Question 1

Which of the following is the ratio of benefits to the sacrifice necessary to obtain those benefits?

Accepted Answer

Customer value is the ratio of the benefits a customer receives from a product or service compared to the sacrifice necessary to obtain those benefits. Relationship marketing is focused on building long term relationships with customers, customer satisfaction is the extent to which a product or service meets a customer's expectations, and cognitive dissonance refers to the discomfort experienced by a customer when their beliefs or attitudes are inconsistent with their behavior or a purchase decision they have made. None of these concepts are specifically related to the ratio of benefits to sacrifice.

Question 2

A company should first identify consumer needs and then produce the goods and services that will satisfy them.Which of the following concepts advocates this?

Accepted Answer

The marketing concept advocates for a customer-centric approach where a company identifies and fulfills the needs of its customers through its products and services.

Question 3

Which of the following best describes a company with a production orientation?

Accepted Answer

A production-oriented company's main focus is on maximizing the efficiency of its production processes, often at the expense of other considerations such as customer satisfaction or social responsibility.

Question 4

During and right after the Industrial Revolution,companies focused on mass production and assembly lines,and placed a strong emphasis on lower costs.During this period manufacturers had which of the following orientations?

Accepted Answer

The emphasis on mass production, assembly lines, and lower costs indicates a production orientation, which prioritizes efficient production processes and reducing costs.

Question 5

Which of the following is a strategy that focuses on forging long-term partnerships with customers?

Accepted Answer

Relationship marketing is a strategy that focuses on building and maintaining long-term relationships with customers. This is achieved through personalized communication, delivering exceptional customer service, and creating loyalty programs to incentivize repeat business. The goal is to create a strong bond with customers, leading to a mutually beneficial relationship.

Question 6

A company with the ability to provide a unique product or service that offers something of value to buyers besides simply a lower price has which of the following advantages?

Accepted Answer

A differential competitive advantage allows a company to stand out from competitors by offering a unique value proposition beyond just a lower price. This can come in the form of a superior product or service, better customer experience, or other distinguishing factor. This helps the company attract customers who are willing to pay a premium for the added value, and can lead to long-term loyalty and profitability.

Question 7

Which of the following best describes customer satisfaction?

Accepted Answer

Customer satisfaction refers to the customer's feeling that a product has met or exceeded expectations.

Question 8

Which of the following best describes customer satisfaction?

Accepted Answer

Customer satisfaction is the customer's feeling that a product has met or exceeded expectations. It refers to the extent to which customers are happy with the products or services they receive from a company. It is an important measure of customer loyalty and can impact a company's reputation and sales.

Question 9

Which of the following is the process in which a company continuously collects and evaluates information about its external environment?

Accepted Answer

Environmental scanning is the process of continuously collecting and evaluating information about the external environment of a company. This information is gathered from various sources such as economic indicators, social trends, political and legal factors, technological advancements, and competitors' actions. The purpose of environmental scanning is to identify opportunities and threats that could affect the business operations of the company.

Question 10

Which of the following is the process of planning and executing the conception,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives?

Accepted Answer

The process described in the question is that of marketing. Sales is just a part of the marketing process, while production is concerned with creating goods and services. Exchange is the process of giving something in return for something else, which is a result of marketing. Therefore, the correct answer is C) marketing.

Question 11

Aldi is a no-frills grocery chain.By controlling expenses,Aldi customers can expect to save 30-50 percent compared to Safeway customers.The chain targets bargain hunters who are willing to rent a cart and bag their own groceries.Aldi's competitive advantage is based on which of the following?

Accepted Answer

Aldi's competitive advantage is based on low costs, achieved through controlling expenses and passing on those savings to customers.

Question 12

In general,when a business is engaged in environmental scanning,which of the following forces does it look at?

Accepted Answer

When a business is engaged in environmental scanning, it looks at political and legal forces. This includes factors such as government regulations, laws, and policies that can impact the business operations. This information is important for the business to adapt and make necessary changes to comply with these regulations and maintain a positive reputation with stakeholders.

Question 13

Every time Evangeline Kryl buys a Subway sandwich,she gets a stamp on a card that she carries in her wallet.When the card is full,she gets a free sandwich.This sort of program is an example of which of the following strategies?

Accepted Answer

This Subway program is an example of relationship marketing, which focuses on building long-term relationships with customers through loyalty programs, personalized communication, and other efforts to make customers feel valued and engaged. By offering a reward for repeat business, Subway is incentivizing customers like Evangeline to keep coming back and building a relationship with the brand.

Question 14

Which of the following is a specific group of consumers toward which a company directs its marketing efforts?

Accepted Answer

A target market is a specific group of consumers toward which a company directs its marketing efforts. Option A, a package market, is not a valid term. Option B, a population sample, refers to a subset of a larger population that is studied to make inferences about the entire population. Option D, a demand group, is not a commonly used term in marketing.

Question 15

Topik is a product that is sprayed on thinning hair to make hair appear thicker.The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year,are divorced,and who like to think of themselves as weekend athletes.The manufacturer of Topik considers this group to be which of the following?

Accepted Answer

The manufacturer's consideration of blue-collar workers who earn less than $30,000 per year, are divorced, and like to think of themselves as weekend athletes as the potential market for Topik makes them a target market.

Question 16

Which of the following best describes the marketing concept?

Accepted Answer

The marketing concept is a business philosophy that focuses on satisfying customer wants and needs in a legal and responsible way. It requires a company to research and understand its target market and create products or services that meet their needs. It is a customer-centric approach to business rather than a competitor-centric or short-term-focused approach.

Question 17

Which of the following is the belief that the company should dedicate all of its planning,policies,operations,and efforts to the satisfaction of the customer?

Accepted Answer

The marketing concept is a business philosophy that focuses on the satisfaction of the customer's needs and wants as the primary goal of the company. This philosophy requires the company to dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.

Question 18

"With our excellent equipment,we can produce the cheapest products on the market." This is more than likely a statement from a company with which of the following orientations?

Accepted Answer

The statement emphasizes the use of equipment to produce the cheapest products on the market, indicating a focus on production efficiency and cost savings. This aligns with a production orientation, where the company prioritizes maximizing production efficiency and minimizing costs to drive profitability.

Question 19

The CBC is experiencing poorer overall ratings during the new fall season but increased ratings among younger people.Many experts in the entertainment industry believe that the audience for programming on the CBC network is people over the age of 55 in spite of claims by executives that its programming is designed to reach a younger,less conservative audience.Which of the following statements correctly describes this situation?

Accepted Answer

CBC is efficiently reaching its self-defined target market because the ratings have increased among younger people, which is the target market that CBC executives claim they are trying to reach.

Question 20

What is the goal of the marketing concept?

Accepted Answer

The goal of the marketing concept is to satisfy customer wants and needs legally and responsibly. This involves understanding the target market and creating products or services that meet their needs, while also communicating effectively through promotion and pricing strategies. Profit maximization and short-term organizational goals may be a byproduct of this approach, but they are not the primary goal. The marketing concept also involves integrating all of the company's activities to achieve customer satisfaction and long-term success.

Quiz 13: Marketing The Customer Focus

Which of the following is the ratio of benefits to the sacrifice necessary to obtain those benefits?

A company should first identify consumer needs and then produce the goods and services that will satisfy them.Which of the following concepts advocates this?

Which of the following best describes a company with a production orientation?

During and right after the Industrial Revolution,companies focused on mass production and assembly lines,and placed a strong emphasis on lower costs.During this period manufacturers had which of the following orientations?

Which of the following is a strategy that focuses on forging long-term partnerships with customers?

A company with the ability to provide a unique product or service that offers something of value to buyers besides simply a lower price has which of the following advantages?

Which of the following best describes customer satisfaction?

Which of the following best describes customer satisfaction?

Which of the following is the process in which a company continuously collects and evaluates information about its external environment?

Which of the following is the process of planning and executing the conception,pricing,promotion,and distribution of ideas,goods,and services to create exchanges that satisfy individual and organizational objectives?

Aldi is a no-frills grocery chain.By controlling expenses,Aldi customers can expect to save 30-50 percent compared to Safeway customers.The chain targets bargain hunters who are willing to rent a cart and bag their own groceries.Aldi's competitive advantage is based on which of the following?

In general,when a business is engaged in environmental scanning,which of the following forces does it look at?

Every time Evangeline Kryl buys a Subway sandwich,she gets a stamp on a card that she carries in her wallet.When the card is full,she gets a free sandwich.This sort of program is an example of which of the following strategies?

Which of the following is a specific group of consumers toward which a company directs its marketing efforts?

Which of the following best describes the marketing concept?

Which of the following is the belief that the company should dedicate all of its planning,policies,operations,and efforts to the satisfaction of the customer?

"With our excellent equipment,we can produce the cheapest products on the market." This is more than likely a statement from a company with which of the following orientations?

What is the goal of the marketing concept?