(Test Bank) Marketing

Charles, 1

Business

Test Bank

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Test Bank for Marketing, The downloadable file consists of 367 pages, and the total size of the file is 1.44 MB. Purchase now only for highly discounted price.

Author(s): Charles

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TEST BANK FOR MARKETING 12TH EDITION CHARLES ALL CHAPTERS written by SuperA www.stuvia.com Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegal TEST BANK FOR MARKETING 12TH EDITION Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material TRUE/FALSE 1 : In most cases, in order for a firm to succeed in a competitive market, it needs to have a clear understanding of the marketplace and produce products based on the wants and needs of the customers, rather than expecting the customers to want the products manufactured solely based on the assessment of the firms internal capabilities. A : true B : false Correct Answer : A 2 : With the help of an effective sales force that devises high-quality sales techniques, a sales- oriented firm can successfully convince customers to purchase goods and services that they neither wanted nor needed. A : true B : false Correct Answer : B 3 : The Internet and the extensive use of social media have fueled the change in power from consumers and business users to manufacturers and retailers. A : true B : false Correct Answer : B 4 : Customers perceive high-quality products that are sold at high prices to be a good value. A : true B : false Correct Answer : B 5 : Training plays an important role in customer service and relationship building. A : true B : false Correct Answer : A 6 : The organizations that are frequently noted for delivering superior customer value and providing high levels of customer satisfaction assign employees to teams and teach them team- building skills. A : true B : false Correct Answer : A 7 : A sales-oriented firm defines its mission in terms of benefits its customers seek, while a market-oriented firm defines its business in terms of goods and services. A : true B : false Correct Answer : B 1 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material 8 : A sales-oriented firm targets its products at everybody, while a market-oriented organization aims at selling its products to a specific customer group. A : true B : false Correct Answer : A 9 : Thrift stores seek to achieve profitability through high sales volumes. A : true B : false Correct Answer : B 10 : Marketing determines prices and pricing policies that contribute to achieving the fundamental objectives of most businesses. A : true B : false Correct Answer : A 11 : Marketing career opportunities almost exclusively exist in nonbusiness organizations. A : true B : false Correct Answer : B MULTIPLE CHOICE 12 : Which of the following statements is not true of marketing? A : Marketing focuses on practices that deliver value and benefits to customers. B : Marketing focuses primarily on selling goods, services, and/or ideas to customers. C : Marketing employs the combined use of communication, distribution, and pricing strategies. D : Marketing involves building long-term, mutually rewarding relationships with customers. Correct Answer : B 13 : Which statement expresses the American Marketing Association (AMA)s core definition of marketing? A : Marketing is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. B : Marketing is an organization function and a set of processes implemented in order to ensure customer satisfaction. C : Marketing refers to personal selling that focuses solely on selling goods, services, and/or ideas to customers. D : Marketing involves building long-term, mutually rewarding relationships that are beneficial exclusively to the sellers. Correct Answer : B 14 : When a firm focuses on its internal capabilities rather than on the desires and needs of the 2 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material marketplace, then the firm is said to have adopted the ______ orientation. A : production B : sales C : market D : societal Correct Answer : A 15 : A firm could benefit from a production orientation when _____. A : it produces exactly what the market wants B : the market demand is less than the products supplied by the firm C : it hopes that the product it produces is something customers want D : it focuses on what company management thinks should be produced Correct Answer : A 16 : Firm XYZ is known for adopting a strategy that focuses on designing new products based on their assessment of the capabilities of their engineers and on the easy availability of resources. The firms approach, which emphasizes the ease of production and the talents of its resources rather than the needs and wants of the marketplace, can be attributed to its ______ orientation. A : production B : sales C : market D : societal Correct Answer : A 17 : A production-oriented firm is one that focuses on _______. A : the needs and wants of the customers B : aggressive sales techniques C : enhancing individuals and societys long-term best interests D : the internal capabilities of the firm Correct Answer : D 18 : A production-orientated company can survive in a competitive market if ______. A : its goods and services meet the needs of the marketplace B : it does not implement aggressive sales techniques C : it focuses solely on societys long-term best interests D : it does not assess the internal capabilities of the firm Correct Answer : A 19 : Which of the following statements is true of a sales-oriented firm? A : Consumers can be convinced to buy goods or services even though they do not need them. B : Sales-oriented firms understand the needs and wants of the marketplace. C : Sales-oriented firms place maximum emphasis on societys long-term best interests. D : Intermediaries are encouraged to aggressively push manufacturers products. Correct Answer : D 20 : When a firm believes that employing aggressive sales techniques would help sell their 3 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material product in the market and achieve high profits rather than designing their product based on the desires and needs of the consumers, then the firm is said to have adopted a ______ orientation. A : production B : sales C : market D : societal Correct Answer : B 21 : The management at ABC Computers believes that high sales will result in high profit. Together with the company sales force, management devises a sales strategy to promote their new line of convertible laptops based on the assumption that consumers will purchase a product if the company promotes it aggressively. This sales hypothesis can be attributed to the companys ______ orientation. A : production B : sales C : market D : societal Correct Answer : B 22 : A sales-oriented companyy is one that focuses on _______. A : the needs and wants of the customers B : aggressive sales techniques C : enhancing individuals and societys long-term best interests D : the internal capabilities of the firm Correct Answer : B 23 : According to sales-oriented firms, marketing means ______. A : employing practices that deliver value and benefits to customers B : building long-term, mutually rewarding relationships with customers C : selling goods and services and reaping profits from them D : enhancing individuals and societys long-term best interests Correct Answer : C 24 : Which of the following is a similarity between a production orientation and a sales orientation? A : Both ignore the importance of assessing a firms internal capabilities. B : Both lack an understanding of the needs and wants of the marketplace. C : Both place little emphasis on the assessment of manufacturing plants and facilities. D : Both fail in a market where demand exceeds supply. Correct Answer : B 25 : Which of the following is a drawback of a sales orientation? A : It gives excessive importance to the needs and wants of the marketplace. B : It cannot convince people to buy goods that are neither wanted nor needed. C : It places high emphasis on the assessment of manufacturing plants and facilities. D : It gives importance to the production function over other functions. Correct Answer : B 4 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material 26 : Which of the following statements is true of the marketing concept? A : It states that an organization should satisfy customer wants and needs while meeting organizational objectives. B : It overlooks the importance of understanding the competitive arena and competitors strengths and weaknesses. C : It states that firms should give maximum importance to aggressive promotional and advertising activities. D : It states that marketing solely means selling things and collecting money. Correct Answer : A 27 : When a firm believes that the sale of a product depends on the decision of the customer rather than on aggressive sales techniques, then the firm is said to be ______ oriented. A : production B : sales C : market D : societal Correct Answer : C 28 : The management of PQR Electronics believes that success can be achieved with a thorough understanding of its competitive arena and by developing products that satisfy the needs, wants, and expectations of customers. Therefore, PQR Electronics can be said to have a ______ orientation. A : production B : sales C : market D : societal Correct Answer : C 29 : Which of the following statements is true of market-oriented firms? A : They focus on their internal capabilities rather than on the desires and needs of the customers. B : They believe that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. C : They assume that the sale of goods or services does not depend on an aggressive sales force but rather on a customers decision to purchase that product. D : They claim that people must give up something in order to receive something else they would rather have. Correct Answer : C 30 : Which of the following activities is not true of the marketing concept? A : Satisfying customer wants and needs legally and responsibly B : Integrating all the organizations activities to satisfy customer wants C : Implementing effective and high-quality sales techniques to sell goods and services D : Focusing on internal capabilities rather than on customer wants and needs Correct Answer : C 31 : When a firm believes that the social and economic validation for its existence is obtained 5 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material from achieving their organizational objectives by satisfying customer wants and needs legally and responsibly, then that firm is said to be ______ oriented. A : production B : sales C : market D : societal Correct Answer : C 32 : Which of the following activities is not required to achieve a market orientation? A : Obtaining information about customers, competitors, and markets B : Examining information about customers, competitors, and markets from a business perspective C : Employing a high-quality sales force to aggressively promote goods and services D : Determining and implementing actions to provide and deliver added value to customers Correct Answer : C 33 : Identify a critical component of a market-oriented firm. A : It understands the strengths and weaknesses of competitors. B : It employs a well-trained and effective sales force. C : It focuses primarily on the internal capabilities of the firm. D : It embraces marketing as a means of selling things and collecting money. Correct Answer : A 34 : When an organization believes that apart from achieving its targets and satisfying customers, it also needs to be responsible for preserving or enhancing individuals and societys long-term best interests, then the organization is said to have a ______ marketing orientation. A : production B : sales C : customer D : societal Correct Answer : D 35 : The research and development team of BB Beverages has discovered that, during the testing process, one of their highly profitable new beverages contains ingredients that may cause liver damage in humans if consumed regularly over time. Additionally, the team also acknowledged that the plant that manufactures this beverage draws healthy groundwater which could cause a water shortage in areas surrounding the plant. Based on these findings, management has halted its production of this beverage until a solution can be found that does not adversely affect its consumers and the environment. Given this decision, it is evident that BB Beverages embraces a ______ orientation. A : production B : sales C : market D : societal marketing Correct Answer : D 36 : A firm that has adopted a societal marketing orientation focuses on ______. A : the needs and wants of the customers 6 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material B : aggressive sales techniques C : enhancing individuals and societys long-term best interests D : the internal capabilities of the firm Correct Answer : C 37 : Companies that place customers at the center of their business are those that follow a ______ orientation. A : production B : sales C : market D : societal Correct Answer : C 38 : Which marketing philosophy could most help a company outperform its competitors in todays marketplace? A : A production orientation B : A sales orientation C : A market orientation D : A societal marketing orientation Correct Answer : C 39 : ABC Apparel follows a market-oriented approach, whereas XYZ Apparel believes in a sales- oriented approach. Considering their approaches, it is evident that ______ has/have a competitive edge in todays market. A : ABC Apparel B : XYZ Apparel C : both D : neither Correct Answer : A 40 : The relationship between benefits and the sacrifice necessary to obtain those benefits is known as ________________________. A : teamwork B : customer value C : customer satisfaction D : empowerment Correct Answer : B 41 : Stacy, a customer of MMM Bank, is extremely pleased with the banks efforts to please customers and its range of services. She gives the bank high ratings on their feedback form and also recommends the bank to her friends and family. Stacys evaluation of MMM Bank is a reflection of ______. A : customer value B : customer satisfaction C : customer relations D : consumer management Correct Answer : B 7 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material 42 : A customers assessment of whether a organizations goods or services have met his or her needs and expectations is defined as ______. A : customer satisfaction B : customer value C : customer relationship D : customer management Correct Answer : A 43 : Which activity do flourishing companies consider as the launching point for building relationships with customers? A : Attracting new customers B : Increasing business with existing customers C : Retaining current customers D : Offering generous discounts to all customers Correct Answer : A 44 : The strategy of improving relationships with existing customers, which is based on the assumption that most customers prefer to maintain an ongoing relationship with one organization rather than switch continually among providers in their search for value, is defined as ______. A : customer value B : relationship marketing C : teamwork D : empowerment Correct Answer : B 45 : Which one of the following is a hallmark of relationship marketing? A : Aggressive sales techniques B : Focusing on internal capabilities of the firm C : Long-term focus on customer needs D : Enhancing individuals and societys long-term best interests Correct Answer : C 46 : The AB group of hotels is keen on building relationships with customers. To ensure success in this effort, the attitudes and actions of its employees need to be ________ oriented. A : sales B : production C : customer D : societal Correct Answer : C 47 : The authority that employees are given to swiftly solve customers problems is referred to as _______. A : empowerment B : teamwork C : customer value D : training 8 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material Correct Answer : A 48 : Employees are more likely to take prudent risks to build stronger business and sustain the companys success in addition to taking responsibility for their actions when they are ______. A : empowered to immediately resolve customer problems B : offered extensive training C : given less work D : not pressurized with deadlines Correct Answer : A 49 : Applying employees collaborative efforts to accomplish common organizational objectives is known as ______. A : training B : empowerment C : teamwork D : relationship management Correct Answer : C 50 : A market-oriented firm has a competitive advantage over its sales-oriented counterpart because ______. A : it focuses on aggressive sales techniques to sell its products B : it focuses primarily on the internal capabilities of the firm C : it enhances individuals and societys long-term best interests D : it defines its business in terms of benefits its customers seek Correct Answer : D 51 : All of the following are advantages of defining a firms mission in terms of benefits that customers seek except for which one? A : Keeping the firm focused on its customer, instead of becoming preoccupied with its internal needs B : Encouraging innovation, creativity, and developing new ways to satisfy customer expectations C : Stimulating an awareness of changes in customer desires and preferences so that product offerings remain relevant D : Satisfying customer wants and needs may not always be in the best interests of society as a whole Correct Answer : D 52 : PQR Corporation is a sales-oriented firm that focuses on high sales. It does not take into account the customers wants and needs, and instead concentrates on manufacturing products that will reap high profits. This attitude might lead to the firms missing business opportunities because ______. A : its narrow focus on manufacturing specific products does not meet customer needs and wants for a wider range of products B : it focuses on providing value and benefits to its customers instead of meeting company objectives C : it emphasizes enhancing individuals and societys long-term best interests D : it concentrates on relationship building, empowerment, and teamwork 9 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material Correct Answer : A 53 : The management of GH Apparel has thoroughly analyzed the market and recognizes the wants and needs of different customer groups. It takes all these findings into consideration and develops different types of goods that cater to each group. From this scenario, it is evident that GH Apparel is a ______ organization. A : market-oriented B : societal-oriented C : production-oriented D : sales-oriented Correct Answer : A 54 : The company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups is called ______. A : customer orientation B : customer value C : customer relationship management D : customer satisfaction Correct Answer : C 55 : The process of delivering relevant experiences that are integrated across both physical and virtual environments, throughout the consumers decision and buying process, is known as ______. A : empowerment B : team-building C : customer relationship management D : on-demand marketing Correct Answer : D 56 : Which of the following statements is true of on-demand marketing? A : It requires firms to focus on the internal rather than the external business environment. B : It places maximum emphasis on aggressive personal selling strategies. C : It is aimed at enhancing customer relationships. D : It is the most important strategy used by sales-oriented firms. Correct Answer : C 57 : In the context of on-demand marketing, which statement is true of a sales-oriented firm? A : It carefully identifies market segments. B : It extensively uses relationship marketing strategies. C : It extensively uses personal selling and advertising. D : It increases sales by creating customer value and satisfaction. Correct Answer : C 58 : High-quality customer-friendly experiences such as sales, service, product use, and marketing are crucial to the success of ______. A : relationship building 10 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material B : empowerment C : relationship marketing D : on-demand marketing Correct Answer : D 59 : An organization that devises strategies to convince a customer to buy their product in spite of acknowledging the mismatch between the customer and the product is said to be a _______ organization. A : sales-oriented B : market-oriented C : customer-oriented D : societal-oriented Correct Answer : A 60 : In the context of marketing, which of the following statements is true of nonprofit organizations? A : They market tangible products. B : They aim to maximize market share and investment returns. C : They make use of extensive advertising and promotional activities. D : They exist to achieve goals other than business-related goals. Correct Answer : D 61 : A firm that acknowledges the importance of all four marketing mix decisions (product decisions, place or distribution decisions, promotion decisions, and pricing decisions) is a ______ firm. A : sales-oriented B : market-oriented C : production-oriented D : societal-oriented Correct Answer : B MULTIPLE ANSWER 62 : Which activity/activities are involved in the process of marketing? A : Marketing focuses on practices that deliver value and benefits to customers. B : Marketing employs the combined use of communication, distribution and pricing strategies. C : Marketing involves building long-term, mutually rewarding relationships with customers. D : Marketing focuses solely on selling goods, services, and/or ideas to customers. Correct Answer : D 63 : Identify the situation(s) in which a production-oriented firm can survive or prosper in the market place. A : When competition is weak B : When demand exceeds supply C : When competition is strong D : When supply exceeds demand 11 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material Correct Answer : D Powered by TCPDF (www.tcpdf.org) 12 / 12Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegalStuvia.com - The Marketplace to Buy and Sell your Study Material TRUE/FALSE 1 : Strategic planning is the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities. A : true B : false Correct Answer : A 2 : An operating decision is unlikely to have a great impact on the long-run profitability of a company. A : true B : false Correct Answer : A 3 : A strategic business unit (SBU) is a single business or a collection of related businesses. A : true B : false Correct Answer : A 4 : According to Ansoffs strategic opportunity matrix, both product development and diversification entail the creation of new products. A : true B : false Correct Answer : A 5 : Market penetration refers to attracting new customers to existing products. Ideally, new uses for old products stimulate additional sales among existing customers while also bringing in new buyers. A : true B : false Correct Answer : B 6 : A diversification strategy is free of risk when a firm is entering unfamiliar markets. A : true B : false Correct Answer : B 7 : If an organization has an SBU that it believes has the potential to be a star (and is probably a problem child at present), building would be an appropriate goal. A : true B : false Correct Answer : A 8 : Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by acquiring new assets to develop the type of breakthrough decisions that fall 1 / 23Stuvia.com - The Marketplace to Buy and Sell your Study Material Downloaded by: SuperA | abiekay12@gmail.com Distribution of this document is illegal