An Overview of Marketing

One facet of marketing is that it is:

• an approach that focuses on maximizing sales

• a short-term oriented approach to profit maximization

• an approach that requires diversity

• a philosophy that stresses customer satisfaction

• independent of value creation

Which of the following occurs when people give up something in order to receive something that they would rather have?

• Exchange

• Synergy

• Transformation

• Leveraging

• Reciprocity

All of the following are necessary for exchange to occur EXCEPT:

• each party is capable of communication and delivery

• each party signs a contract before exchange occurs

• each party believes it is appropriate or desirable to deal with the others

• each party is free to accept or reject the exchange offer

• each party must have something the other party considers to be valuable

All of the following are marketing management philosophies EXCEPT:

• sales orientation

• societal marketing orientation

• market orientation

• profitability orientation

• production orientation

A firm with a production orientation is most likely to survive if:

• there are many small competitors in the marketplace

• demand for the product it produces exceeds supply

• the needs of the marketplace are constantly shifting

• supply for the product it produces exceeds demand

• any of these conditions exist

Toyota found that consumers wanted cars to last longer and be more environmentally friendly. GM, however, enjoyed being the top U.S. car producer, and focused more on how many cars and trucks it could manufacture and not on what customers wanted from a vehicle. GM had more of a _____ orientation.

• sales

• production

• market

• product

• customer

The company believes its retail customers will stock more jewelry if its salespeople use aggressive marketing techniques, so the company provides strong incentives for salespeople and promotional allowances to resellers to get distribution for its jewelry. In other words, the company has a _____ orientation.

• promotion

• production

• sales

• market

• customer

At www.mystarbucksidea.com customers are encouraged to share their ideas and thoughts about how Starbucks can better serve their customers. Starbucks customers told management that they wanted to be recognized for choosing Starbucks coffee. So Starbucks instituted the Starbucks Reward program with money saving benefits to their Starbuck card-holders. Starbucks is an example of a company with a _____ oriented philosophy.

• transactional

• sales

• product

• societal

• market

A company adhering to the marketing concept will likely take which of the following steps if it learned that its customers were dissatisfied with its product?

• hire more salespeople

• decrease its organizational overhead

• increase its advertising to underserved markets

• increase the number of outlets in which the product is sold

• conduct research to determine if its customers' needs have changed

The marketing concept involves:

• 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