Question 1

Which of the following is a basic idea of the marketing concept?

Accepted Answer

Profit is the difference between a firm's revenue and its total costs and acts as the balancing point that helps the firm determine what needs it will try to satisfy with its total effort.

Question 2

Which of the following illustrates the marketing concept in action?

Accepted Answer

The marketing concept means that an organization aims all its efforts at satisfying its customers,at a profit.

Question 3

The owner of a food truck implemented a new location strategy so that she would be better positioned near a crowded office park during the lunch hour.How should she evaluate her new location strategy?

Accepted Answer

The food truck owner can use marketing metrics to compare the performance at her new and old locations.

Question 4

Which of the following reasons best describes why a firm would use marketing metrics?

Accepted Answer

Marketing metrics allow marketing managers to calculate how well a strategy is performing.They are often used to evaluate performance against targets or goals that are already set.

Question 5

Which of the following illustrates the marketing concept in action?

Accepted Answer

The marketing concept means that an organization aims all its efforts at satisfying its customers,at a profit.

Question 6

The marketing concept can be applied by

Accepted Answer

Any organization that follows the three basic ideas of marketing concept is said to have adopted the marketing concept.

Question 7

The marketing concept can be applied by

Accepted Answer

Any organization that follows the three basic ideas of marketing concept is said to have adopted the marketing concept.

Question 8

Which of the following is the best example of the marketing concept in action?

Accepted Answer

The marketing concept means that an organization aims all its efforts at satisfying its customers,at a profit.

Question 9

A local theater group that has adopted the marketing concept would be MOST likely to

Accepted Answer

The marketing concept means that an organization aims all its efforts at satisfying its customers,at a profit.Doing a survey is the best choice because it involves trying to determine needs.

Question 10

Which of the following is NOT an example of a marketing orientation,as opposed to a production orientation?

Accepted Answer

As stated in Exhibit 1-4,in a marketing orientation,a firm's focus is on locating new opportunities and not on reducing its costs.

Question 11

The numeric data that is used by marketing managers to evaluate performance against a set target or goal is referred to as

Accepted Answer

Marketing metrics refers to the numeric data that allow marketing managers to evaluate performance,often against a set target or goal.

Question 12

A firm with a marketing orientation is MOST likely to

Accepted Answer

As stated in Exhibit 1-4,a marketing-oriented firm tries to offer customers what they need instead of just trying to get customers to buy what the firm has produced.

Question 13

Which of the following practices would suggest that Acme Tools practices a marketing orientation?

Accepted Answer

Marketing-oriented firm tries to offer customers what they need instead of just trying to get customers to buy what the firm has produced.

Question 14

A public utility that has adopted the marketing concept would be most likely to

Accepted Answer

The marketing concept means that an organization aims all its efforts at satisfying its customers,at a profit.

Question 15

A local symphony group that has adopted the marketing concept would be most likely to

Accepted Answer

The marketing concept means that an organization aims all its efforts at satisfying its customers,at a profit.

Question 16

Which of the following is NOT likely to be found in a company with a marketing orientation?

Accepted Answer

As stated in Exhibit 1-4,a company makes what it can sell in a marketing-oriented firm,trying to offer customers what they need instead of just trying to get customers to buy what the firm has produced.

Question 17

The triple bottom line is a measure of a firm's success based on multiple criteria,commonly referred to as

Accepted Answer

Some organizations explicitly consider a triple bottom line-which measures an organization's economic,social,and environmental outcomes-as a measure of long‐term success.Together,these are sometimes referred to as measures of people,planet,and profit.

Question 18

Adoption of the marketing concept

Accepted Answer

Some industries with limited competition,including electric utilities,cable television providers,and industrial commodities producers,have also been slow to adopt the marketing concept.

Question 19

FlyFar Airlines uses marketing research to determine customer needs and assess how well the company meets them.This suggests that FlyFar managers exhibit

Accepted Answer

Marketing-oriented firms try to offer customers what they need instead of just trying to get customers to buy what the firm has produced.

Question 20

Whiz Bang Cinema is a restaurant.Whiz Bang's owners worry about the environment,using paper products made from recycled paper and recycling everything possible.Whiz Bang also gives its employees every Sunday off to be with family,and the restaurant sponsors many local sports teams.It does this while also making sure it is profitable.Whiz Banks seems to operate with a

Accepted Answer

Some organizations explicitly consider a triple bottom line-which measures an organization's economic,social,and environmental outcomes-as a measure of long‐term success.Together,these are sometimes referred to as measures of people,planet,and profit.

Quiz 1: Marketings Value to Consumers, Firms, and Society

Which of the following is a basic idea of the marketing concept?

Which of the following illustrates the marketing concept in action?

The owner of a food truck implemented a new location strategy so that she would be better positioned near a crowded office park during the lunch hour.How should she evaluate her new location strategy?

Which of the following reasons best describes why a firm would use marketing metrics?

Which of the following illustrates the marketing concept in action?

The marketing concept can be applied by

The marketing concept can be applied by

Which of the following is the best example of the marketing concept in action?

A local theater group that has adopted the marketing concept would be MOST likely to

Which of the following is NOT an example of a marketing orientation,as opposed to a production orientation?

The numeric data that is used by marketing managers to evaluate performance against a set target or goal is referred to as

A firm with a marketing orientation is MOST likely to

Which of the following practices would suggest that Acme Tools practices a marketing orientation?

A public utility that has adopted the marketing concept would be most likely to

A local symphony group that has adopted the marketing concept would be most likely to

Which of the following is NOT likely to be found in a company with a marketing orientation?

The triple bottom line is a measure of a firm's success based on multiple criteria,commonly referred to as

Adoption of the marketing concept

FlyFar Airlines uses marketing research to determine customer needs and assess how well the company meets them.This suggests that FlyFar managers exhibit