Marketing Final Exam

orientation a sales b market c retail d production e

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Unformatted text preview: rientation. a. sales b. market c. retail d. production e. exchange ANS: B A market-oriented philosophy is based on the consumers’ wants and needs, and the organization will focus its activities on satisfying these customers by listening to them and revising strategies as necessary. PTS: 1 REF: 6 Thinking KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Application 43. At www.mystarbucksidea.com, customers are encouraged to share their ideas and thoughts about how Starbucks can better serve its customers. Starbucks customers told management that they wanted to be recognized for choosing Starbucks coffee. So Starbucks instituted the My Starbucks Reward program with money-saving benefits to their Starbuck cardholders. Starbucks is an example of a company with a _____-oriented philosophy. a. transaction b. sales c. product d. society e. market ANS: E A market-oriented philosophy is based on consumers’ wants and needs, and the organization will focus its activities on satisfying these customers by listening to them and revising strategies as necessary. PTS: 1 REF: 6 Thinking KEY: CB&E Model Promotion OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Application 44. At the Lands’ End Web site, a customer can chat online with customer service representatives while shopping. This live help allows the customer to have questions answered before placing an order. This focus on meeting customer needs illustrates a(n) _____ orientation. a. societal b. market c. sales d. production e. one-to-one ANS: B A market-oriented philosophy is based on the consumers’ wants and needs, and the dealer satisfies these needs by providing excellent customer service. Building a relationship with these customers is an important key. PTS: 1 REF: 6 Thinking KEY: CB&E Model Customer OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Application 45. After hearing his company criticized for its failure to respond to consumer needs, the CEO of a bank realized that his company needs to adhere to the marketing concept and implement a market-oriented strategy. Which of the following actions would be the best approach to achieving this goal? a. Reorganizing the company and making marketing its most important department b. Hiring new salespeople to find new customers c. Expanding the advertising budget to make potential customers more aware of its product offerings d. Creating cross-functional teams and instructing them to focus on creating greater customer value e. Hiring a new product development manager ANS: D Market-oriented companies are successful in getting all business functions working together to deliver customer value. PTS: 1 REF: 6 Thinking KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Application 46. Jacques Torres Chocolate is a factory and retail store in Brooklyn. Its owner is willing to try to produce new products when his customers suggest them––such as chili-pepper-laced chocolate candy. His only condition is that whe...
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