Question 1

During the market-oriented era,

Accepted Answer

During the market-oriented era, businesses focused on understanding and meeting the needs and wants of customers, hence the phrase "the customer was king."

Question 2

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

Accepted Answer

Value-driven firms are focused on providing a balance between the benefits that customers perceive and the prices of their offerings. By constantly measuring this balance, they can ensure that their customers are receiving a high level of perceived value, which can lead to customer loyalty and repeat business. This is why benefits are the best choice compared to the other given options.

Question 3

During the __________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.

Accepted Answer

During the value-based marketing era, manufacturers and retailers recognized the importance of offering their customers greater value than their competitors, focusing on customer satisfaction and building relationships based on value.

Question 4

Value is

Accepted Answer

Value is what you get for what you give. It considers the benefits received relative to the cost incurred, rather than simply the cost itself or the brand name.

Question 5

Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant that will increase value to customers, Yolanda will likely attempt to either provide the same quality at a lower cost or

Accepted Answer

Yolanda's goal is to increase value to customers without increasing costs, which aligns with option A of providing the same quality at a lower cost. Option B of increasing prices can backfire and drive away customers, option C could lead to confusion and dissatisfaction among guests, option D would be counterproductive, and option E would not improve value to customers.

Question 6

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.

Accepted Answer

During the sales-oriented era, the focus was on selling products that were already made, rather than making products based on what the market wanted. This approach often involved finding customers for inventories that went unsold, emphasizing aggressive sales techniques.

Question 7

During the __________ era, firms had excess capacity and used personal selling and advertising to generate customers.

Accepted Answer

In the sales-oriented era (1920s-1950s), there was excess capacity and firms focused on aggressive selling and advertising to generate customers. Production-oriented era (before 1920s) focused on efficient production and increasing supply, market-oriented era (1960s-1980s) focused on understanding customer needs and wants, and value-based marketing era (from the 1990s) focused on creating superior customer value. Retailing orientation is not an era but a marketing approach that emphasizes the importance of retailers in the marketing process.

Question 8

During the __________ era, manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products.

Accepted Answer

In a market-oriented era, manufacturers and retailers focus on meeting the needs and wants of consumers. This means that they conduct research to understand consumer preferences, and design products and marketing strategies accordingly. This approach places the customer at the center of the business model and seeks to create long-term relationships with them.

Question 9

In the past, manufacturers' representatives did not have up-to-minute data about the products they were selling. Today, manufacturers' representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven by

Accepted Answer

Online inventory systems allow companies to share information across the organization, which can lead to increased efficiency and productivity.

Question 10

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era.

Accepted Answer

The answer of Trey sells consumer electronics. He knows his...

Question 11

Melanie works for a small computer software company. Her boss is constantly improving its products but neglecting customers, billing, and promoting the company. Her boss is probably stuck in the __________ era of marketing.

Accepted Answer

The production-oriented era of marketing focused on improving the production and efficiency of the company's products, but did not necessarily pay attention to customers, billing, or promotion. This aligns with the situation described in the scenario where the boss is primarily focused on improving products but neglecting other important aspects of marketing.

Question 12

As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of

Accepted Answer

Mary Gray's surprise indicates that the franchise company failed to share information across the organization, specifically about specials being advertised nationally.

Question 13

Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. Serena operates in the __________ era of marketing.

Accepted Answer

The answer of Serena studies her customer profiles, market research...

Question 14

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.

Accepted Answer

Henry Ford's statement represents the production-oriented era of marketing, where the focus was on efficiently producing large quantities of identical products, rather than catering to individual customer needs and preferences.

Question 15

To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. Pokrah University is becoming more value driven through

Accepted Answer

Pokrah University is building relationships with its students and graduates by engaging them in discussions and surveys to understand their needs and desires, which is a key aspect of becoming more value-driven.

Question 16

Many U.S. companies first discovered marketing during the __________ era.

Accepted Answer

Many U.S. companies first discovered marketing during the market-oriented era, which emerged after the end of World War II. This period was characterized by a focus on understanding and meeting the needs and wants of consumers, rather than merely focusing on production or sales.

Question 17

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

Accepted Answer

By focusing on customer needs and wants, companies are more likely to create products and services that meet those needs, leading to satisfied customers and long-term relationships. This can also result in increased customer loyalty and positive word-of-mouth advertising, which can further benefit the business.

Question 18

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on

Accepted Answer

Peter's approach is based on value co-creation, which involves collaborating with customers to create tailored offerings that meet their specific needs and desires. This approach can lead to higher commissions as customers are willing to pay a premium price for a personalized and unique experience. Transaction-oriented marketing (A) is focused on completing a one-time sale rather than building a long-term relationship with the customer. Premium pricing (B) is a strategy of charging higher prices for products or services that are perceived as superior to others in the market. Seniority at the firm (C) does not necessarily guarantee success or higher commissions. Special incentives from tour operators (D) may offer additional compensation, but it is not the primary reason for Peter's success.

Question 19

In delivering value, marketing firms attempt to find the most desirable balance between

Accepted Answer

The most desirable balance in delivering value involves providing benefits to customers while keeping costs down. This ensures that the firm is able to offer a competitive price to the customer while still making a profit. The other choices are not as relevant to finding a balance between delivering value and maximizing profitability.

Question 20

Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level. The manager increased her advertising spending and gave extra incentives to its salespeople. Move-Them-Out operates as if it were in the __________ era.

Accepted Answer

The actions taken by the manager indicate that Move-Them-Out operates in a sales-oriented era, where the focus is on selling as much product as possible before the end of the year, rather than on customer satisfaction or long-term relationship building. This strategy is typical of sales-oriented organizations.

Quiz 1: Overview of Marketing