses on aggressive sales techniques to sell its products
B)   it focuses primarily on the internal capabilities of the firm
C)   it enhances individuals' and society's long-term best interests
D)   it defines its business in terms of benefits its customers seekE) A) and D)
F) A) and C)

Question 6

Employees are more likely to take prudent risks to build stronger business and sustain the company's success in addition to taking responsibility for their actions when they are ______.

Accepted Answer

A)   empowered to immediately resolve customer problems
B)   offered extensive training
C)   given less work
D)   not pressurized with deadlinesE) None of the above
F) B) and D)

Question 7

Identify a critical component of a market-oriented firm.

Accepted Answer

A)   It understands the strengths and weaknesses of competitors.
B)   It employs a well-trained and effective sales force.
C)   It focuses primarily on the internal capabilities of the firm.
D)   It embraces marketing as a means of selling things and collecting money.E) B) and C)
F) All of the above

Question 8

Which of the following is a drawback of a sales orientation?

Accepted Answer

A)   It gives excessive importance to the needs and wants of the marketplace.
B)   It cannot convince people to buy goods that are neither wanted nor needed.
C)   It places high emphasis on the assessment of manufacturing plants and facilities.
D)   It gives importance to the production function over other functions.E) C) and D)
F) A) and C)

Question 9

High-quality customer-friendly experiences such as sales,service,product use,and marketing are crucial to the success of ______.

Accepted Answer

A)   relationship building
B)   empowerment
C)   relationship marketing
D)   on-demand marketingE) C) and D)
F) All of the above

Question 10

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.

Accepted Answer

A)   production
B)   sales
C)   market
D)   societalE) B) and C)
F) B) and D)

Question 11

Which of the following activities is not true of the marketing concept?

Accepted Answer

A)   Satisfying customer wants and needs legally and responsibly
B)   Integrating all the organization's activities to satisfy customer wants
C)   Implementing effective and high-quality sales techniques to sell goods and services
D)   Focusing on internal capabilities rather than on customer wants and needsE) B) and D)
F) A) and C)

Question 12

A sales-oriented firm defines its mission in terms of benefits its customers seek,while a market-oriented firm defines its business in terms of goods and services.

Accepted Answer

A) True 
 B)False

Question 13

The authority that employees are given to swiftly solve customers' problems is referred to as _______.

Accepted Answer

A)   empowerment
B)   teamwork
C)   customer value
D)   trainingE) All of the above
F) None of the above

Question 14

The company-wide business strategy designed to optimize profitability,revenue,and customer satisfaction by focusing on highly defined and precise customer groups is called ______.

Accepted Answer

A)   customer orientation
B)   customer value
C)   customer relationship management
D)   customer satisfactionE) A) and B)
F) A) and C)

Question 15

Which of the following statements is true of a sales-oriented firm?

Accepted Answer

A)   Consumers can be convinced to buy goods or services even though they do not need them.
B)   Sales-oriented firms understand the needs and wants of the marketplace.
C)   Sales-oriented firms place maximum emphasis on society's long-term best interests.
D)   Intermediaries are encouraged to aggressively push manufacturers' products.E) All of the above
F) A) and B)

Question 16

In the context of marketing,which of the following statements is true of nonprofit organizations?

Accepted Answer

A)   They market tangible products.
B)   They aim to maximize market share and investment returns.
C)   They make use of extensive advertising and promotional activities.
D)   They exist to achieve goals other than business-related goals.E) A) and B)
F) None of the above

Question 17

In the context of on-demand marketing,which statement is true of a sales-oriented firm?

Accepted Answer

A)   It carefully identifies market segments.
B)   It extensively uses relationship marketing strategies.
C)   It extensively uses personal selling and advertising.
D)   It increases sales by creating customer value and satisfaction.E) A) and C)
F) A) and D)

Question 18

Which statement expresses the American Marketing Association (AMA) 's core definition of marketing?

Accepted Answer

A)   Marketing is a philosophy,an attitude,a perspective,or a management orientation that stresses customer satisfaction.
B)   Marketing is an organization function and a set of processes implemented in order to ensure customer satisfaction.
C)   Marketing refers to personal selling that focuses solely on selling goods,services,and/or ideas to customers.
D)   Marketing involves building long-term,mutually rewarding relationships that are beneficial exclusively to the sellers.E) B) and D)
F) C) and D)

Question 19

PQR Corporation is a sales-oriented firm that focuses on high sales.It does not take into account the customer's wants and needs,and instead concentrates on manufacturing products that will reap high profits.This attitude might lead to the firm's missing business opportunities because ______.

Accepted Answer

A)   its narrow focus on manufacturing specific products does not meet customer needs and wants for a wider range of products
B)   it focuses on providing value and benefits to its customers instead of meeting company objectives
C)   it emphasizes enhancing individuals' and society's long-term best interests
D)   it concentrates on relationship building,empowerment,and teamworkE) All of the above
F) None of the above

Question 20

Training plays an important role in customer service and relationship building.

Accepted Answer

A) True 
 B)False  True

Exam 1: An Overview of Marketing

The organizations that are frequently noted for delivering superior customer value and providing high levels of customer satisfaction assign employees to teams and teach them team-building skills.

Correct AnswerverifiedShow Answer

Marketing determines prices and pricing policies that contribute to achieving the fundamental objectives of most businesses.

Correct AnswerverifiedTrue

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.

Correct AnswerverifiedC

The Internet and the extensive use of social media have fueled the change in power from consumers and business users to manufacturers and retailers.

Correct AnswerverifiedShow Answer

A market-oriented firm has a competitive advantage over its sales-oriented counterpart because ______.

Correct AnswerverifiedShow Answer

Employees are more likely to take prudent risks to build stronger business and sustain the company's success in addition to taking responsibility for their actions when they are ______.

Correct AnswerverifiedShow Answer

Identify a critical component of a market-oriented firm.

Correct AnswerverifiedShow Answer

Which of the following is a drawback of a sales orientation?

Correct AnswerverifiedShow Answer

High-quality customer-friendly experiences such as sales,service,product use,and marketing are crucial to the success of ______.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Which of the following activities is not true of the marketing concept?

Correct AnswerverifiedShow Answer

A sales-oriented firm defines its mission in terms of benefits its customers seek,while a market-oriented firm defines its business in terms of goods and services.

Correct AnswerverifiedShow Answer

The authority that employees are given to swiftly solve customers' problems is referred to as _______.

Correct AnswerverifiedShow Answer

The company-wide business strategy designed to optimize profitability,revenue,and customer satisfaction by focusing on highly defined and precise customer groups is called ______.

Correct AnswerverifiedShow Answer

Which of the following statements is true of a sales-oriented firm?

Correct AnswerverifiedShow Answer

In the context of marketing,which of the following statements is true of nonprofit organizations?

Correct AnswerverifiedShow Answer

In the context of on-demand marketing,which statement is true of a sales-oriented firm?

Correct AnswerverifiedShow Answer

Which statement expresses the American Marketing Association (AMA) 's core definition of marketing?

Correct AnswerverifiedShow Answer

PQR Corporation is a sales-oriented firm that focuses on high sales.It does not take into account the customer's wants and needs,and instead concentrates on manufacturing products that will reap high profits.This attitude might lead to the firm's missing business opportunities because ______.

Correct AnswerverifiedShow Answer

Training plays an important role in customer service and relationship building.

Correct AnswerverifiedTrue

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True

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C

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True