Marketing Final Exam

With its product a hire more salespeople b decrease

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Unformatted text preview: ied with its product? a. Hire more salespeople b. Decrease its organizational overhead c. Increase its advertising to underserved markets d. Increase the number of outlets in which the product is sold e. Conduct research to determine if its customers’ needs have changed ANS: E A marketing concept and market-oriented philosophy are 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: 5-6 Thinking KEY: CB&E Model Customer OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Analysis 35. The marketing concept involves: a. b. c. d. e. ANS: A This is the definition of the marketing concept. focusing on customers’ wants and needs so that the organization can distinguish its product (or products) from competitors’ products satisfying management’s needs and wants with the idea of maximizing profits in the short run selling as much product as possible under the assumption people will buy more goods and services if aggressive selling techniques are used selling as much as possible under the assumption consumers will buy more at lower prices focusing on production in order to increase product quality and lower prices PTS: 1 REF: 5-6 Thinking KEY: CB&E Model Customer OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Knowledge 36. The marketing concept stresses that the social and economic justification for an organization’s existence is the satisfaction of customer needs and wants while: a. producing a good or service at the lowest possible cost b. improving the general standard of living c. constantly increasing sales volumes d. applying scientific management techniques to improve efficiency e. simultaneously meeting organization objectives ANS: E The marketing concept holds that the needs and wants of both the customer and the firm be served. PTS: 1 REF: 5-6 Thinking KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Comprehension 37. SAP, the world’s largest business software company, has pledged to put the “customer at the center” of their universe. SAP has captured the idea of: a. the 80/20 rule b. Maslow’s hierarchy of needs c. the marketing concept d. the sales orientation philosophy e. the societal concept ANS: C The marketing concept justifies a company’s existence by its ability to satisfy customers. PTS: 1 REF: 5-6 Thinking KEY: CB&E Model Strategy OBJ: 01-2 TOP: AACSB Reflective MSC: BLOOMS Application 38. When a homeowner visited The Home Depot to buy what he thought he needed to fix a leaking toilet, he gathered up materials totaling almost $70. One his way to check out, an employee asked him what was he trying to fix. After some discussion, the employee convinced the homeowner that a $5.99 replacement part would fix the problem better than the materials he thought he needed and with less trouble. This sort of discussion between employees and customers is commonplace at T...
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This document was uploaded on 09/29/2013.

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