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REV MKTG3_testbank_ch01

REV MKTG3_testbank_ch01 - Chapter 1-An Overview of...

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Chapter 1—An Overview of Marketing TRUE/FALSE 1. Marketing can be simply defined as selling products. ANS: F Marketing has two facets. First, it is a philosophy, an attitude, a perspective, or a management orienta- tion that stresses customer satisfaction. Second, marketing is an organization function and a set of pro- cesses used to implement this philosophy. PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def TOP: AACSB Reflective Thinking| TB&E Model Strategy DIFF: Easy 2. 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. ANS: T PTS: 1 REF: 3 OBJ: 01-1 TYPE: Def TOP: AACSB Reflective Thinking| TB&E Model Strategy DIFF: Medium 3. An exchange cannot take place unless each party in the exchange has something that the other party values. ANS: T PTS: 1 REF: 3-4 OBJ: 01-1 TYPE: Comp TOP: AACSB Reflective Thinking| TB&E Model Strategy DIFF: Medium 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: AACSB Analytic| TB&E Model Research DIFF: Hard 5. World Championship Wrestling (WCW), a one-time competitor of the World Wrestling Federation (now known as World Wrestling Entertainment), failed primarily because it set up its matches accord- ing to what its wrestlers wanted to do rather than what its fans wanted to see. Obviously, WCW had a market orientation. ANS: F A production orientation would be a more appropriate description for a firm that does not research consumer needs and wants but rather focuses on the internal capabilities of the firm. PTS: 1 REF: 4-5 OBJ: 01-2 TYPE: App TOP: AACSB Analytic| TB&E Model Strategy DIFF: Medium 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: AACSB Reflective Thinking| TB&E Model Customer DIFF: Hard
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7. The societal marketing concept considers society's long-term best interests along with the satisfaction of customers' wants and needs. ANS: T PTS: 1 REF: 6 OBJ: 01-2 TYPE: Def TOP: AACSB Reflective Thinking| TB&E Model Customer DIFF: Medium 8. Both production and sales orientations are focused inward on the organization's needs. ANS: T PTS: 1 REF: 4-5 OBJ: 01-3 TYPE: Comp TOP: AACSB Reflective Thinking| TB&E Model Strategy DIFF: Easy 9. Customer value is the relationship between company profits and company costs.
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