UTA MARK 3321 RICHARME EXAM 1 REVIEW (CHAPTERS
1-5) QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
Which of the following is true of marketing? Ans✓✓✓Marketing efforts
are performed by many departments in an organization.
Marketing is the activity, set of institutions, and processes for
creating,_______, _______, and exchanging offerings that have
_______ for customers, clients, partners, and society at large.
Ans✓✓✓Communicating, delivering, value
Which of the following is true of an exchange? Ans✓✓✓Marketing can
occur even if an exchange does not take place.
The four marketing management philosophies are _______.
Ans✓✓✓Production, sales, market, and societal marketing orientations.
A production orientation is successful when _______.
Ans✓✓✓Consumer wants and needs match what the company can best
produce.
Which of the following strategies would be most appropriate for a
market-oriented firm? Ans✓✓✓Understanding what products and
services customers want and need and offering those in order to meet
organizational objectives.
,A disadvantage of a sales orientation is _______. Ans✓✓✓A lack of
understanding customers' wants and needs.
Market-oriented companies are _______ focused while sales-oriented
companies are _______ focused. Ans✓✓✓Externally; internally
Which of the following is true of customer value? Ans✓✓✓Good value
is signified by the quality a customer expects at the price they are willing
to pay.
Successful relationship marketing strategies depend on all the following
EXCEPT _______. Ans✓✓✓Offering high-quality products.
For a market-oriented firm, the advantages of considering the benefits
customers seek include which of the following? Ans✓✓✓Allows the
company to create new products and to modify products due to changing
customer needs, bolsters creativity and innovation by encouraging
employees to come up with new ways to satisfy customers, and the
company remains focused on the customer rather than the products it
produces.
A market-oriented company targets its products to _______ while a
sales-oriented company targets its products to _______.
Ans✓✓✓Specific group of customers; everyone.
, Broadly speaking, customer relationship management (CRM) allows
marketers to _______. Ans✓✓✓Collect information about customers
and create marketing promotions and communications specific to groups
of consumers.
A market-oriented company _______. Ans✓✓✓Sees marketing as a
company-wide activity.
Market-oriented companies create long-term relationships with
customers by doing which of the following? Ans✓✓✓Providing value to
customers.
Delivering products to customers at the right time, in the right place, and
at the right price is illustrated by which of the following reasons to study
marketing? Ans✓✓✓Marketing plays an important role in society.
Which reason to study marketing supports the idea that, as a consumer,
you will better understand the buying process? Ans✓✓✓Marketing
impacts your everyday life.
Strategic marketing management addresses which of the following
questions? Ans✓✓✓What is the organization's main activity at a
specific time? How will the company reach its goals?
Strategic planning is usually conducted by _______. Ans✓✓✓Top
managers.
1-5) QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
Which of the following is true of marketing? Ans✓✓✓Marketing efforts
are performed by many departments in an organization.
Marketing is the activity, set of institutions, and processes for
creating,_______, _______, and exchanging offerings that have
_______ for customers, clients, partners, and society at large.
Ans✓✓✓Communicating, delivering, value
Which of the following is true of an exchange? Ans✓✓✓Marketing can
occur even if an exchange does not take place.
The four marketing management philosophies are _______.
Ans✓✓✓Production, sales, market, and societal marketing orientations.
A production orientation is successful when _______.
Ans✓✓✓Consumer wants and needs match what the company can best
produce.
Which of the following strategies would be most appropriate for a
market-oriented firm? Ans✓✓✓Understanding what products and
services customers want and need and offering those in order to meet
organizational objectives.
,A disadvantage of a sales orientation is _______. Ans✓✓✓A lack of
understanding customers' wants and needs.
Market-oriented companies are _______ focused while sales-oriented
companies are _______ focused. Ans✓✓✓Externally; internally
Which of the following is true of customer value? Ans✓✓✓Good value
is signified by the quality a customer expects at the price they are willing
to pay.
Successful relationship marketing strategies depend on all the following
EXCEPT _______. Ans✓✓✓Offering high-quality products.
For a market-oriented firm, the advantages of considering the benefits
customers seek include which of the following? Ans✓✓✓Allows the
company to create new products and to modify products due to changing
customer needs, bolsters creativity and innovation by encouraging
employees to come up with new ways to satisfy customers, and the
company remains focused on the customer rather than the products it
produces.
A market-oriented company targets its products to _______ while a
sales-oriented company targets its products to _______.
Ans✓✓✓Specific group of customers; everyone.
, Broadly speaking, customer relationship management (CRM) allows
marketers to _______. Ans✓✓✓Collect information about customers
and create marketing promotions and communications specific to groups
of consumers.
A market-oriented company _______. Ans✓✓✓Sees marketing as a
company-wide activity.
Market-oriented companies create long-term relationships with
customers by doing which of the following? Ans✓✓✓Providing value to
customers.
Delivering products to customers at the right time, in the right place, and
at the right price is illustrated by which of the following reasons to study
marketing? Ans✓✓✓Marketing plays an important role in society.
Which reason to study marketing supports the idea that, as a consumer,
you will better understand the buying process? Ans✓✓✓Marketing
impacts your everyday life.
Strategic marketing management addresses which of the following
questions? Ans✓✓✓What is the organization's main activity at a
specific time? How will the company reach its goals?
Strategic planning is usually conducted by _______. Ans✓✓✓Top
managers.
