E) by customer-driven companies
Answer: D
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Moderate
49) Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
A) the product concept
B) the production concept
C) the selling concept
D) the marketing concept
E) the societal marketing concept
Answer: D
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Easy
50) Which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy?
A) market segmentation
B) the production concept
C) the marketing concept
D) the inside-out perspective
E) marketing myopia
Answer: C
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Easy
51) A firm that uses the selling concept takes a(n) ________ approach.
A) outside-in
B) niche marketing
C) inside-out
D) societal marketing
E) customer-driven
Answer: C
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Easy
52) The marketing concept takes a(n) ________. It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers.
A) outside-in perspective
B) product-centered make-and-sell philosophy
C) inside-out perspective
D) consumer-generated marketing approach
E) telling-and-selling approach
Answer: A
AACSB: Application of knowledge
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Easy
53) Which of the following is a characteristic of customer-driven marketing?
A) Companies understand customer needs even better than customers themselves do.
B) Customers are unaware of their needs.
C) Products are created that meet both existing and latent needs, now and in the future.
D) Customers know what they want.
E) Customers don't know what is possible.
Answer: D
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Moderate
54) ________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs.
A) Customer-driven
B) Customer-driving
C) Affinity
D) Societal
E) Ambush
Answer: B
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Easy
55) When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing.
A) customer-driven
B) customer-driving
C) societal
D) ambush
E) affinity
Answer: B
AACSB: Analytical thinking
Skill: Concept
Objective: LO 1.3: Identify the key elements of a customer value-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Difficulty: Easy