MKT243 - CHAP 1

Which of the following best defines marketing, according to the American Marketing Association?

• The process of selling goods and services at the highest possible price.

• The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

• The use of advertising to inform consumers about products and services.

• The organization’s focus on internal operations to maximize production efficiency.

Demographic factors in the external environment, such as age, race, and location, are important because they help marketers understand the ________ characteristics of the target market.

• psychological

• functional

• physical

• social

Which of the following statements is NOT true about the role of marketing?

• Marketing involves understanding, anticipating, and meeting consumer needs and desires.

• Marketing focuses primarily on transactions that result in immediate sales to maximize short-term revenue.

•   Marketing employs strategies aimed at building lasting relationships and creating value for both the business and its customers.

• Marketing includes activities related to creating, communicating, delivering, and exchanging offerings of value to stakeholders.

What is a key distinction between the marketing orientation and the production orientation?

• The production orientation focuses on consumer needs, while the marketing orientation focuses on internal resources.

• The marketing orientation and production orientation are identical in approach.

• The production orientation requires extensive market research.

• The marketing orientation emphasizes customer satisfaction and meeting customer needs, while the production orientation emphasizes efficient production and company capabilities.

Which of the following is a key component of a successful marketing mix?

• Customer service, employee training, and financial management.

• Production efficiency, market research, and sales tactics.

• Product, price, place, and promotion.

• Advertising, public relations, and corporate social responsibility.

Environmental scanning helps organizations anticipate market opportunities and potential threats by analyzing external factors.

• TRUE

• FALSE

Social factors in the external marketing environment only affect the way products are promoted, not the types of products developed.

• TRUE

• FALSE

A sales-oriented company believes that high-quality products will naturally attract customers without the need for aggressive promotion.

• TRUE

• FALSE

  The societal orientation takes into account not only the needs and wants of customers but also the long-term welfare of society as a whole.

• TRUE

• FALSE

The three economic areas of greatest concern to most marketers are seller power, inflation, and recession.

• TRUE

• FALSE