MKT 3350 002 Quiz Chapter 1

1. Marketing plays an important part in society, is important to businesses, offers career

opportunities, and affects your everyday life. With this in mind, what percent of every dollar consumers spend pays for marketing costs such as product development, packaging, advertising, etc.? A) About 10 Percent B) About 30 Percent C) About 50 Percent D) About 85 Percent

2. Concerns such as climate change, pollution, fuel shortages, the depleting ozone layer, and
health risks fall under which aspect of Marketing? A) Sales Orientation B) Market Orientation C) Societal Marketing Orientation D) Value-Oriented Marketing

3. Giving employees more authority to make decisions and solve customer issues on-the-spot is
known as: A) Empowerment B) Employee-based management C) Operational freedom D) Teamwork

4. Which one of these is not a condition for exchange?

A) B) C) D) Communication and delivery Freedom to accept or reject At least three parties Something of value

5. Relationship marketing focuses on:

A) Relationships between the company and the customers B) Relationships between employees at the same company C) Relationships between the sales department and the production department of the same company D) Relationships between two different companies

6. Marketers interested in customer value do all of the following EXCEPT: A) Offer products that perform B) Earn trust C) Avoid unrealistic pricing D) Offer high quality products at a discount for lower-income consumers E) Give the buyer facts 7. All of the following are one of the Four P's of the Marketing Mix EXCEPT:
Product A) Purpose

B) Price C) Promotion D) Place 8. Select the four competing philosophies that influence an organizations marketing process. A) Production, sales, market, and teamwork B) Production, empowerment, market, and societal marketing C) Production, sales, empowerment, and teamwork D) Production, sales, market, and societal marketing 9. Which of the following is a characteristic of the production orientation philosophy?
A) The use of aggressive sales techniques B) Focuses on the internal capabilities of the firm rather than on the desire and needs of the marketplace. C) Obtains information about customers, competitors, and markets. D) Acknowledges that some products that consumers want may not really be in the best interest of society as a whole.

10. ___________ is the relationship between benefits and the sacrifice to obtain those benefits.
A) B) C) D) Customer value Empowerment Teamwork Customer satisfaction

11. What is the main philosophy of the Market Orientation approach in regards to making a sale?
A) Customers will buy more goods and services if aggressive sales techniques are used. B) Customers will purchase goods based on the market trend of supply and demand. C) Customers do not depend on an aggressive sales force, but rather on their own decision to purchase a product. D) People determine that businesses know what customers want and will buy whatever products are put out into the market.

12. _______________ is the ideas that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits? A) Sales Orientation B) Marketing Concept C) Market Orientation D) Customer Value

13. What are the fundamental objectives of most businesses? A) Relationships, sales, and networking. B) Survival, community outreach, and education. C) Survival, profits, and growth. D) Training, branding, and market domination. 14. Which of the following aspects are not aspects of marketing? A) Assessing the wants and satisfaction of present and potential customers. B) Designing and managing product offerings.

C) Determining pricing and price policies. D) Developing distribution strategies. E) All of the above are aspects of marketing. 15. Marketing is a job done by ___________.
A) B) C) D) The marketing department only. Accountants and the marketing department. Everyone in the organization. CEOs and Management only.

16. To serve both buyers and sellers, marketing seeks to discover the needs and wants of
prospective customers, as well as ____________________. A) To satisfy them. B) Convince them to buy stock in the company C) Exchange D) Make a lot of money for them

17. What company was voted Fortunes Best Company to work for in 2010?
A) B) C) D) Hewlett-Packard SAS Apple Toyota

18. In production orientation, a way for a company to succeed in a perfect market is to A) Produce what the CEO of the company think is necessary to be produced. B) Determine what is that the consumer wants and needs then produce it. C) Reduce their product prices below the competitors prices. D) Implement aggressive advertising techniques that will result in higher sells therefore the
company will have high profits.

19. A Market-Oriented Firm defines its business in terms of __________. A) Sales of goods and services. B) Benefits its customers seek. C) High profit margins. D) Globalization of services. 20. Which of the following describes market orientation the best?
A) Philosophy that focuses on the capabilities of the firm and produces what they can manufacture the best B) Philosophy that focuses on what society wants and produces what is best for the customers C) Philosophy that assumes that customers will buy a product if it is presented to them enough D) Philosophy that assumes that a sale depends on a customers decision to buy a product

1) C 2) C 3) A 4) C 5) A 6) D 7) A 8) D 9) B 10) A 11) C 12) A 13) C 14) E 15) C 16) A 17) B 18) B 19) B 20) D