Question 1

__________ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Accepted Answer

The definition provided in the question perfectly describes the concept of value. Value is what the customer receives in relation to what they give up to acquire a product, and it takes into account both the benefits (which are subjective and vary from person to person) and the costs (which can be monetary or non-monetary). Therefore, option E is the correct answer.

Question 2

At the most basic level, profits can be obtained through relationships in the following ways, except by:

Accepted Answer

Continuously selling to only old customers and markets does not allow for growth and expansion of the customer base, which is necessary for long-term profitability. Acquiring new customers, enhancing the profitability of existing customers, and extending the duration of customer relationships all lead to increased profits through continued growth and development of the customer base.

Question 3

The marketing concept is:

Accepted Answer

The marketing concept is a managerial philosophy that guides businesses to focus on meeting the needs of their customers while also achieving their organizational goals.

Question 4

The hard-sell days of the 1950s saw 'vacuum cleaner salesmen' arriving at front doors with a charming smile and a product demonstration that would 'make life easier' for housewives.Which orientation were they following?

Accepted Answer

The vacuum cleaner salesmen were following a sales orientation, as they were focused on persuading the customer to buy their product through demonstrations and charm. They were not necessarily considering the needs and wants of the customer, but rather trying to close the sale.

Question 5

The marketing concept is best defined as:

Accepted Answer

The marketing concept is a philosophy that revolves around satisfying customers' needs while achieving organizational goals through a coordinated set of activities. It focuses on understanding the customers' needs and wants and providing them with products and services that satisfy them while also achieving the company's goals. This concept is customer-oriented, and its ultimate goal is to create customer satisfaction, which is essential for the success and long-term profitability of a business.

Question 6

As a concept, customer relationship management begins its focus on customers with:

Accepted Answer

Customer relationship management begins with gathering information about customers in order to better understand their needs and preferences. This information can then be used to tailor products, services, and communication strategies to build stronger relationships with customers.

Question 7

Customer relationship management focuses on using __________ about customers to create marketing strategies.

Accepted Answer

Customer relationship management relies heavily on gathering and analyzing information about customers in order to develop targeted marketing strategies.

Question 8

The marketing concept focuses on:

Accepted Answer

The marketing concept is centered around creating customer value and making the organization more valuable for its stakeholders. This is achieved through customer analysis, competitor analysis, and integration of company resources. Maximizing sales and market share are outcomes of this approach, but they are not the primary focus. Achieving the goals of top executives and creating maximum visibility for the firm are not directly related to the marketing concept.

Question 9

The evolution of the marketing concept has moved from a production orientation in the late 1800s and early 1900s to a(n) __________ orientation today.

Accepted Answer

The answer of The evolution of the marketing concept has...

Question 10

According to the marketing concept, an organisation should try:

Accepted Answer

The marketing concept emphasizes on providing products that satisfy customers' needs and allowing the organization to achieve its goals. This approach believes that customer satisfaction will ultimately lead to organizational success. Short-run objectives and cash flow needs are not the primary focus of the marketing concept, and while marketing activities are crucial, finance, accounting, and personnel are also important for organizational success. Selling activities are only a small part of the marketing concept.

Question 11

As the Industrial Revolution came during the second half of the nineteenth century, firms operated in a(n) __________ orientation.

Accepted Answer

During the Industrial Revolution, firms operated in a production orientation where the focus was on efficient manufacturing and mass production of standardized products instead of identifying and meeting customer needs.

Question 12

The marketing concept is not a second definition of marketing; it is a marketing philosophy guiding:

Accepted Answer

The marketing concept is a philosophy that guides an organization's overall activities, not just its marketing activities. It places the customer at the center of all decision-making and emphasizes the importance of understanding and meeting their needs and wants. Therefore, it goes beyond marketing and impacts an organization's overall strategy and operations.

Question 13

The marketing concept is a philosophy that states that an organisation should try to satisfy customers' needs and:

Accepted Answer

The marketing concept is focused on satisfying customers' needs, but it also emphasizes achieving the organization's goals. This means that while satisfying customer needs is important, it should be done in a way that also helps the organization achieve its overall strategic objectives. Options A, B, D, and E are all important activities for an organization, but they are secondary to the primary goal of achieving the organization's goals.

Question 14

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which of the following philosophies?

Accepted Answer

The marketing concept focuses on identifying and satisfying customer needs and wants, which is exactly what Campbell's did by introducing a line of low-sodium soups in response to customer demand.

Question 15

A marketing orientation is an organisation-wide effort that includes all of the following activities except:

Accepted Answer

A marketing orientation is not just limited to the marketing department, but it involves the entire organization in understanding and satisfying customers' needs. Therefore, focusing on the marketing department only is not included in the activities of a marketing orientation.

Question 16

Businesspeople who believe that personal selling, advertising and distribution are the most important marketing activities are operating in a(n) __________ orientation.

Accepted Answer

A sales orientation places a heavy emphasis on personal selling and advertising to push products onto customers. This approach is more focused on reaching sales quotas and generating revenue than on building long-term customer relationships or considering the societal and ethical implications of marketing activities.

Question 17

A mid-level manager has tried for years to get his company to adopt a marketing orientation.Although many in the company are receptive to his ideas, it is unlikely that the company will ever truly become marketing-oriented without:

Accepted Answer

Without the support of executives, managers, and customers, a company is unlikely to become marketing-oriented. While the support of competitors, changes in government regulations, and increases in tariffs may impact a company's marketing strategy, they are not the primary driver of a marketing orientation. The consent of assembly-line workers is also important, but not sufficient on its own to shift the entire company towards a marketing orientation.

Question 18

The expanded marketing mix includes:

Accepted Answer

The expanded marketing mix, also known as the 7Ps, includes product, price, place, promotion, people, physical evidence, process and partnership. Choice B is the only option that includes all of these elements. Choice A is missing four important elements, choice C is missing physical evidence and partnership, and choice D is missing partnership.

Question 19

Amazon, the online provider of books, music, movies, toys and many other products, follows buyers' purchases and recommends related topics.The firm is exhibiting characteristics associated with the ________ orientation.

Accepted Answer

Amazon's focus on understanding and meeting the needs of customers through data-driven recommendations aligns with the marketing orientation, which prioritizes delivering value to customers above all else.

Question 20

The marketing environment is best described as being:

Accepted Answer

The marketing environment is dynamic and can fluctuate quickly and dramatically due to changes in customer needs, competition, technology, economy, and other factors. As a result, marketers need to continuously monitor and adapt to the changing environment to succeed.

Quiz 1: Key Concepts in Marketing