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Marketing Chapter 1 Notes

One facet of marketing is that it is:
a. an approach that focuses on maximizing sales
b. a short-term oriented approach to profit maximization
c. an approach that requires diversity
d. independent of value creativity
e. a philosophy that stresses customer satisfaction
e. a philosophy that stresses customer satisfaction
A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of:
a. a control system
b. human resources
c. accounting
d. production
e. marketing
e. marketing
Which of the following occurs when people give up something in order to receive something that they would rather have?
a. Leveraging
b. Synergy
c. Transformation
d. Exchange
e. Reciprocity
d. Exchange
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. marketing activities help to create exchange
c. exchange provides money to marketers
d. marketing activities are a requirement for exchange to take place
e. money is the only medium of exchange for business marketers
B. marketing activities help to create exchange
All of the following are marketing management philosophies EXCEPT:
a. sales orientation
b. societal marketing orientation
c. market orientation
d. production orientation
e. profitability orientation
e. profitability orientation
A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation.
a. marketplace
b. production
c. market
d. exchange
e. sales
b. production
The _____ orientation assumes people will buy more if aggressive selling techniques are used.
a. market
b. exchange
c. customer
d. production
e. sales
e. sales
Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance, retirement plans, and pre-planned funeral services?
a. Profitability orientation
b. Production orientation
c. Marketing orientation
d. Product orientation
e. Sales orientation
e. Sales orientation
Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?
a. Customer
b. Production
c. Market
d. Sales
e. Marketplace
d. Sales
Which marketing management philosophy assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product?
a. Sales Orientation
b. Production Orientation
c. Market Orientation
d. Product Orientation
e. Exchange Orientation
c. Market Orientation
A company that wants to implement a market orientation would need to:
a. do research on its customers, competitors, and markets
b. determine how to deliver superior customer value
c. establish and maintain mutually satisfying relationships with customers
d. implement actions that provide value to customers
e. do all of the activities listed
e. do all of the activities listed
An organization with a(n) _____ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests.
a. Societal Marketing orientation
b. market orientation
c. ethical business mission
d. focused target market strategy
e. Sales orientation
a. Societal Marketing orientation
When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, _____ is created.
a. Customer Satisfaction
b. a quality rift
c. planning excellence
d. A value line
e. expectation satisfaction
a. Customer Satisfaction
_____ is a strategy that focuses on keeping and improving relationships with current customers.
a. Commitment selling
b. Transactional marketing
c. Relationship marketing
d. Market engineering
e. Organization-customer synergy
c. Relationship marketing
Most successful relationship marketing strategies depend on:
a. customer-oriented personnel
b. effective training programs
c. employees with authority to make decisions and solve problems
d. teamwork
e. all of these
e. all of these
All of the following are good reasons to study marketing EXCEPT:
a. Marketing affects your life every day.
b. Marketing plays an important role in society.
c. Marketing is important to business.
d. Marketing offers outstanding career opportunities.
e. Marketing creates consumer needs.
e. Marketing creates consumer needs.

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