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Chapter 01 - Chapter 1-A Business Marketing Perspective...

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Chapter 1—A Business Marketing Perspective MULTIPLE CHOICE 1. Market-driven firms demonstrate: a. the coordinated use of interfunctional resources (for example, research and development, manufacturing). b. a set of values and beliefs among employees that places the customer's interests first. c. the ability to generate, disseminate, and productively use superior information about customers and competitors. d. all of the above. e. (b) and (c) only. ANS: D PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Strategy | R&D Knowledge of general business functions 2. Market-driven firms spot market changes and react well in advance of their competitors. This illustrates: 3. The particular skills, abilities, and processes that an organization has developed to manage close customer relationships are referred to as: 4. The ability of an organization to quickly recognize changes in its market and to anticipate customer responses to marketing programs is referred to as:
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5. Motorola reduced the price of the electronic engine control that it sells to Ford by 10 percent and experienced a 15 percent increase in quantity demanded. This suggests that Ford’s price elasticity of demand is: a. elastic. b. inelastic. c. neither elastic nor inelastic. d. insensitive to price changes. e. none of the above. ANS: A PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Pricing | R&D Knowledge of general business functions 6. Dayco increased the price of the drive belts that it sells to General Motors by 5 percent and sales of the item grew by 9 percent. Price elasticity of demand for drive belts appears to be:
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