Exam 1: An Overview of Marketing

What percentage of the civilian workforce in the United States performs marketing activities?

The sales and market orientations differ on all of the following characteristics EXCEPT:

Jacques Torres Chocolate is a factory and retail store in Brooklyn.Its owner is willing to try to produce new products when his customers suggest them-such as chili-pepper-laced chocolate candy.His only condition is that when he adds new products,his customers have the final say on whether the product is of any value.According to Torres,"If something doesn't move,that's the last time you see it." By focusing on customers' wants,the chocolate company exhibits a(n)_____ orientation.

Some market-oriented firms give employees expanded authority to solve customer problems on the spot.This is known as:

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.

Circuses As recently as 20 years ago circuses came to town with tents,animals,clowns,and other performers.An advance man arrived about two weeks before the circus actually arrived,covered the community with posters,and gave out free tickets to schoolchildren.If the advance man had done a good job,when the circus arrived and opened its tent doors,300 to 600 people would fill its seats.When the largest circus organizations merged,the newly formed Ringling Bros.and Barnum & Bailey's Greatest Show on Earth began performing in 4,000-seat arenas.Attendance,however,has stagnated in recent years.People have stopped going to the circus because they miss the circus tent and the close intimate atmosphere it created.The newest thing in circuses is a return to the tent atmosphere with an emphasis on the types of entertainment that were popular years ago.Antique circus wagons,calliope music,and cotton candy are replacing the exotic animals and the prima donna performers.To satisfy the needs of this new audience,the tent circus now sells lattes and wine. -Refer to Circuses.One of the tent venues is called Barnum's Kaleidoscope,and it is in a permanent location with the hopes that people who see the show will want to return and see it again as well as bring their friends and relatives to the production.Which of the following techniques would most likely advance this strategy of referrals and repeat business?

Nordstrom department store emphasizes _____ by accepting returns on items not purchased there.

Martina spent $30 at the grocery store this afternoon.About how much of that sum paid for marketing costs?

A homeowner called Handyman Direct to replace a noisy bathroom exhaust fan.When the repairman arrived at the home and examined the fan,he convinced the homeowner that the fan simply needed to be cleaned and oiled rather than replaced.This would fix the problem better than replacing the fan-with less trouble and less expense.This sort of discussion between employees and customers is commonplace at Handyman Direct and indicates the business has a(n)_____ orientation.

The Geek Squad is a tech support station located inside every Best Buy electronics retail store.Best Buy gives intensive training to the Geeks.The purpose of this training is to:

The fundamental objectives of most businesses are survival,profits,and growth.

A company adhering to the marketing concept will likely take which of the following steps if it learned that its customers were dissatisfied with its product?

A market-oriented firm defines its business in terms of:

Harley-Davidson The First Starbucks opened in 1970 in Seattle Washington.The demand for its coffee grew and Starbucks added more than 6,000 stores located in over 30 countries.In its more than 30 year history,Starbucks has never given out coupons for its coffee.Starbucks had only to make its coffee and customers came.Recently consumer quality perception of the Starbucks brand has started to fall.Starbucks started a consumer-response blog to learn more about what consumers expect from Starbucks.One of the most requests was for a customer rewards program.In response Starbucks has started the My Starbucks Rewards,which offers free refills on brewed coffee,free beverage with whole bean purchase,beverage customization and free Wi-Fi.Starbucks also put coupons in a national newspaper for those consumers who love coupons and created a new brew of coffee for those who prefer a milder coffee taste.Starbucks is hoping with these improvements will restore customers' loyalty and confidence. -Refer to c.Which of the four conditions did NOT exist in the minds of the Starbucks consumer,resulting in declining sales?

Walker Farms has heard from many of its customers that they would like organic produce.As a result,Walker Farms became a certified organic farm.Walker realizes that,while not all consumers are willing to pay the higher prices for organic produce,his customers want the organic produce.Walker realized:

Which of the following is the customer's evaluation of a good or service in terms of whether that good or service has met his or her needs and expectations?

Explain the career opportunities offered by marketing.

Otis places an ad in the local newspaper stating that his used Chevrolet is for sale for $4000.Unfortunately,no one purchased Otis's used car.Therefore,he did not engage in marketing.

The American Marketing Association's definition of marketing:

Explain the marketing concept and market orientation.What three requirements are necessary to implement a market orientation?