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Question 1

In the context of marketing, an exchange refers to people giving up something in order to recieve something else they would rather have

Answer 1

T

Question 2

An production-oriented firm focuses on satisfying customer wants and needs

Answer 2

F. Focus on internal production capabilities:
Produce the MOST for the LOWEST cost ( Offer standardize for the lowest price)

Question 3

According to the American Marketing Association (AMA), what encompasses the definition of marketing?

A) The sole process of creating products.
B) A collection of activities and institutions unrelated to customer value.
C) The multifaceted practice involving creating, communicating, delivering, and exchanging offerings that benefit customers, clients, partners, and society.
D) The exclusive focus on advertising and promotion techniques.

Answer 3

C

Question 4

Which of the following are essential components for marketing to take place?

A) A market consisting solely of potential buyers.
B) A market offering limited to physical products.
C) An exchange involving only one party.
D) A market with both actual and potential buyers.
E) A market offering limited to services only.
F) An exchange involving three or more parties.
G) A market offering encompassing products, services, ideas, or people.

Answer 4

D. Marketing requires:
A market (Set of actual and potential buyers)
A market offering (Products, services, ideas, people…)
An exchange between Two willing parties

Question 5

Which of the following statements is true of a production-oriented firm?
a. It cannot survive when competition is weak.
b. It believes that people will buy more goods and services if aggressive sales techniques
are used.
c. It can survive and even prosper when demand exceeds supply.
d. It determines how to deliver superior customer value and implements actions to
provide value to customers.

Answer 5

C

Question 6

Which of the following is a similarity between a production orientation and a sales orientation?
a. Both ignore the importance of assessing a firm’s internal capabilities.
b. Both lack an understanding of the needs and wants of the marketplace.
c. Both place little emphasis on the assessment of manufacturing plants and
facilities.
d. Both fail in a market where demand exceeds supply.

Answer 6

B

Question 7

Researchers at Fresnas Inc. invented a new form of glass that filters harmful rays of sunlight and blocks heat. Without
researching the market conditions, Fresnas Inc. manufactured windshields with the new glass. It hopes that customers will
like its new product. In this scenario, Fresnas Inc. has adopted a _____.
a. sales orientation
b. production orientation
c. market orientation
d. societal marketing orientation

Answer 7

B

Question 8

Which of the following statements is true of production-oriented firms?
a. They do not focus on their internal capabilities.
b. They do not understand the needs and wants of the marketplace.
c. They focus on their customers and have quick cycle times.
d. They determine what products their customers want and then produce them

Answer 8

B

Question 9

A firm would benefit from a production orientation when _____.
a. it produces exactly what the market wants
b. the market demand is less than the products supplied by the firm
c. it hopes that the product it produces is something customers want
d. it focuses on what company management thinks should be
produced

Answer 9

A

Question 10

Which of the following is a sales-oriented organization?
a. Fournotts Corp., which produces what the company management thinks it can produce
best
b. Magnira Corp., which understands the needs and wants of the marketplace
c. Fillets Inc., which believes that aggressive promotion techniques can result in high
sales
d. Laelle Inc., which believes that a sale is based on a customer’s decision to purchase a
product

Answer 10

C

Question 11

Which of the following statements best describes the product philosophy in marketing?

A) Prioritizes quantity over quality and features.
B) Assumes customers have homogeneous preferences.
C) Focuses on product quality and features.
D) Ignores customer preferences entirely.
E) Assumes customers always choose the least expensive option.

Answer 11

C

Question 12

Which statement accurately reflects a potential limitation of the product philosophy in marketing?

A) Assumes customers always prioritize quantity over quality.
B) Assumes customers have homogeneous preferences.
C) Focuses solely on product features, neglecting customer preferences.
D) Acknowledges that customers have diverse preferences, rendering the approach less effective.
E) Assumes customers always choose the most expensive option

Answer 12

D

Question 13

In the context of on-demand marketing, which of the following statements is true of a sales-oriented firm?
a. It carefully identifies market segments.
b. It extensively uses relationship marketing strategies.
c. It extensively uses personal selling and advertising.
d. It increases sales by creating customer value and
satisfaction.

Answer 13

C

Question 14

Which of the following statements is true of a sales orientation?
a. Consumers can be convinced to buy goods or services even though they do not need
them.
b. Sales-oriented firms understand the needs and wants of the marketplace.
c. Sales-oriented firms lay maximum emphasis on society’s long-term best interests.
d. Intermediaries are encouraged to push manufacturers’ products aggressively

Answer 14

D

Question 15

Which of the following is a drawback of a sales orientation?
a. It gives excessive importance to the needs and wants of the marketplace.
b. It cannot convince people to buy goods that are neither wanted nor needed.
c. It places high emphasis on the assessment of manufacturing plants and
facilities.
d. It gives importance to the production function over other functions

Answer 15

B

Question 16

Which of the following statements best characterizes the marketing philosophy in marketing?

A) Primarily focuses on short-term sales goals.
B) Prioritizes aggressive selling tactics over customer satisfaction.
C) Core focus on satisfying customer needs and wants.
D) Relies on passive marketing strategies.
E) Emphasizes maximizing profit margins at the expense of customer relationships.

Answer 16

C

Question 17

Which outcome is associated with the marketing philosophy in marketing?

A) Leads to short-term customer satisfaction and loyalty.
B) Results in short-term sales spikes but not long-term customer loyalty.
C) Leads to long-term customer satisfaction and loyalty.
D) Prioritizes profit maximization over customer satisfaction.
E) Leads to frequent changes in product offerings, which can confuse customers.

Answer 17

C

Question 18

Which aspects are emphasized by the marketing philosophy in marketing?

A) Prioritizing profit maximization over customer needs.
B) Focusing solely on short-term sales goals.
C) Emphasizing understanding customer needs.
D) Neglecting the importance of delivering value.
E) Prioritizing aggressive selling tactics over building relationships

Answer 18

C

Question 19

Allied Inc., a beverage manufacturer, follows a societal marketing orientation. It wants to revamp its existing
containers as they were found to be harmful to its users. In this case, Allied Inc. should:
a. change the label of the old containers and use them.
b. sell containers that will leave high amounts of chemical wastes when
burned.
c. produce containers that are less toxic than its previous containers.
d. manufacture containers that cannot be reused.

Answer 19

C

Question 20

Which statement best describes the societal philosophy in marketing?

A) Primarily focuses on short-term profitability.
B) Prioritizes meeting customer needs over societal interests.
C) Goes beyond meeting customer needs to consider long-term societal interests.
D) Neglects the implications of products on health, environment, and society.
E) Aligns with customer demands for maximizing profit without considering environmental factors.

Answer 20

C

Question 21

Which aspects are characteristic of the societal philosophy in marketing?

A) Neglecting the implications of products on health, environment, and society.
B) Ignoring customer demands for environmentally friendly products.
C) Considering implications of products on health, environment, and society.
D) Prioritizing profit over the well-being of people and the planet.
E) Following a single bottom line approach focused solely on financial gains.

Answer 21

C

Question 22

Which statements are consistent with the integration of societal and marketing philosophies?

A) Consumers prioritize lower prices over environmentally friendly products.
B) Companies focus solely on maximizing profits without considering societal impact.
C) Consumers are willing to pay higher prices for environmentally friendly products.
D) Companies prioritize profit over meeting customer needs, including concern for the environment.
E) Aligns with the marketing philosophy of disregarding consumer preferences related to environmental concerns.

Answer 22

C

Question 23

Which of the following is considered a marketing tool?

A) Sales forecasting.
B) Marketing research.
C) Employee training.
D) Financial accounting.

Answer 23

B. Marketing Tools:
Marketing research.
Segmentation and target markets.
Four Ps of marketing (Product, Price, Place, Promotion).

Question 24

Which of the following statements is true of marketing?
a. It is more of a philosophy than an organizational function.
b. It is focused solely on selling goods, services, and ideas.
c. It rewards the seller and not the buyer of a transaction.
d. It focuses on delivering value and benefits to customers.

Answer 24

D

Question 25

Livin’ Styles, a home décor company, is well known for its varieties of designs. The management of Livin’ Styles
collaborates with its customers and co-creates designs. This is an example of _____.
a. following a sales orientation
b. focusing on environmental
value
c. delegating authority
d. creating customer value

Answer 25

D

Question 26

What is customer value primarily based on?

A) The cost of production.
B) The price customers are willing to pay.
C) The benefits customers receive compared to the price they pay.
D) The quantity of products sold.

Answer 26

C

Question 27

How do companies charge higher prices according to the concept of customer value?

A) By reducing the quality of their products.
B) By increasing the price without offering additional benefits.
C) By decreasing the benefits customers receive.
D) By enhancing value with additional benefits

Answer 27

D

Question 28

What are examples of benefits that contribute to customer value?

A) Higher prices and lower quality.
B) Decreased convenience and longer waiting times.
C) Product quality, time savings, and convenience.
D) Decreased product variety and limited availability.

Answer 28

C

Question 29

What does customer satisfaction primarily reflect?

A) The company’s profitability.
B) How well a product or service met customers’ expectations.
C) The number of competitors in the market.
D) The quantity of products sold.

Correct Answer: B) How well a product or service met customers’ expectations.

Answer 29

B

Question 30

. Relationship marketing assumes that many consumers and business customers prefer to switch continually among
different organizations rather than continue relationship with just one provider.
a. True
b. False

Answer 30

F. Goal: Develop and enhance long term relationship with customers

Question 31

Which of the following statements is true of firms that adopt relationship marketing strategies?
a. They focus on the internal business environment.
b. They rely on aggressive sales strategies.
c. They focus on short-term goals of increasing
sales.
d. They encourage teamwork among employees.

Answer 31

D