Question 1

The concept of exchange is important to marketing because:
A) if all the conditions for an exchange are in place,then the exchange will be completed
B) exchange provides money to marketers
C) marketing activities help to create exchange
D) marketing activities are a requirement for exchange to take place
E) money is the only medium of exchange for business marketers

Accepted Answer

Marketing activities help the exchange to take place,but marketing can occur without an exchange.

Question 2

If the local chapter of the American Red Cross sponsors a free lifesaving course,city residents will not have to pay to take the class.An exchange will take place because:
A) people can decide the course has no value.
B) the Red Cross does not have to communicate with class participants.
C) the desirability of the exchange is questionable.
D) both the Red Cross and the people taking the course will trade something of value.
E) people who take the course have to give nothing of value in return.

Accepted Answer

This is because both parties involved in the exchange, the Red Cross and those taking the course, are giving and receiving something of value. The Red Cross is providing the course for free, but in return, they are getting more people educated on lifesaving techniques which ultimately benefits the community. Therefore, it is a fair exchange of value.

Question 3

Mimi Couturier is a design company that specializes in formalwear for women.The company is known for challenging fashion mores.The company's fashion innovators use computer-assisted design software to create what they think women should wear.The company regularly hires industry experts to examine construction work areas to find waste and inefficiencies that can be eliminated.Its fashion innovators have expanded the number of products it offers for sale many times.However,for the last two years Mimi Couturier has lost money,and it has had to lay off some of its work force.To avoid this occurrence in the future,the company should:
A) hire more retail efficiency experts to trace down any production problems.
B) increase its sales force to find more potential customers for the firm.
C) have someone to study its target market to see what needs and wants should be met by Mimi Couturier.
D) cut prices so that its prices are at least 10 percent below those of its competitors.
E) design more sophisticated products that use the latest computer-aided techniques.

Accepted Answer

To avoid losing money and layoffs in the future, Mimi Couturier should conduct market research to understand the needs and wants of its target market. This will help the company to create products that align with customer preferences, increase sales, and improve profitability. Hiring more retail efficiency experts or designing more sophisticated products may not address the root cause of the company's financial troubles. Similarly, increasing the sales force may not be effective without understanding the market and creating products that meet customers' needs. Cutting prices may improve sales but could adversely affect profitability.

Question 4

A problem facing the timber industry is the absence of any effective way to prove that rain forest timber was legally logged from places like Indonesia,where as much as 80 percent is the product of illegal logging.Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests.Exchanges between Home Depot and companies that are selling illegally-logged timber will not occur because:
A) there are more than two parties involved
B) each party has something of value to bring to the exchange
C) one party is free to accept the exchange offer
D) each party believes it is appropriate to deal with the other party
E) nobody sees the exchange as producing value

Accepted Answer

The passage states that companies like The Home Depot do not want to sell illegally-logged timber, indicating that they do not believe it is appropriate to deal with companies engaging in this practice. Therefore, option D is the best choice.

Question 5

The key term in the American Marketing Association's definition of marketing is:
A) process
B) customers
C) benefit
D) stakeholders
E) relationships

Accepted Answer

The answer of The key term in the American Marketing...

Question 6

The term marketing refers to:
A) new product concepts and improvements
B) selling
C) advertising and promotion activities
D) a philosophy that stresses customer satisfaction
E) planning sales campaigns

Accepted Answer

The term marketing encompasses more than just selling and advertising. It is a philosophy that emphasizes customer satisfaction and seeks to understand and meet their needs through various activities such as product development, pricing, promotion, and distribution.

Question 7

Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products.The typical Indonesian logging company has a(n)_____ orientation.
A) exchange
B) product
C) production
D) sales
E) environmental

Accepted Answer

A production orientation focuses on maximizing production efficiency and output, often at the expense of environmental or social considerations. The fact that Indonesian logging companies are harvesting rainforests for timber demonstrates a focus on production.

Question 8

Researchers at PPG Industries spent considerable time,effort,and money developing a bluish windshield that would let in filtered sunlight but block out the heat.Little market research was done,but the scientists were convinced that this new product would be significantly better than existing windshields even though they were more expensive and of a different color than the current models on the market.PPG most likely has a(n)_____ orientation.
A) exchange
B) production
C) sales
D) promotion
E) customer

Accepted Answer

PPG Industries' focus on developing a superior product without much market research suggests a production orientation, where the company prioritizes efficient production and product improvement over assessing and responding to customer needs or preferences.

Question 9

Firms with a _____ orientation focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
A) sales
B) production
C) marketing
D) customer
E) customer-benefit

Accepted Answer

Firms with a production orientation prioritize their internal capabilities and efficiency in producing goods or services over the needs and desires of the market.

Question 10

A key ingredient in the philosophy of marketing is _____,or the idea that people give up something in order to receive something that they would rather have.
A) exchange
B) synergy
C) promotion
D) sublimation
E) reciprocity

Accepted Answer

The concept of exchange is at the heart of marketing philosophy. It refers to the idea that a customer gives up something (typically money) in order to receive something of value that they desire (such as a product or service). The marketer, in turn, receives payment for providing the product or service. This exchange is viewed as a mutually beneficial transaction in which both parties receive something that they value more than what they gave up.

Question 11

In which of the following situations is a firm with a production orientation most likely to survive?
A) There are many small competitors in the marketplace.
B) Demand for the product it produces exceeds supply.
C) Needs of the marketplace are shifting.
D) Supply for the product it produces exceeds demand.
E) What the firm can best produce is not what the market wants.

Accepted Answer

A firm with a production orientation focuses on efficient production and relies on the assumption that consumers will buy whatever is available and affordable. In situations where demand for the product exceeds supply, this approach can work well as the firm can focus on increasing production to meet the demand. However, in situations where there are many small competitors, needs of the marketplace are shifting or what the firm produces is not what the market wants, a production orientation is less likely to be successful. When supply exceeds demand, it can also be difficult for a production-oriented firm to continue operating efficiently.

Question 12

The owner of a company that produces copy paper once said,"People buy whatever copy paper is the cheapest,so I spend my time trying to find ways I can cut my price." This owner has a _____ orientation towards marketing.
A) discount
B) sales
C) production
D) benefit
E) customer

Accepted Answer

The owner's focus on finding ways to cut the price and assumption that people buy based on price indicates a production orientation towards marketing. This means prioritizing the efficiency of production and cost reduction to offer the product at a lower price, rather than focusing on the wants or needs of the customer or providing unique benefits or sales strategies.

Question 13

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction.
A) Planning strategy
B) Customer management
C) Marketing
D) A control system
E) Reciprocity

Accepted Answer

The set of activities described in the question is closely related to the concept of marketing, which aims to create, communicate, and deliver value to customers while also satisfying their needs and wants. Therefore, option C, marketing, is the best choice. The other options, such as planning strategy, control system, and reciprocity, do not adequately capture the essence of the activities described in the question.

Question 14

Kaj Heche wants to sell a Model T Ford that he inherited from his grandfather.A preliminary investigation has shown many people would be interested in this type of automobile.He has taken out an advertisement in his local trade paper and provided customers with a toll-free number to make an appointment to drive the car.He has also read in the auto trade papers that similar cars to the one that he owns are selling for about $4,000.Before selling his Model T,what else should Heche find out?
A) how to price the car so that customers will seek out his vehicle
B) where the car should be located to secure optimum drive-up business
C) how he should approach possible buyers
D) how to promote the car to generate significant visibility for the ad
E) determine if the car can meet the demands of potential customers

Accepted Answer

Heche should determine if the car can meet the demands of potential customers to ensure it is in good condition and meets buyer expectations, which is crucial for a successful sale.

Question 15

A business is concerned with many day-to-day activities.Some of the most important are the planning and conception of the product or service,its pricing policy,and the distribution strategy.These activities are all a part of:
A) a control system
B) marketing
C) accounting
D) production
E) human resources

Accepted Answer

The activities mentioned (planning and conception of the product or service, pricing policy, and distribution strategy) are all part of the marketing function within a business.

Question 16

One problem with adopting a(n)_____ orientation to marketing is its failure to consider whether what the firm produces most efficiently also meets the needs of the marketplace.
A) customer
B) exchange
C) product
D) market
E) production

Accepted Answer

The statement highlights the possible limitation of a production orientation, where a firm is mainly concerned with producing goods or services efficiently without considering the needs and preferences of the targeted customers.

Question 17

In order for exchange to occur,:
A) a complex societal system must be involved
B) organized marketing activities must also occur
C) a profit-oriented organization must be involved
D) money or other legal tender is required
E) each party must have something of value to the other party

Accepted Answer

For exchange to occur, each party involved must have something of value to the other party. This could be goods, services or even money. However, money or other legal tender is not always required for exchange to occur. It is possible to have barter trade where goods or services are directly exchanged without the use of money. There does not necessarily have to be an organized marketing activity or a profit-oriented organization involved either.

Question 18

For an exchange to take place:
A) there must be at least two parties
B) money must be present
C) each party must feel obligated to accept the offer
D) at least one person must have something of value
E) communication must not occur

Accepted Answer

An exchange requires at least two parties to engage in a transaction.

Question 19

Four competing philosophies strongly influence the role of marketing and marketing activities within an organization.Which if the following is NOT a marketing management philosophy?
A) sales orientation
B) societal marketing orientation
C) marketing orientation
D) profitability orientation
E) production orientation

Accepted Answer

Profitability orientation is not a marketing management philosophy, but rather a broader business philosophy that prioritizes maximizing profitability over other goals such as customer satisfaction or societal responsibility. The other choices listed (A, B, C, and E) are all marketing management philosophies that prioritize different aspects of marketing and customer relations.

Question 20

A company that sets its goals and strategies based on what the current plant equipment can produce,what products engineering can design,and what the company itself can do best,has a(n)_____ orientation.
A) marketplace
B) sales
C) market
D) exchange
E) production

Accepted Answer

A production orientation focuses on what the company can produce, design, and do best in terms of its production capabilities, without necessarily considering the needs and wants of the marketplace or customers.

Quiz 1: An Overview of Marketing

The concept of exchange is important to marketing because:

If the local chapter of the American Red Cross sponsors a free lifesaving course,city residents will not have to pay to take the class.An exchange will take place because:

The key term in the American Marketing Association's definition of marketing is:

The term marketing refers to:

Indonesian logging companies harvest the rain forests for timber and assume that a market exists for their products.The typical Indonesian logging company has a(n) _____ orientation.

Firms with a _____ orientation focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

A key ingredient in the philosophy of marketing is _____,or the idea that people give up something in order to receive something that they would rather have.

In which of the following situations is a firm with a production orientation most likely to survive?

The owner of a company that produces copy paper once said,"People buy whatever copy paper is the cheapest,so I spend my time trying to find ways I can cut my price." This owner has a _____ orientation towards marketing.

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction.

A business is concerned with many day-to-day activities.Some of the most important are the planning and conception of the product or service,its pricing policy,and the distribution strategy.These activities are all a part of:

One problem with adopting a(n) _____ orientation to marketing is its failure to consider whether what the firm produces most efficiently also meets the needs of the marketplace.

In order for exchange to occur,:

For an exchange to take place:

Four competing philosophies strongly influence the role of marketing and marketing activities within an organization.Which if the following is NOT a marketing management philosophy?

A company that sets its goals and strategies based on what the current plant equipment can produce,what products engineering can design,and what the company itself can do best,has a(n) _____ orientation.