Question 1

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

Accepted Answer

The shift toward a consumer orientation means businesses are focusing more on the needs and wants of their customers, rather than solely on production or sales. This is evident in the emphasis on customer service, customization, and personalization of products and services.

Question 2

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.

Accepted Answer

Sewell Motors places a significant emphasis on meeting the needs and expectations of their customers, which aligns with the consumer-oriented and market-oriented marketing philosophies. Both of these approaches prioritize the customer and their preferences over the company's own goals or product features.

Question 3

The distribution strategy is a section of the marketing strategy.

Accepted Answer

The distribution strategy is one of the four main components of the marketing mix along with product, price and promotion. Therefore, it is a part of the overall marketing strategy.

Question 4

Traditionally, marketing philosophies have been categorized as

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 5

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 vary based on the point at which it is started and the nature of the predicting variable. For example, some forecasts may be based on historical data, while others may be based on current market trends or future projections. Additionally, the predicting variable may be a single variable or a combination of variables.

Question 6

Sales forecasts are typically expressed in dollars or units.

Accepted Answer

Sales forecasts are expressed in terms of dollars, units or both.

Question 7

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 statement accurately describes the process of calculating demand through identifying potential buyers in submarkets and combining estimates.

Question 8

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 9

A firm's marketing mix consists of ____ activities.

Accepted Answer

A firm's marketing mix consists of four key elements which are product, pricing, promotion, and distribution. These four elements are the core components of a firm's marketing strategy and they work together to achieve the firm's marketing objectives. Therefore, choice D is the best answer as it includes all four elements of a marketing mix.

Question 10

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

Accepted Answer

A firm's marketing philosophy determines how strategic marketing activities are used to achieve its business goals. The marketing philosophy helps set the tone and direction for the company's marketing efforts, including how it perceives and interacts with its customers, the types of products and services it offers, and the methods it uses to promote and sell those products and services. By having a clear marketing philosophy that aligns with its overall business goals, a firm can ensure that its marketing activities are targeted, efficient, and effective in achieving desired outcomes.

Question 11

Small business marketing involves a number of activities, including

Accepted Answer

Small business marketing involves a range of activities that revolve around creating, developing, preparing, communicating, and delivering products and services to a specific target market to meet their needs and preferences. This includes market research, branding, advertising, public relations, and sales promotions. Planning for production efficiency and identifying alternative technologies are more operational aspects of the business, while establishing a sales-oriented marketing philosophy is not necessarily the only approach to marketing a small business.

Question 12

The ____ marketing philosophy is the preferred approach for all businesses.

Accepted Answer

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

Question 13

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.

Accepted Answer

The statement that Creators Plus prioritizes managing an expedient production process over distribution and promotion indicates a production-oriented marketing philosophy, where the focus is on creating products efficiently.

Question 14

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 a product/service and business with the proper agencies provides legal protections and prevents other businesses from using the same name or causing confusion among consumers.

Question 15

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 though small businesses may have fewer sales, accurate sales forecasts are still necessary for effective planning, resource allocation, and decision-making. Ignoring sales forecasting can lead to financial difficulties and poor business performance.

Question 16

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 the process of dividing a total market into smaller groups of consumers with similar needs or characteristics, allowing marketers to tailor their strategies to each group for improved effectiveness.

Question 17

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

Accepted Answer

In recent years, businesses in the U.S. have increasingly focused on meeting the needs and desires of consumers. This is evidenced by the rise of customer-centric strategies and the importance placed on customer experience and satisfaction.

Question 18

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

Accepted Answer

Sales forecasts are dependent upon target markets, and the more precisely the market is defined, the more accurate the forecast will be. Therefore, it is true that the market should be defined as precisely as possible.

Question 19

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

Accepted Answer

It is best to collect marketing research data before writing a marketing plan, as the data can provide insights and inform the development of the plan.

Question 20

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

Accepted Answer

The answer of A small business can determine whether a...

Quiz 7: The Marketing Plan