Chapter 01

Chapter 01 - Chapter 1An Overview of Marketing TRUE/FALSE...

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Chapter 1—An Overview of Marketing TRUE/FALSE 1. Marketing is defined as producing, promoting, and selling products. ANS: F Marketing is 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. PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def TOP: 2. According to the American Marketing Association, marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for cus- tomers, clients, partners, and society at large. ANS: T PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def TOP: 3. An exchange cannot take place unless each party in the exchange has something that the other party values. ANS: T PTS: 1 REF: 4 OBJ: 01-1 TYPE: Comp TOP: 4. Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to the intro- duction, the company had not conducted market research among its customers, but it was confident that its science and technology department had produced a successful new product. Based on this ex- ample, Sara Lee is a good example of a production-oriented company. ANS: T PTS: 1 REF: 4 OBJ: 01-2 TYPE: App TOP: 5. Unlike a production orientated firm, a firm embracing a sales orientation focuses on customer wants and needs so it can develop the best product at the lowest cost that will require very little selling effort. ANS: F A sales orientation is based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. PTS: 1 REF: 4-5 OBJ: 01-2 TYPE: Comp TOP: 6. The marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customers’ wants and needs while meeting organizational objectives. ANS: T PTS: 1 REF: 5 OBJ: 01-2 TYPE: Def TOP: 7. The societal marketing concept considers society's long-term best interests along with the satisfaction of customers' wants and needs.
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ANS: T PTS: 1 REF: 6 OBJ: 01-2 TYPE: Def TOP: 8. The focus of a production-oriented firm is on what it can make or do best. ANS: T PTS: 1 REF: 4-5 OBJ: 01-2 TYPE: Comp TOP: 9. Personnel in sales-oriented firms tend to be “outward looking,” focusing on selling what the market wants.
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Chapter 01 - Chapter 1An Overview of Marketing TRUE/FALSE...

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