CSUF Bus Mktg 351 Exam 1 Review 2023 with 100% correct answers

If a car company releases an affordable model, but the vehicle is only available in white, would it be successful in today's market? a. No, because consumers have specific wants b. Yes, the vehicle will be affordable c. No, white color is not appealing d. Yes, there is always a market for any product - correct answer -a. No, because consumers have specific wants What is the American Market Association's definition of marketing? a. 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 b. The management of supply chain activities to achieve a sustainable competitive advantage c. Recording business transactions on behalf of an organization, reporting on company performance to management, and issuing financial statements d. Creating processes to secure and store all transactions with customers - correct answer -a. 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 Which philosophy is focused on reducing cost? a. Product philosophy b. Sales philosophy c. Societal philosophy d. Production philosophy - correct answer -d. Production philosophy What is product philosophy? a. Making sure the final product is received by the customers b. Emphasizing push and hard selling c. Focusing on getting the best value to customers d. Focusing on producing the highest quality goods - correct answer -d. Focusing on producing the highest quality goods An electric vehicle that offers a new, longer lasting battery at the existing prices is an example of a company focusing on: a. Customer satisfaction b. Relationship marketing c. Customer value