Marketing Chapter 1 Cengage Quiz

13 October 2022
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question
Which of the following is the definition of marketing?
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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.
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Which of the following are true of marketing?
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- It is a philosophy or perspective that stresses customer satisfaction. -It involves building long-term, mutually beneficial relationships. -It entails processes that focus on delivering value and benefits to customers.
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When someone gives up something in order to receive something else they would rather have, it is called
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an exchange
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All of the following are conditions of an exchange except
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money is the medium of exchange.
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A production orientation philosophy focuses on
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assessing the resources of a firm.
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A production orientation philosophy
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does not consider whether the goods and services that a firm produces most efficiently meet the needs of the marketplace.
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Which of the following statements is true of production-oriented firms?
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These firms survive and prosper where competition is weak.
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Which of the following statements is a difference between a production orientation and a sales orientation?
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A production orientation focuses on the internal capabilities of a firm, while a sales orientation focuses on increasing a firm's profits by using aggressive advertisements.
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Which of the following statements is true of firms that succeed in competitive markets?
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They first determine what customers want and then produce it.
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In the context of marketing management philosophies, a sales orientation aims at
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pushing manufacturers' products more aggressively to achieve high profits.
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In the context of a sales orientation, which of the following statements is true of marketing?
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Marketing is concerned with selling things and collecting money.
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The _____ is the idea that an organization exists not only to satisfy customer wants and needs but also to preserve individuals' long-term best interests.
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societal marketing orientation
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Which of the following is a reason for firms to adopt a societal marketing orientation?
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Growing environmental concerns
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Which of the following activities is not correct about the marketing concept?
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Implementing effective and high-quality sales techniques to sell goods and services.
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The relationship between the benefits a consumer receives from a product or service and what they give up to obtain those benefits is known as
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customer value.
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Which of the following statements is true regarding companies engaged in relationship marketing?
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They are focused on improving rapport with current customers.
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A company that produces running shoes specifically for customers with low arches, utilizes a market-orientation approach and likely
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employs customer relationship management strategies.
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In the context of relationship marketing, which of the following statements is true of empowerment?
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It refers to having the authority to solve customer problems on the spot.
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In the context of relationship marketing, which of the following statements is true of employees who are empowered?
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They develop ownership attitudes.
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Studying marketing is important because
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-regardless of your major, it is important to have a basic understanding of all business areas. -marketing contributes directly to a company's profits and growth. -it allows students to become better informed citizens.
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Shelby is looking to purchase a new car. She knows from her marketing class, that she should research the different models she is interested in and evaluate the alternatives before making such a large purchase. This demonstrates which reason to study marketing?
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Marketing is part of everyday life