A) marketing concept
B) product concept
C) production concept
D) societal marketing concept
E) selling concept
Answer: C
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
64) At a local farmers' market, Molly Malone sells mussels while shouting to passersby, "Fresh seafood, get your fresh seafood here!" What kind of perspective is Molly taking?
A) customer-driving
B) inside-out
C) customer-driven
D) outside-in
E) niche marketing
Answer: B
AACSB: Analytical thinking
Skill: Application
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: Challenging
65) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only.
Answer: FALSE
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
66) The selling concept holds that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
Answer: TRUE
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
67) An organization's department follows a customer-centered sense-and-respond philosophy. The department is most likely practicing the product concept.
Answer: FALSE
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
68) The production concept and the product concept are marketing management orientations that are more likely to lead to marketing myopia.
Answer: TRUE
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
69) The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.
Answer: TRUE
AACSB: Ethical understanding and reasoning
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
70) Fast Food, Inc. views marketing as the process of finding and retaining profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.
Answer: FALSE
AACSB: Analytical thinking
Skill: Application
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: Challenging
71) Healthy Veggies, LLC, believes that marketing is a tool to use in finding customers and keeping them by providing vegetables that are grown using chemical-free farming techniques and selling through small family-owned stores. Healthy Veggies, LLC, practices societal marketing.
Answer: TRUE
AACSB: Analytical thinking
Skill: Application
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: Challenging
72) The marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy.
Answer: TRUE
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