MKT 3401 Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Marketing is defined as producing, promoting, and selling products. - CORRECT ANSWER F
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large.
According to the American Marketing Association, marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large. - CORRECT ANSWER T
An exchange cannot take place unless each party in the exchange has something that the other party
values. - CORRECT ANSWER T
Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to the
introduction, the company had not conducted market research among its customers, but it was
confident that its science and technology department had produced a successful new product. Based
on this example, Sara Lee is a good example of a production-oriented company. - CORRECT
ANSWER T
Unlike a production-orientated firm, a firm embracing a sales orientation focuses on customer wants
and needs so it can develop the best product at the lowest cost that will require very little selling
effort. - CORRECT ANSWER F
A sales orientation is based on the ideas that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits.
The focus of a production-oriented firm is on what it can make or do best. - CORRECT ANSWER
T
The marketing concept states that the social and economic justification for an organization's existence
is the satisfaction of customers' wants and needs while meeting organizational objectives. -
CORRECT ANSWER T
The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants
and needs of its consumers. - CORRECT ANSWER T
, The societal marketing concept considers society's long-term best interests along with the satisfaction
of customers' wants and needs. - CORRECT ANSWER T
Personnel in sales-oriented firms tend to be "outward looking," focusing on selling what the market
wants. - CORRECT ANSWER F
Personnel is in sales-oriented firms tend to be "inward looking," focusing on selling what the
organization makes rather than making what the market wants.
Customer value is the relationship between company profits and company costs. - CORRECT
ANSWER F
Customer value is the relationship between benefits and the sacrifice necessary to obtain those
benefits.
The way to achieve customer satisfaction and value is to offer the lowest price. - CORRECT
ANSWER F
Marketers interested in customer value offer realistic prices and try to achieve customer satisfaction
and value by ensuring customer expectations are met or exceeded.
3D Systems is a company that uses computers to generate new product prototypes. It has generated
loyal business clients by providing the best customer support in the industry. The company also
provides direct sales consultations that give its salespeople intimate knowledge about what exactly its
customers want. This partnership between 3D Systems and its customers entails relationship
marketing. - CORRECT ANSWER T
Only a firm's salespeople need to be customer oriented. - CORRECT ANSWER F
All employees need to be customer oriented because in the customer's eyes, the employee (regardless
of the position held in the organization) is the firm and may be the only firm representative the
customer ever sees.
Retailers who give their sales clerks the authority to handle customer complaints without having to get
approval from a supervisor are using empowerment. - CORRECT ANSWER T
In the early 1920s, Ford promised its customers any color vehicle they wanted as long as it was black.
Ford's management assumed anyone buying a car would accept the color black, so it made products
QUESTIONS AND CORRECT ANSWERS
Marketing is defined as producing, promoting, and selling products. - CORRECT ANSWER F
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large.
According to the American Marketing Association, marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large. - CORRECT ANSWER T
An exchange cannot take place unless each party in the exchange has something that the other party
values. - CORRECT ANSWER T
Sara Lee Industries spent considerable money and time developing a crustless bread. Prior to the
introduction, the company had not conducted market research among its customers, but it was
confident that its science and technology department had produced a successful new product. Based
on this example, Sara Lee is a good example of a production-oriented company. - CORRECT
ANSWER T
Unlike a production-orientated firm, a firm embracing a sales orientation focuses on customer wants
and needs so it can develop the best product at the lowest cost that will require very little selling
effort. - CORRECT ANSWER F
A sales orientation is based on the ideas that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits.
The focus of a production-oriented firm is on what it can make or do best. - CORRECT ANSWER
T
The marketing concept states that the social and economic justification for an organization's existence
is the satisfaction of customers' wants and needs while meeting organizational objectives. -
CORRECT ANSWER T
The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants
and needs of its consumers. - CORRECT ANSWER T
, The societal marketing concept considers society's long-term best interests along with the satisfaction
of customers' wants and needs. - CORRECT ANSWER T
Personnel in sales-oriented firms tend to be "outward looking," focusing on selling what the market
wants. - CORRECT ANSWER F
Personnel is in sales-oriented firms tend to be "inward looking," focusing on selling what the
organization makes rather than making what the market wants.
Customer value is the relationship between company profits and company costs. - CORRECT
ANSWER F
Customer value is the relationship between benefits and the sacrifice necessary to obtain those
benefits.
The way to achieve customer satisfaction and value is to offer the lowest price. - CORRECT
ANSWER F
Marketers interested in customer value offer realistic prices and try to achieve customer satisfaction
and value by ensuring customer expectations are met or exceeded.
3D Systems is a company that uses computers to generate new product prototypes. It has generated
loyal business clients by providing the best customer support in the industry. The company also
provides direct sales consultations that give its salespeople intimate knowledge about what exactly its
customers want. This partnership between 3D Systems and its customers entails relationship
marketing. - CORRECT ANSWER T
Only a firm's salespeople need to be customer oriented. - CORRECT ANSWER F
All employees need to be customer oriented because in the customer's eyes, the employee (regardless
of the position held in the organization) is the firm and may be the only firm representative the
customer ever sees.
Retailers who give their sales clerks the authority to handle customer complaints without having to get
approval from a supervisor are using empowerment. - CORRECT ANSWER T
In the early 1920s, Ford promised its customers any color vehicle they wanted as long as it was black.
Ford's management assumed anyone buying a car would accept the color black, so it made products
