Question 1

All of the following are necessary for exchange to occur EXCEPT:

Accepted Answer

Exchange can occur without a legal contract.

Question 2

A business is concerned with many day-to-day activities.Some of the most important of these activities are the planning and development of a product,its ability to communicate value,its pricing policy,and the distribution strategy.These activities are all a part of:

Accepted Answer

Marketing is the activity,set of institutions,and processes for creating,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large.

Question 3

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction.

Accepted Answer

This is the focus of marketing.

Question 4

The American Marketing Association's definition of marketing:

Accepted Answer

According to the American Marketing Association,marketing is the activity,set of institutions,and processes for creating,communicating,delivering,and exchanging offerings that have value for customers,clients,partners,and society at large.

Question 5

The concept of exchange is important to marketing because:

Accepted Answer

Marketing activities help the exchange to take place,but marketing can occur without an exchange.

Question 6

Kellogg's is offering free DVDs to consumers who collect five official Collection certificates from the back panels of specially marked packages of Kellogg's cereals and then mail them with the official order form.Within 90 days,these consumers will receive the movie of their choice.A(n)_____ will occur when a movie fan mails in his or her certificates for a movie.

Accepted Answer

For an exchange to occur,two or more parties must be involved.Both parties are free to accept or reject the exchange.Furthermore,each party must have something that is of value to the other party.Each party is capable of communication and delivery and believes it is desirable to do so.In this case,the value for Kellogg's is customer loyalty.The value for the customer is the cereal and free movie.

Question 7

Researchers at PPG Industries spent considerable time,effort,and money developing a bluish windshield that would let in filtered sunlight but block out the heat.Little market research was done,but the scientists were convinced this new product would be significantly better than existing windshields even though it was more expensive and of a different color than the current models on the market.This scenario suggests PPG most likely has a(n)_____ orientation.

Accepted Answer

A production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

Question 8

A firm that adopts a(n)_____ orientation to marketing will fail to consider whether what the firm produces most efficiently also meets the needs of the marketplace.

Accepted Answer

The production orientation forces a company to build whatever it builds best--that is,whatever it has the experience and expertise in doing.

Question 9

A newspaper ad for a hospital that states,"We have the most modern delivery rooms and state-of-the art medical equipment," is an indication of which marketing management philosophy?

Accepted Answer

A production orientation focuses on the internal capabilities of the firm.

Question 10

Which of the following occurs when people give up something in order to receive something they would rather have?

Accepted Answer

Exchange is people giving up something to receive something they would rather have.

Question 11

Toyota found that consumers wanted cars to last longer and be more environmentally friendly.GM,however,enjoyed being the top U.S.car producer and focused more on how many cars and trucks it could manufacture,not on what customers wanted from a vehicle.GM had more of a _____ orientation.

Accepted Answer

The production orientation forces a company to build whatever it builds best--that is,whatever it has the experience and expertise in doing.

Question 12

Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products.The typical Indonesian logging company has a(n)_____ orientation.

Accepted Answer

A production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

Question 13

All of the following are marketing management philosophies EXCEPT:

Accepted Answer

The four marketing philosophies are commonly referred to as production,sales,market,and societal marketing orientations.

Question 14

A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has been legally harvested.In places like Indonesia,as much as 80 percent of timber available for sale is illegally cut.Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests.Which of the following conditions required for an exchange to occur is missing when a company tries to sell illegally acquired logs to The Home Depot?

Accepted Answer

For an exchange to occur,two or more parties must be involved.Both parties are free to accept or reject the exchange.If The Home Depot believes the timber has been illegally harvested,then it will not want to deal with the loggers.

Question 15

For an exchange to take place:

Accepted Answer

For exchange to occur,there must be at least two parties,each party has something that might be of value to the other party,each party is capable of communication and delivery,each party is free to accept or reject the exchange offer,and each party believes it is appropriate or desirable to deal with the other party.

Question 16

One facet of marketing is that it is:

Accepted Answer

Marketing has two facets.First,it is a philosophy,an attitude,a perspective,or a management orientation that stresses customer satisfaction.Second,marketing is an organization function and a set of processes used to implement this philosophy.

Question 17

A company that sets its goals and strategies based on what its current equipment can produce,what products engineering can design,and what the company itself can do best,has a(n)_____ orientation.

Accepted Answer

A production orientation focuses on the internal capabilities of the firm.

Question 18

A firm with a production orientation is most likely to survive if:

Accepted Answer

The production orientation can survive in the short term under a variety of conditions; however,if market needs change,long-term survival is difficult.

Question 19

Barry collects antique watches and has decided to sell a few of them on eBay.Some of the watches he wants to sell are rare and very valuable.What condition is necessary for an exchange to occur between Barry and a buyer?

Accepted Answer

For an exchange to take place,there must be at least two parties,each party must have something the other values,the parties must be able to communicate,each party must believe that it is appropriate to deal with the other,and each party must be free to accept or reject the exchange offer.

Question 20

Firms with a _____ orientation focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

Accepted Answer

A production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

Quiz 1: An Overview of Marketing

All of the following are necessary for exchange to occur EXCEPT:

A business is concerned with many day-to-day activities.Some of the most important of these activities are the planning and development of a product,its ability to communicate value,its pricing policy,and the distribution strategy.These activities are all a part of:

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction.

The American Marketing Association's definition of marketing:

The concept of exchange is important to marketing because:

A firm that adopts a(n) _____ orientation to marketing will fail to consider whether what the firm produces most efficiently also meets the needs of the marketplace.

A newspaper ad for a hospital that states,"We have the most modern delivery rooms and state-of-the art medical equipment," is an indication of which marketing management philosophy?

Which of the following occurs when people give up something in order to receive something they would rather have?

Toyota found that consumers wanted cars to last longer and be more environmentally friendly.GM,however,enjoyed being the top U.S.car producer and focused more on how many cars and trucks it could manufacture,not on what customers wanted from a vehicle.GM had more of a _____ orientation.

Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products.The typical Indonesian logging company has a(n) _____ orientation.

All of the following are marketing management philosophies EXCEPT:

For an exchange to take place:

One facet of marketing is that it is:

A company that sets its goals and strategies based on what its current equipment can produce,what products engineering can design,and what the company itself can do best,has a(n) _____ orientation.

A firm with a production orientation is most likely to survive if:

Barry collects antique watches and has decided to sell a few of them on eBay.Some of the watches he wants to sell are rare and very valuable.What condition is necessary for an exchange to occur between Barry and a buyer?

Firms with a _____ orientation focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace.