Defining a Firm's Business
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Questions and Answers

What is the American Marketing Association's definition of marketing?

  • An attitude that stresses supplier satisfaction
  • Creating, communicating, delivering, and exchanging offerings with no value for customers
  • Institutions and processes for creating and promoting products
  • Creating, communicating, delivering, and exchanging offerings that have value for customers (correct)
  • What is a condition for an exchange to take place?

  • Desire to deal with the other party does not exist (correct)
  • Only one party involved in the transaction
  • No need for communication between parties
  • Parties incapable of delivery
  • What are the two facets of marketing according to the text?

  • A management orientation focusing on profitability
  • Philosophy and attitude stressing supplier satisfaction (correct)
  • Supplier satisfaction and customer dissatisfaction
  • Philosophy and supplier dissatisfaction
  • What distinguishes sales orientation from market orientation?

    <p>Market orientation focuses on building long-term relationships, while sales orientation focuses on one-time transactions</p> Signup and view all the answers

    What is the primary goal of sales-oriented organizations?

    <p>Achieving profitability through sales volume</p> Signup and view all the answers

    In what way do market-oriented organizations make a profit?

    <p>By creating customer value and providing satisfaction</p> Signup and view all the answers

    Why is effective promotion considered an essential part of marketing?

    <p>To communicate with present and prospective customers about organizational merits</p> Signup and view all the answers

    What is the primary focus of societal marketing orientation?

    <p>Preserving and enhancing individuals' long-term best interests</p> Signup and view all the answers

    Which marketing management philosophy focuses on offering distinct and compelling customer value?

    <p>Market orientation</p> Signup and view all the answers

    According to A.G. Laffey, what did the Internet and social media shift in power result in?

    <p>Consumers and business users becoming more powerful</p> Signup and view all the answers

    What role do salespeople play in organizations according to the text?

    <p>They are problem solvers and links to supply sources and new products</p> Signup and view all the answers

    What did Henry Ford's Model T example illustrate about his marketing approach?

    <p>Production orientation</p> Signup and view all the answers

    Which type of firm targets its products at 'everybody'?

    <p>Sales-oriented firm</p> Signup and view all the answers

    What is the main focus of customer relationship management (CRM) as described in the text?

    <p>Focusing on highly defined customer groups</p> Signup and view all the answers

    What is the purpose of on-demand marketing as mentioned in the text?

    <p>Delivering relevant experiences throughout the consumer's buying process</p> Signup and view all the answers

    Why is answering the question 'What is this firm’s business?' in terms of customer benefits advantageous?

    <p>Ensures the firm focuses on customers</p> Signup and view all the answers

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