Question 1

Which of the following firms adhered to a managerial orientation during the early twentieth century?

Accepted Answer

Ford adhered to a managerial orientation during the early twentieth century with its focus on efficiency, standardization, and mass production through the use of assembly line techniques.

Question 2

When backed by buying power,wants become ________.

Accepted Answer

Demands refer to wants that are supported by the ability and willingness to pay for them. When a want is backed by buying power, it becomes a demand. The other options such as exchanges, social needs, and self-esteem needs do not accurately describe this phenomenon.

Question 3

During the production era of the early twentieth century,the supply of goods exceeded consumer demand,so efficient manufacturing processes were required to maintain profitability.

Accepted Answer

During the production era of the early twentieth century, the focus was on efficient manufacturing processes due to limited production capabilities and high consumer demand, not because supply exceeded demand.

Question 4

A lonely consumer who is too busy meeting critical needs to think about having a social life most likely has a(n)________.

Accepted Answer

A latent need is an unfulfilled desire that the consumer may not be aware of due to other pressing priorities, such as meeting basic needs like food, shelter, and safety. In this context, the lonely consumer is likely too preoccupied with meeting critical needs to recognize that they have a latent need for social interaction.

Question 5

All of the following are accurate descriptions of a market orientation,EXCEPT which one?

Accepted Answer

Market orientation involves focusing on understanding and meeting the needs and wants of customers, rather than primarily focusing on extensive market research. While market research is a component of understanding customer needs, it is not the defining characteristic of a market orientation.

Question 6

________ are human needs as shaped by individual personality and culture.

Accepted Answer

Wants are human needs as they are shaped by individual personality and culture. While needs are basic and universal, how they manifest as wants can vary greatly from person to person and culture to culture.

Question 7

The ________ orientation of the mid-twentieth century led firms to focus on "making marketable products."

Accepted Answer

The sales orientation of the mid-twentieth century placed emphasis on selling existing products to customers, rather than understanding and fulfilling customer needs. The goal was to make products that could be marketed and sold successfully.

Question 8

What is the marketing concept? How do firms benefit from having a market orientation?

Accepted Answer

The answer of What is the marketing concept? How do...

Question 9

Managerial philosophies that determine corporate priorities and problem-solving methods are referred to as ________.

Accepted Answer

Managerial philosophies are referred to as orientations, which guide the decision-making process and shape corporate culture. Functions refer to specific roles or departments within a company, resources are the assets available to the company, and benchmarks are metrics used to measure performance.

Question 10

In most cases,firms evolve from a production focus to a market focus.

Accepted Answer

As firms grow and mature, they often shift their focus from producing goods or services to meeting the needs and wants of their target market. This shift towards a market focus allows firms to better understand and respond to customer demand, which can lead to increased competitiveness and profitability.

Question 11

Henry Ford's sales orientation focused on meeting the specific needs of customers,which enabled the firm to prosper.

Accepted Answer

Henry Ford's approach was more about mass production and standardization, famously focusing on producing a large volume of a single model (Model T) at a low price, rather than meeting specific customer needs.

Question 12

According to research,all of the following are typical results for firms with a market orientation EXCEPT ________.

Accepted Answer

Natural monopolies are not a typical result of firms with a market orientation. The other options (B, C, D) are all typical results of firms with a market orientation as they focus on understanding and meeting the needs of customers to achieve financial success.

Question 13

According to the ________,firms will successfully achieve their goals if they focus on satisfying consumers' needs.

Accepted Answer

The marketing concept is a business philosophy that states that firms should satisfy the needs and wants of their customers in order to achieve their goals. This approach emphasizes the importance of identifying and meeting the needs of customers in order to build long-term relationships and create value for both the company and the customer. The other options given are not recognized business philosophies or practices.

Question 14

A firm with a market orientation most likely coordinates its strategies and activities around ________ and ________.

Accepted Answer

A market orientation means that a firm focuses on meeting the needs and wants of its customers. Therefore, it coordinates its strategies and activities around its customers and competitors to stay competitive in its industry. Choices A, B, and C may be important considerations, but they are not the primary focus of a firm with a market orientation.

Quiz 15: Note : the Marketing Concept