Chapter 1 Quiz - Chapter 1: An Chapter Overview of...

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Chapter 1: An Chapter Overview of Marketing TRUE/FALSE 1. Marketing is defined as producing, promoting, and selling products. ANS: F 2. According to the American Marketing Association, marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. ANS: T 3. An exchange cannot take place unless each party in the exchange has something that the other party values. ANS: T 4. Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to the introduction, 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 example, Sara Lee is a good example of a production-oriented company. ANS: T 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 according to what its wrestlers wanted to do rather than what its fans wanted to see. Obviously, WCW had a market orientation. ANS: F 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 7. The societal marketing concept considers society's long-term best interests along with the satisfaction of customers' wants and needs. ANS: T 8. Both production and sales orientations are focused inward on the organization's needs. ANS: T 9. Customer value is the relationship between company profits and company costs. ANS: F 10. Firms try to achieve customer satisfaction and value by ensuring customer expectations are met or exceeded. ANS: T 11. 3D Systems is a company that uses computers to generate new product prototypes. It has generated loyal business clients by providing the best customer support in the industry. The company also provides direct sales consultations that gives its salespeople intimate knowledge about what exactly its customers want. This partnership between 3D Systems and its customers entails relationship marketing. ANS: T 12. Only a firm's salespeople need to be customer-oriented. ANS: F 13. Retailers who give their sales clerks the authority to handle customer complaints without having to get approval from a supervisor are using empowerment. ANS: T 14. In the early 1920s, Ford promised its customers any color vehicle they wanted as long as it was black. Ford's management assumed anyone buying a car would accept the color black, so it made products affordable by offering only one variety in large quantities. Ford is an example of a market-oriented firm. ANS: F
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Chapter 1 Quiz - Chapter 1: An Chapter Overview of...

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