Question 1

Define the term value, and explain how people determine a product's value.

Accepted Answer

​Value is defined as a customer's subjec...

Question 2

Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.

Accepted Answer

A) True 
 B)False

Question 3

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

Accepted Answer

A)  risk.
B)  time.
C)  monetary price.
D)  effort.
E)  availability.

Question 4

For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

Accepted Answer

A) True 
 B)False

Question 5

Relationship marketing focuses on satisfying customers to generate the most profit.

Accepted Answer

A) True 
 B)False

Question 6

Value = customer costs − customer benefits.

Accepted Answer

A) True 
 B)False

Question 7

During the Industrial Revolution demand for manufactured goods was

Accepted Answer

A)  ​weak.
B)  ​nonexistent
C)  ​declining.
D)  ​strong.
E)  ​mediocre.

Question 8

The focal point of all marketing activities

Accepted Answer

A)  areproducts.
B)  isthe marketing mix.
C)  areprofits.
D)  aresales.
E)  are customers.

Question 9

The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization.

Accepted Answer

A) True 
 B)False

Question 10

Health Access Pro.rolls out an innovative nurse-on-call information system available online. The product is not widely accepted because patients don't see the need for such a service. This situation represents a failure in which aspect of implementing the marketing concept?

Accepted Answer

A)  An information system to determine customer needs
B)  The organizational structure
C)  Top-management commitment
D)  Technological advancement
E)  Scanning corporate capabilities

Question 11

Products can be goods, services, or ideas.

Accepted Answer

A) True 
 B)False

Question 12

Mrs. Baird'sintroduced a new bread made with light whole wheat and packaged in smaller loaves as a response to the number of health-conscious customers who live alone. In this case, Mrs. Baird'swas most likely following the ________.

Accepted Answer

A)  selling concept
B)  production concept
C)  marketing concept
D)  customer concept
E)  retailing concept

Question 13

Which of the following about marketing is true?

Accepted Answer

A)  Marketing knowledge enhances consumer awareness.
B)  Marketing is only used by for-profit and government organizations.
C)  Marketing is more likely to lead to a more just government.
D)  Marketing activities are declining due to new technology.
E)  The marketing profession is the highest-paying profession.

Question 14

The definition of marketing implies that ____ should receive benefits from exchange relationships.

Accepted Answer

A)  ​only customers
B)  ​only businesses
C)  ​company management
D)  ​both customers and businesses
E)  ​only the most important customers

Question 15

Your company provides oil exploration services to major oil companies in Russia. The United States government just announced it is imposing economic sanctions on Russia because of the military actions it has taken in Ukraine. ​
This situation is an example of which of the following types of forces that constantly impact a company's dynamic marketing environment?
​

Accepted Answer

A)  ​Technological force
B)  ​Sociocultural force
C)  ​Political force
D)  ​Legal and regulatory force
E)  ​Economic force

Question 16

A market orientation is an organization-wide effort that includes all of the following activities except​

Accepted Answer

A)  ​researching customers' needs.
B)  ​focusing on the marketing department only.
C)  ​generating marketing intelligence for use in the organization.
D)  ​being responsive to customers' ever-changing wants and needs.
E)  ​disseminating marketing intelligence across departments within the organization.

Question 17

According to the marketing concept, an organization should try to

Accepted Answer

A)  ​consider short-run objectives and cash flow needs before developing new products.
B)  ​define its business as "making a product."
C)  ​provide products that satisfy customers' needs and allow the organization to achieve its goals.
D)  ​put most of its emphasis on marketing activities and be less concerned with finance, accounting, and personnel.
E)  ​view selling activities as the major means of increasing profits.

Question 18

Hailey owns a company that sells snowboards. During the winter, she sells so many snowboards that she constantly has to restock. However, Hailey always seems to have dozens of snowboards left in inventory once spring hits and demand falls rapidly. To try and sell these excess snowboards, Hailey offers steep discounts on her products, invests heavily in advertising to make consumers aware of the discounts, and instructs her in-store salespeople to use strong persuasion tactics to convince them to purchase the remaining snowboards. During this period of time, what type of orientation is Hailey embracing?

Accepted Answer

A)  Production
B)  Sales
C)  Market
D)  Promotion
E)  Marketing concept

Question 19

Organizations should define themselves not according to the products they produce but according to

Accepted Answer

A)  ​how profitable they are.
B)  ​the price of their stock.
C)  ​the abundance of their product selection.
D)  ​how they treat employees.
E)  ​how they satisfy customers.

Question 20

The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they

Accepted Answer

A)  ​affect a marketing manager's decisions and actions by influencing buyers' reactions to the firm's marketing mix.
B)  ​dictate that changes be made to the existing marketing mix despite any negative reactions from customers.
C)  ​make most new products obsolete very quickly so that research and development must continually develop new products.
D)  ​cause most advertising to be ineffective at communicating product benefits due to rapidly changing environmental forces.
E)  ​change a customer's decisions about the appropriate marketing mix for the company and its various products.

Exam 1: Customer-Driven Strategic Marketing

Define the term value, and explain how people determine a product's value.

Correct Answer
verified
Value is defined as a customer's subjec...
View Answer

Mrs. Baird'sintroduced a new bread made with light whole wheat and packaged in smaller loaves as a response to the number of health-conscious customers who live alone. In this case, Mrs. Baird'swas most likely following the ________.

Correct Answer
verified

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

Correct Answer
verified

During the Industrial Revolution demand for manufactured goods was

Correct Answer
verified

According to the marketing concept, an organization should try to

Correct Answer
verified

The focal point of all marketing activities

Correct Answer
verified

Products can be goods, services, or ideas.

Correct Answer
verified

Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.

Correct Answer
verified

Health Access Pro.rolls out an innovative nurse-on-call information system available online. The product is not widely accepted because patients don't see the need for such a service. This situation represents a failure in which aspect of implementing the marketing concept?

Correct Answer
verified

Value = customer costs − customer benefits.

Correct Answer
verified

A market orientation is an organization-wide effort that includes all of the following activities except

Correct Answer
verified

The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization.

Correct Answer
verified

For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

Correct Answer
verified

Correct Answer
verified

The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they

Correct Answer
verified

Organizations should define themselves not according to the products they produce but according to

Correct Answer
verified

The definition of marketing implies that ____ should receive benefits from exchange relationships.

Correct Answer
verified

Which of the following about marketing is true?

Correct Answer
verified

Relationship marketing focuses on satisfying customers to generate the most profit.

Correct Answer
verified

Correct Answer
verified

Exam 1: Customer-Driven Strategic Marketing

Define the term value, and explain how people determine a product's value.

Correct Answerverified​Value is defined as a customer's subjec...View AnswerShow Answer

Mrs. Baird'sintroduced a new bread made with light whole wheat and packaged in smaller loaves as a response to the number of health-conscious customers who live alone. In this case, Mrs. Baird'swas most likely following the ________.

Correct AnswerverifiedShow Answer

Customer costs include anything the buyer must give up in order to obtain the benefits the product provides. The most obvious customer cost is

Correct AnswerverifiedShow Answer

During the Industrial Revolution demand for manufactured goods was

Correct AnswerverifiedShow Answer

According to the marketing concept, an organization should try to

Correct AnswerverifiedShow Answer

The focal point of all marketing activities

Correct AnswerverifiedShow Answer

Products can be goods, services, or ideas.

Correct AnswerverifiedShow Answer

Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.

Correct AnswerverifiedShow Answer

Health Access Pro.rolls out an innovative nurse-on-call information system available online. The product is not widely accepted because patients don't see the need for such a service. This situation represents a failure in which aspect of implementing the marketing concept?

Correct AnswerverifiedShow Answer

Value = customer costs − customer benefits.

Correct AnswerverifiedShow Answer

A market orientation is an organization-wide effort that includes all of the following activities except​

Correct AnswerverifiedShow Answer

The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs while achieving the overall goals of the organization.

Correct AnswerverifiedShow Answer

For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The forces of the marketing environment primarily affect marketers in three ways: They influence customers by affecting their lifestyles and preferences for products; they determine whether or how a marketing manager can perform certain marketing activities; and they

Correct AnswerverifiedShow Answer

Organizations should define themselves not according to the products they produce but according to

Correct AnswerverifiedShow Answer

The definition of marketing implies that ____ should receive benefits from exchange relationships.

Correct AnswerverifiedShow Answer

Which of the following about marketing is true?

Correct AnswerverifiedShow Answer

Relationship marketing focuses on satisfying customers to generate the most profit.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified
Value is defined as a customer's subjec...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

A market orientation is an organization-wide effort that includes all of the following activities except

Correct Answer
verified

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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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