Exam 1: An Overview of Marketing

The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants and needs of its consumers.

Explain how marketing is both a philosophy and a set of activities.

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 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.The aggressive promotions used by advance men indicate that decades ago the circuses probably had a _____ orientation.

Life is good® developed the "Good Karma" line of environmentally friendly 100% organic cotton apparel.The production of the Good Karma line is consistent with a _____ orientation.

A firm that wants to develop a deeper understanding of its customers may optimize profitiablity,revenue,and customer satisfaction by focusing on highly defined and precise customer groups.This is:

Toyota found that consumers wanted cars to last longer and be more environmentally friendly.GM,however,enjoyed being the top U.S.car producer and focused more on how many cars and trucks it could manufacture,not on what customers wanted from a vehicle.GM had more of a _____ orientation.

A company that has a market orientation and adheres to the marketing concept does NOT:

One of the reasons given for the decline of the passenger rail industry in the United States is that the industry defined its mission as trains and not as transportation sources.The railroad industry failed to:

Greenberg Smoked Turkey,Inc.is a nationwide mail-order business that operates without any advertising.It does not accept credit cards,has no toll-free number for customers to call,and does not have a Web site.This hopelessly old-fashioned company is also very profitable with thousands of devoutly loyal customers--some of whom have ordered Greenberg smoked turkeys every year for the last 50 years.Greenberg more than likely uses _____ to maintain these long-term ties to its customers.

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.

Which of the following occurs when people give up something in order to receive something they would rather have?

A business is concerned with many day-to-day activities.Some of the most important of these activities are the planning and development of a product,its ability to communicate value,its pricing policy,and the distribution strategy.These activities are all a part of:

Jewelry stores want to provide their customers with the highest quality of diamonds available at the lowest possible prices.Unfortunately,the lowest priced diamonds these days are sold by African rebels who use the profits to engage in genocide.Human rights organization have asked jewelers to buy diamonds that are "conflict free"--that is,from South Africa,Australia,or Canada.LeeBrant is one retail jewelry store that sells only diamonds that are certified to be from these countries.LeeBrant is exhibiting which marketing management orientation?

_____ is a set of activities used to implement a management orientation that stresses customer satisfaction.

Explain the societal marketing orientation,and give an example of a company implementing this orientation.

If a company uses a sales orientation,consumer complaints would most likely result in:

Minor League Baseball (MiLB)suffers from sluggish attendance.To attract more fans to MiLB games,owners often resort to gimmicks--free hot dog nights,events designed to get into the Guinness World Records,and celebrity visits.Since baseball fans are seldom asked what would make them want to attend more games,this suggests most MiLB teams do not have a(n)_____ orientation.

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

Which of the following statements about a typical sales-oriented business is TRUE?

A firm with a production orientation is most likely to survive if: