Question 1

In U.S. business history, the marketing concept was introduced in

Accepted Answer

The marketing concept, which focuses on identifying and meeting the needs and wants of customers, became prominent in the 1950s as businesses shifted from a production-oriented approach to a customer-oriented approach.

Question 2

The purpose of the introduction of 3M Post-it® Flag Highlighters was to

Accepted Answer

The answer of The purpose of the introduction of 3M...

Question 3

The marketing concept refers to

Accepted Answer

The answer of The marketing concept refers to
...

Question 4

The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals reflects the

Accepted Answer

The marketing concept is the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals, such as profitability. This concept puts the customer at the center of all marketing activities and emphasizes the importance of understanding and meeting their needs and wants in order to build long-term relationships and drive business success. It is a fundamental concept of modern marketing and is used by most successful organizations today.

Question 5

Which of the following statements about the marketing concept is most accurate?

Accepted Answer

The marketing concept is focused on meeting the needs and wants of consumers while also achieving company goals. Therefore, both companies and consumers are able to benefit from this approach. The other options are incorrect: A is false as the marketing concept originated in the mid-twentieth century, C is incorrect as the marketing concept is not focused solely on sales and advertising, D is incorrect as the marketing concept is designed to create customer satisfaction and loyalty, and E is incorrect as not all U.S. firms have adopted a marketing concept philosophy.

Question 6

An inventor for 3M, David Windorski, and a team of four college students, questioned dozens of students about how they study. They told the research team

Accepted Answer

The students suggested combining Post-it® Flags with a highlighter, which indicates a desire for a more efficient and convenient study aid.

Question 7

The relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action is referred to as

Accepted Answer

A market segment is a group of prospective buyers that have common needs and will respond similarly to a marketing action.

Question 8

Based on the marketing program 3M developed for its Post-it® Flag Highlighters and Post-it® Flag Pens, one can conclude that

Accepted Answer

The marketing program developed by 3M for its Post-it® Flag Highlighters and Post-it® Flag Pens includes promoting the products to increase awareness among potential users. This suggests that the promotion strategy is designed to target new or potential customers to increase their interest and knowledge about the products. This does not necessarily indicate anything about the market segments or pricing strategies, but rather focuses on the promotion tactics.

Question 9

A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Accepted Answer

Key term definition-marketing program.

Question 10

Market segments refer to

Accepted Answer

Market segments are groups of prospective buyers that are relatively homogeneous, meaning they have common needs and will respond similarly to marketing actions.

Question 11

The place strategy in 3M's marketing program made it convenient for ________ to buy Post-it® Flag Highlighters and Post-it® Flag Pens.

Accepted Answer

The question mentions Post-it® Flag Highlighters and Post-it® Flag Pens, which are products that are commonly used by both college students and office workers. Therefore, the place strategy would be geared towards making it convenient for these two target markets to purchase the products.

Question 12

Which of the following terms best describes the marketing concept?

Accepted Answer

The marketing concept is focused on satisfying the needs and wants of the consumer, making it consumer-oriented. Production-oriented is focused on maximizing production efficiency, sales-oriented is focused on aggressive sales techniques, society-oriented is focused on social responsibility, and competition-oriented is focused on beating the competition.

Question 13

The pricing strategy for 3M's Post-it® Flag Highlighters was to

Accepted Answer

The pricing strategy for 3M's Post-it® Flag Highlighters was to charge a price that would provide genuine value to the target customer segment. This strategy focused on providing unique features and benefits to justify a higher price point and differentiate from competitors in the market.

Question 14

The ________ concept means that an organization strives to satisfy consumer needs while achieving its goals.

Accepted Answer

The marketing concept is centered around the idea that organizations should strive to understand and meet the needs and wants of their target customers while also achieving their own goals. This approach often involves conducting market research, segmenting the market, and developing marketing strategies that are tailored to specific customer needs and preferences. By focusing on the customer, organizations can create value for their customers and build long-term relationships with them.

Question 15

Which of the following statements about 3M's marketing program for Post-it® Flag Highlighters and Post-it® Flag Pens is most accurate?

Accepted Answer

David Windorski developed the Post-it Flag Pen for the office worker segment.

Question 16

The 3M Post-it® Flag Highlighter and Pen marketing programs described in the text were designed for what primary objective?

Accepted Answer

The primary objective of the marketing programs was the initial launch of two new 3M products, the 3M Post-it® Flag Highlighter and Pen.

Question 17

All of the following statements about the overall marketing program for 3M's Post-it® Flag Highlighters and the Post-it® Flag Pens are true except which?

Accepted Answer

The primary consideration in choosing distribution options for 3M's products was not low price, but rather effective market reach and product placement.

Question 18

In 1952, General Electric's annual report stated, "The concept introduces … marketing … at the beginning rather than the end of the production cycle and integrates marketing into each phase of the business." This is a brief statement of what has come to be known as the

Accepted Answer

The statement in the annual report aligns with the marketing concept, which emphasizes on integrating marketing into each phase of the business, and placing the customer's needs and wants at the center of decision-making.

Question 19

After an assessment of needs, a marketing manager must translate ideas from consumers into concepts for products that a firm may develop. The concepts must then be converted into a meaningful

Accepted Answer

A marketing program is a comprehensive plan that includes the marketing strategy and tactics to bring a product concept to market effectively.

Question 20

In marketing, each ________ consists of people who are relatively similar to each other in terms of their consumption behavior.

Accepted Answer

A market segment is a group of consumers who share similar characteristics such as age, income, lifestyle, and behavior. This enables marketers to target their products or services more effectively to meet the specific needs and preferences of the segment. Demographic cluster refers more specifically to groups of people with similar age, income, education levels, etc. Organizational buyer group refers to a group of people within a company or organization responsible for making purchasing decisions. Ultimate consumer group refers to the end consumers of a product. Qualified prospect group refers to a group of potential customers who have shown some interest in a product or service.

Quiz 1: Creating Customer Relationships and Value Through Marketing