MRKT 303- Chapter 1

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One facet of marketing is that it is
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A philosophy that stresses customer satisfaction
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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 pricing policy, and the distribution strategy. These activities are all a part of
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Marketing
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Which of the following occurs when people give up something in order to receive something that they would rather have?
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Exchange
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The concept of exchange is important to marketing because
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Marking activities help to create exchange
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All of the following are marketing management philosophies EXCEPT
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Profitability orientation
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A company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) _____ orientation.
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Production
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The _____ orientation assumes people will buy more if aggressive selling techniques are used.
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Sales
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Which marketing management philosophy is often adopted by organizations that sell unsought products such as life insurance, retirement plans, and pre-planned funeral services?
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Sales Orientation
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Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used?
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Sales
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Which marketing management philosophy assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product?
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Market orientation
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A company that wants to implement a market orientation would need to
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Do all of the activities listed
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An organization with a(n) _____ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests.
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Societal market orientation
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When customer expectations regarding product quality, service quality, and value-based price are met or exceeded, _____ is created.
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Customer satisfaction
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_____ is a strategy that focuses on keeping and improving relationships with current customers.
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Relationship marketing
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Most successful relationship marketing strategies depend on:
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All of these
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All of the following are good reasons to study marketing EXCEPT
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Marketing creating consumer needs

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