Question 1

U.S. businesses have recently shifted their focus toward a ____ orientation.
A) market
B) consumer
C) production
D) sales

Accepted Answer

In recent years, there has been a growing emphasis on the importance of the customer in business strategy, as businesses have recognized that it is through focusing on consumers' needs, preferences, and behaviors that they can create more effective marketing programs and build stronger customer relationships. This shift in orientation is reflected in the rise of customer-centric marketing approaches, such as customer experience management, customer relationship management, and customer segmentation, among others. While market orientation, production orientation, and sales orientation are important concepts in their own ways, they do not capture the current emphasis on consumer-centricity that has emerged in the business world in recent years.

Question 2

In recent years, the emphasis in U.S. businesses has been on
A) consumers.
B) production.
C) sales.
D) time-honored values.

Accepted Answer

The emphasis in U.S. businesses has shifted towards satisfying consumer needs and preferences in order to remain competitive in the market. This is reflected in strategies such as market research, product innovation, and customer service.

Question 3

The distribution strategy is a section of the marketing strategy.

Accepted Answer

The distribution strategy is indeed a section of the marketing strategy. It outlines how a company will get its products or services to its target customers or clients.

Question 4

Creators Plus, a modest-size manufacturer of quality crafts, expends considerable resources to ensure that its products are created in the most efficient manner. According to the owner, distribution and promotion are secondary considerations to managing an expedient production process. Creators Plus subscribes to the ____ marketing philosophy.
A) process-oriented
B) market-oriented
C) sales-oriented
D) production-oriented

Accepted Answer

The statement "expends considerable resources to ensure that its products are created in the most efficient manner" indicates that the company focuses on production efficiency, which is a characteristic of a production-oriented marketing philosophy.

Question 5

A firm's marketing mix consists of ____ activities.
A) pricing, promotion, and distribution
B) product, pricing, and promotion
C) product, promotion, and distribution
D) product, pricing, promotion, and distribution

Accepted Answer

A firm's marketing mix consists of product, pricing, promotion, and distribution activities. These four elements are commonly known as the 4 P's of marketing and together they make up the overall strategy that a company uses to market their products or services.

Question 6

Small business marketing involves a number of activities, including
A) creating, developing, preparing, communicating, and delivering a bundle of satisfaction to a target market.
B) planning for optimal production efficiency.
C) identifying alternative technologies.
D) establishing a sales-oriented marketing philosophy.

Accepted Answer

Option A accurately describes the activities involved in small business marketing, including creating a product or service, developing marketing strategies, preparing promotional materials, communicating with target customers, and delivering satisfaction to them. The other options do not fully capture the scope of small business marketing activities.

Question 7

A firm's marketing philosophy determines how strategic marketing activities are used to achieve
A) efficiency.
B) customer response.
C) desirable thought patterns.
D) business goals.

Accepted Answer

A firm's marketing philosophy defines its long-term strategic goals and helps to determine how to use marketing activities to achieve those goals. Therefore, the firm's marketing philosophy is intended to achieve business objectives.

Question 8

Sales forecasts are typically expressed in dollars or units.

Accepted Answer

Sales forecasts can be expressed in either dollars or units, or both.

Question 9

Because sales forecasts revolve around specific target markets, the market should be defined as precisely as possible.

Accepted Answer

This is true because sales forecasts are based on understanding the needs and purchasing behaviors of a specific target market. Defining the market as precisely as possible helps to ensure accuracy in sales forecasting.

Question 10

Because of the relatively inconsequential amount of sales conducted by a typical small business, the majority of entrepreneurs need not be concerned with formulating accurate sales forecasts.

Accepted Answer

Even a small business requires accurate sales forecasts to plan inventory, expenses, and other aspects of business operations. Without proper sales forecasting, a business may have insufficient inventory, overstaffing, or overspending leading to financial difficulties.

Question 11

The forecasting process can be characterized by the point at which the process is started and the nature of the predicting variable.

Accepted Answer

The forecasting process can indeed be characterized based on the starting point of the process (e.g. historical data) and the type of variable being predicted (e.g. sales, demand, weather).

Question 12

It is best to write a marketing plan before collecting marketing research data.

Accepted Answer

It is important to conduct marketing research before developing a marketing plan in order to gather information about the target audience, competitors, and market trends. This data will inform the development of an effective marketing strategy.

Question 13

The ____ marketing philosophy is the preferred approach for all businesses.
A) product-oriented
B) market-oriented
C) sales-oriented
D) consumer-oriented

Accepted Answer

The answer of The ____ marketing philosophy is the preferred...

Question 14

A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer products forecasting.

Accepted Answer

The answer of A chain-ratio method of sales forecasting, or...

Question 15

The name of the product and/or service and the name of the business are not important, so they don't need to be defended by registering them with the proper agencies.

Accepted Answer

Registering the name of the product and/or service and the name of the business can protect them from being used by others and can establish trademark rights. Therefore, it is important to register them with the proper agencies.

Question 16

Traditionally, marketing philosophies have been categorized as
A) consumer-oriented and market-oriented.
B) consumer-oriented, product-oriented, market-oriented, and volume-oriented.
C) consumer-oriented, market-oriented, sales-oriented, and process-oriented.
D) consumer-oriented, production-oriented, and sales-oriented.

Accepted Answer

The traditional marketing philosophies are indeed categorized as consumer-oriented, production-oriented, and sales-oriented. These philosophies focus on the needs and wants of the customer (consumer-oriented), emphasize the efficiency of production and distribution (production-oriented), and prioritize selling and promoting the product (sales-oriented), respectively.

Question 17

A buildup process requires a small business to identify all potential buyers in a target market's submarkets and then combine these estimates to determine the calculated demand.

Accepted Answer

This is true. The process of identifying potential buyers in a target market's submarkets and combining these estimates to determine calculated demand is commonly known as market sizing, and is a critical step in developing a business plan or marketing strategy.

Question 18

When a strategist divides the total market for a product or service into groups with similar needs, so that each group is likely to respond to the same marketing strategy, he or she is engaging in a practice called market segmentation.

Accepted Answer

Market segmentation is a common marketing practice where a strategist divides the total market into distinct groups with similar needs or characteristics, allowing for more targeted and effective marketing strategies.

Question 19

A small business can determine whether a market is adequate for its plans by checking the sales forecast.

Accepted Answer

A sales forecast provides an estimate of future sales, helping a business assess if the market can support its growth and operational plans.

Question 20

Every day, associates of Sewell Motors, a Dallas-based auto retailer, strive to exceed the company's expectations of treating the customer as its number one priority. Every action, policy, and ultimate sale is conducted professionally, with consumers' needs in mind. Sewell Motors subscribes to the ____ marketing philosophy.
A) consumer-oriented
B) market-oriented
C) sales-oriented
D) product-oriented

Accepted Answer

Sewell Motors focuses on putting the customer's needs first, which aligns with the consumer-oriented marketing philosophy. They also consider the market's demands and tailor their policies and actions accordingly, which aligns with the market-oriented marketing philosophy. Sewell Motors is not focused solely on making sales, so C) sales-oriented is not the best choice, and they are not primarily focused on promoting a certain product or features, so D) product-oriented is also not the best choice.

Quiz 7: The Marketing Plan

U.S. businesses have recently shifted their focus toward a ____ orientation.

In recent years, the emphasis in U.S. businesses has been on

The distribution strategy is a section of the marketing strategy.

A firm's marketing mix consists of ____ activities.

Small business marketing involves a number of activities, including

A firm's marketing philosophy determines how strategic marketing activities are used to achieve