Marketing Final Exam

In terms of a employees b goods and services c

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Unformatted text preview: in terms of: a. employees b. goods and services c. customers d. competitors e. benefits ANS: B A sales-oriented firm focuses inward on its products and services. PTS: 1 REF: 10 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Comprehension 80. A market-oriented firm defines its business in terms of: a. goods and services b. the benefits its customers seek c. employee empowerment d. competitive position e. customer satisfaction ANS: B A market-oriented firm is defined in terms of the benefits its customers seek. PTS: 1 REF: 10 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Comprehension 81. Redefining the business mission of a mattress manufacturer as “a good night’s sleep” rather than stating the mission as “the manufacture of high-quality mattresses” will: a. not stimulate an awareness of changes in consumer desires b. be too broad a statement to be of any real use in serving customers c. stifle creativity in discovering opportunities to serve customers d. help ensure the firm retains its focus on consumers e. ensure the core products will be retained ANS: D The broader business mission of “a good night sleep” will stimulate innovation and creativity because not all sleep aids are mattresses. It will lead the company to further growth. PTS: 1 REF: 10-11 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Application 82. One of the reasons given for the decline of the passenger rail industry in the United States is that the industry defined its mission as trains and not as transportation sources. The railroad industry failed to: a. define its mission in terms of the benefits its customers seek b. ignore the marketing concept of serving customer needs and wants c. realize “customers only want what they know” d. have a sales orientation e. empower the consumer ANS: A A market-oriented firm defines its business in terms of the benefits its customers seek. Because of the limited way the railroad industry defined its business, it missed an opportunity to define itself in terms of the benefits customers were seeking. PTS: 1 REF: 10-11 Thinking KEY: CB&E Model Strategy OBJ: 01-3 TOP: AACSB Reflective MSC: BLOOMS Application 83. Walker Farms heard from many of its customers that they would like organic produce. As a result, Walker Farms became a certified organic farm. Walker realized that while not all consumers were willing to pay the higher prices for organic produce, his customers wanted the organic produce. Walker realized: a. he missed sales by not concentrating on the average customer b. different customer groups have different needs and wants c. d. e. he is a sales-oriented farm his business is about selling the cheapest vegetables his aim is a goal of profit through maximum sales volume ANS: B One way to implement the marketing concept is to concentrate on the needs of specific groups of customers. PTS: 1 REF: 10-11 Thinking KEY: CB&a...
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This document was uploaded on 09/29/2013.

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