Question 1

The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants and needs of its consumers.

Accepted Answer

The primary goal of most market-oriented firms is to earn profits by meeting the needs and wants of their consumers through the creation and delivery of valuable products and services.

Question 2

Only a firm's salespeople need to be customer-oriented.

Accepted Answer

All employees need to be customer-oriented because in the customer's eyes,the employee (regardless of the position held in the organization)is the firm and may be the only firm representative the customer ever sees.

Question 3

Retailers who give their sales clerks the authority to handle customer complaints without having to get approval from a supervisor are using empowerment.

Accepted Answer

Empowerment means giving employees the ability and authority to make decisions and take actions to solve customer problems, without always having to ask for permission from a higher-up. Allowing sales clerks to handle complaints on their own is an example of empowerment.

Question 4

Approximately 50 percent of the U.S.civilian work force performs marketing activities.

Accepted Answer

Between one-fourth and one-third of the U.S.civilian work force performs marketing activities.

Question 5

Marketing is defined as producing,promoting,and selling products.

Accepted Answer

Marketing means more than just producing,promoting,and selling products.It is a philosophy that stresses customer relationships as well as benefiting the organization and its stakeholders.

Question 6

The focus of a production-oriented firm is on what it can make or do best.

Accepted Answer

A production-oriented firm focuses on producing and manufacturing the best product or service it can, rather than considering the needs of the market or customer preferences.

Question 7

Personnel in sales-oriented firms tend to be "outward looking," focusing on selling what the market wants.

Accepted Answer

Personnel is sales-oriented firms tend to be "inward looking," focusing on selling what the organization makes rather than making what the market wants.

Question 8

The marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customers' wants and needs while meeting organizational objectives.

Accepted Answer

The marketing concept emphasizes that an organization should aim to satisfy customers' wants and needs while still achieving its own goals and objectives. This approach recognizes that customers are essential to the success of the organization and that meeting their needs is crucial to building long-term relationships and achieving profitability.

Question 9

While most marketing organizations rely on various forms of promotion to succeed,sales-oriented organizations make the most effective use of their entire marketing mix.

Accepted Answer

Sales-oriented firms usually rely more heavily on promotion alone than do market-oriented firms.

Question 10

Marketing is important to business,so marketing should be part of the job of everyone in the organization,not just those in marketing.

Accepted Answer

Marketing is not just about selling a product or service, it is about understanding the needs and wants of the target audience and creating value for them. This involves everyone in the organization, from the product development team to customer service representatives. Each person has a role to play in ensuring the company's message and brand image are consistent and effective. Therefore, it is important for everyone in the organization to have a basic understanding of marketing principles and how they can contribute to the overall marketing strategy.

Question 11

Unlike a production orientated firm,a firm embracing a sales orientation focuses on customer wants and needs so it can develop the best product at the lowest cost that will require very little selling effort.

Accepted Answer

A sales orientation is based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.

Question 12

Salespeople who work for market-oriented organizations are generally perceived by their customers as problem solvers and important links to supply sources and new products.

Accepted Answer

Salespeople in market-oriented organizations prioritize understanding and meeting customer needs, which leads to them being perceived as problem solvers and valuable sources of information about supply sources and new products.

Question 13

In the early 1920s,Ford promised its customers any color vehicle they wanted as long as it was black.Ford's management assumed anyone buying a car would accept the color black,so it made products affordable by offering only one variety in large quantities.Ford is an example of a market-oriented firm.

Accepted Answer

A market-oriented organization recognizes that different customers groups want different features or benefits.

Question 14

The way to achieve customer satisfaction and value is to offer the lowest price.

Accepted Answer

Marketers interested in customer value offer realistic prices and try to achieve customer satisfaction and value by ensuring customer expectations are met or exceeded.

Question 15

3D Systems is a company that uses computers to generate new product prototypes.It has generated loyal business clients by providing the best customer support in the industry.The company also provides direct sales consultations that gives its salespeople intimate knowledge about what exactly its customers want.This partnership between 3D Systems and its customers entails relationship marketing.

Accepted Answer

The statement accurately describes 3D Systems' business strategy, which involves building strong relationships with customers through personalized consultations and exceptional customer support. This approach is a key aspect of relationship marketing, which prioritizes long-term customer satisfaction and loyalty over short-term sales.

Question 16

Customer value is the relationship between company profits and company costs.

Accepted Answer

Customer value is the relationship between benefits and the sacrifice necessary to obtain those benefits.

Question 17

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.

Accepted Answer

This definition of marketing is provided by the American Marketing Association.

Question 18

An exchange cannot take place unless each party in the exchange has something that the other party values.

Accepted Answer

An exchange involves both parties giving and receiving something of value, otherwise there would be no reason or incentive for either party to participate in the exchange.

Question 19

Sara Lee Industries spent considerable money and time developing a crustless bread.Prior to the introduction,the company had not conducted market research among its customers,but it was confident that its science and technology department had produced a successful new product.Based on this example,Sara Lee is a good example of a production-oriented company.

Accepted Answer

Sara Lee Industries focused on developing a new product based on its own capabilities without conducting market research among its customers. This reflects a production-oriented approach rather than a customer-oriented approach.

Question 20

The societal marketing concept considers society's long-term best interests along with the satisfaction of customers' wants and needs.

Accepted Answer

The societal marketing concept emphasizes the importance of considering the impact of marketing activities on society as a whole, rather than just focusing on the needs and wants of individual customers. It aims to balance the company's profit goals with the needs of customers and society, in a sustainable and socially responsible way.

Quiz 1: An Overview of Marketing