Question 1

Teenagers spend billions of dollars on stereo equipment and compact discs.They have the ability,willingness,and authority to purchase such products because of their perceived need.These teenagers are an example of a(n)____ market.
A) consumer
B) business-to-business
C) producer
D) governmental
E) institutional

Accepted Answer

The passage mentions that teenagers are purchasing stereo equipment and CDs for their own personal use based on their perceived need, which fits the definition of a consumer market. The other options (business-to-business, producer, governmental, and institutional) do not apply to the scenario described in the passage.

Question 2

Which of the following is not one of the steps in implementing the marketing concept?
A) Obtaining information about existing and potential customers
B) Pinpointing needs and potential customers for further marketing activities
C) Mobilizing marketing resources to provide,promote,and distribute products
D) Obtaining new information about effectiveness of efforts
E) All are steps in implementing the marketing concept.

Accepted Answer

All of the listed steps are part of implementing the marketing concept.

Question 3

Southside Distributors in Los Angeles distributes beverages for a major corporation in Kansas City.It is specifically a part of a(n)____ market.
A) reseller
B) governmental
C) institutional
D) consumer
E) organizational

Accepted Answer

The answer of Southside Distributors in Los Angeles distributes beverages...

Question 4

If Grace White purchases office supplies for her home office from which she operates her insurance business,she is a member of which type of market?
A) Consumer
B) Business-to-business
C) Reseller
D) Institutional
E) Producer

Accepted Answer

Grace White is purchasing office supplies for her business operations, which makes her a part of the business-to-business (B2B) market, as she is buying goods for business use rather than personal consumption.

Question 5

Federated Insurance wants to expand its line of life insurance products by introducing a new policy.In keeping with the marketing concept,it likely will research all of the following except
A) what price level is acceptable to customers.
B) what features potential customers are most interested in.
C) who the major competitor's most recent buyers are.
D) what promotional activities will best illustrate the new product's benefits.
E) where the product should be distributed.

Accepted Answer

While researching competitors is important, knowing who their most recent buyers are is not relevant to developing a new life insurance product. Federated Insurance's research should focus on understanding customer preferences and behaviors, such as what features they desire and at what price point, where they prefer to buy insurance products, and what types of promotions might be most effective in reaching them.

Question 6

Western Civic Club's goals differ from those of a profit-driven business,meaning that it is part of a(n)____ market.
A) producer
B) governmental
C) institutional
D) consumer
E) organizational

Accepted Answer

The fact that Western Civic Club's goals differ from those of a profit-driven business suggests that it is not in a producer market (where businesses produce goods to sell for profit) or a consumer market (where businesses sell goods to individual consumers). It is also not in a governmental market, as it is not a government organization. Rather, as a club focused on civic engagement and community service, it is part of an institutional market.

Question 7

A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability,willingness,and ____ to purchase such products.
A) utility
B) credit
C) desire
D) money
E) authority

Accepted Answer

The answer of A market is a group of individuals...

Question 8

From the beginning of the Industrial Revolution until the early twentieth century,business effort was directed mainly toward
A) developing new machinery.
B) the production of goods.
C) the development of new markets.
D) keeping the cost of labor low.
E) fighting unionization.

Accepted Answer

During the Industrial Revolution and the early twentieth century, business effort was mainly directed towards the production of goods, as the mass production of goods through the use of new machinery was a significant part of the era's economic growth.

Question 9

In the 1920s,producers had to shift to a new sales orientation,which was characterized by all of the following except
A) taking orders and delivering goods.
B) increasing advertising.
C) determining what goods consumers wanted.
D) enlarging the sales force.
E) using occasional high-pressure selling techniques.

Accepted Answer

The new sales orientation in the 1920s was characterized by taking orders and delivering goods, increasing advertising, enlarging the sales force, and using occasional high-pressure selling techniques. However, determining what goods consumers wanted was not a new aspect of sales orientation, as this has always been an important factor in marketing.

Question 10

During the 1950s,the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of
A) satisfying customers' needs.
B) researching new technologies.
C) developing human resources.
D) developing corporate cultures.
E) creating positive public relations.

Accepted Answer

The marketing concept is based on the idea that businesses should focus on identifying and satisfying the needs and wants of their customers in order to achieve success. Therefore, the correct answer is A) satisfying customers' needs.

Question 11

Club Med Inc.talks to its present and potential customers to assess their needs for its products.Then it develops products to satisfy those needs.The firm is thus applying the ____ concept.
A) production orientation
B) sales orientation
C) marketing
D) physical distribution
E) facilitating

Accepted Answer

The firm is applying the marketing concept, which involves understanding and satisfying customer needs through the creation of products and services that meet those needs. This approach requires a customer-focused mindset, where the company prioritizes the wants and needs of the target market.

Question 12

An approach to marketing that involves the entire business organization in the process of satisfying customers' needs while achieving the organization's goals is called
A) market utility.
B) market segmentation.
C) marketing systems.
D) the marketing concept.
E) the market plan.

Accepted Answer

The marketing concept is a business philosophy that involves the integration of various departments and functions within an organization to focus on meeting the needs and wants of customers while achieving the organization's goals. It emphasizes the importance of customer satisfaction as the key to achieving long-term success and profitability. This approach involves understanding customer needs and preferences, creating products and services that meet those needs, promoting and delivering them effectively, and continuously monitoring and adjusting to changing market conditions.

Question 13

Emerson,an electronics manufacturer,purchases the wires it needs to make televisions and stereos from various wire manufacturers.Emerson is a part of which type of market?
A) Institutional
B) Governmental
C) Consumer
D) Producer
E) Reseller

Accepted Answer

Emerson is a producer that purchases inputs from wire manufacturers.

Question 14

Which of the following indicates a customer orientation?
A) Increasing advertising
B) Taking orders from customers
C) Distributing goods to customers
D) Intensifying sales techniques
E) Developing products that fulfill customers' needs

Accepted Answer

Developing products that fulfill customers' needs indicates a focus on meeting the needs and desires of customers, which is a key aspect of a customer orientation. The other choices may be related to sales and marketing, but do not necessarily indicate a focus on the customer.

Question 15

The Bitty-Baby Store wants to update its way of doing business from the methods of the sales era to the more current methods of the marketing concept.Which of the following tactics will not be a step in the right direction?
A) Creating cross-departmental teams to generate more new-product ideas
B) Doubling its advertising budget to reach its customers more frequently
C) Attempting to obtain more information from present customers
D) Finding new distribution methods that improve delivery times
E) Modifying pricing structures to increase sales

Accepted Answer

Doubling the advertising budget may increase reach, but it does not necessarily align with the marketing concept of focusing on customer needs and creating value for them. It may also be a waste of resources if the increased advertising does not lead to increased sales or customer loyalty.

Question 16

Business-to-business markets include all of the following except ____ markets.
A) producer
B) governmental
C) institutional
D) financial
E) reseller

Accepted Answer

Financial markets are typically considered a separate category from B2B markets, which focus on the exchange of products or services between businesses. Financial markets, on the other hand, deal primarily with the exchange of financial instruments such as stocks, bonds, and derivatives.

Question 17

Markets are classified as either
A) producer or consumer.
B) institutional or reseller.
C) governmental or institutional.
D) reseller or consumer.
E) consumer or business-to-business.

Accepted Answer

Markets are generally classified as either consumer markets or business-to-business markets based on the types of customers being served. Reseller and producer markets fall under the business-to-business category, while governmental and institutional markets can fall under either category depending on the context.

Question 18

Ben was a salesperson for a manufacturing firm in the late 1920s.Which of the following would his employer most likely have asked him to do?
A) Use high-pressure sales technique to sell more of the company's high production output.
B) Nothing,because at this time production lagged well behind customer demand.
C) Simply take orders from customers and turn them in to the company.
D) Find out what customers really want and how the company can change its products to better meet customer needs.
E) Develop long-term relationships with clients.

Accepted Answer

During the late 1920s, the focus was on selling the high production output, often using aggressive sales techniques.

Question 19

Dillard's buys finished products and sells them for a profit to its customers.Dillard's is a part of which type of market?
A) Consumer
B) Producer
C) Governmental
D) Institutional
E) Reseller

Accepted Answer

Dillard's is a company that buys finished products and resells them to customers, hence it falls under the category of reseller market.

Question 20

To implement the marketing concept,a firm must first
A) mobilize its marketing resources.
B) promote the product.
C) obtain information about its customers' needs.
D) develop the product.
E) determine if customers want the firm to practice the marketing concept.

Accepted Answer

The marketing concept is based on satisfying the needs and wants of customers. Therefore, obtaining information about customers' needs is a crucial first step in implementing the marketing concept. Mobilizing marketing resources, promoting the product, and developing the product are all important steps but come after understanding customer needs. Determining if customers want the firm to practice the marketing concept is not relevant as the purpose of the marketing concept is to satisfy customer needs.

Quiz 11: Building Customer Relationships Through Effective Marketing

Teenagers spend billions of dollars on stereo equipment and compact discs.They have the ability,willingness,and authority to purchase such products because of their perceived need.These teenagers are an example of a(n) ____ market.

Which of the following is not one of the steps in implementing the marketing concept?

Southside Distributors in Los Angeles distributes beverages for a major corporation in Kansas City.It is specifically a part of a(n) ____ market.

If Grace White purchases office supplies for her home office from which she operates her insurance business,she is a member of which type of market?

Federated Insurance wants to expand its line of life insurance products by introducing a new policy.In keeping with the marketing concept,it likely will research all of the following except

Western Civic Club's goals differ from those of a profit-driven business,meaning that it is part of a(n) ____ market.

A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability,willingness,and ____ to purchase such products.

From the beginning of the Industrial Revolution until the early twentieth century,business effort was directed mainly toward

In the 1920s,producers had to shift to a new sales orientation,which was characterized by all of the following except

During the 1950s,the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of

Club Med Inc.talks to its present and potential customers to assess their needs for its products.Then it develops products to satisfy those needs.The firm is thus applying the ____ concept.

An approach to marketing that involves the entire business organization in the process of satisfying customers' needs while achieving the organization's goals is called

Emerson,an electronics manufacturer,purchases the wires it needs to make televisions and stereos from various wire manufacturers.Emerson is a part of which type of market?

Which of the following indicates a customer orientation?

The Bitty-Baby Store wants to update its way of doing business from the methods of the sales era to the more current methods of the marketing concept.Which of the following tactics will not be a step in the right direction?

Business-to-business markets include all of the following except ____ markets.

Markets are classified as either

Ben was a salesperson for a manufacturing firm in the late 1920s.Which of the following would his employer most likely have asked him to do?

Dillard's buys finished products and sells them for a profit to its customers.Dillard's is a part of which type of market?

To implement the marketing concept,a firm must first