Marketing MKTG 305 Quiz – Chapter 1 Study Guide and Key Concepts
An organization that has a __________ focuses its efforts on 1. continuously collecting
information about customers' needs, 2. sharing this information across departments, and 3.
using it to create customer value - correct answer ✔✔ market orientation
the primary different between a good and a service, both of which are products to the
marketer, is that a good is _______ and a service is __________. - correct answer ✔✔ a physical
object; intangible
which of the following statements is the primary reason that US businesses moved from the
production era to the sales era? - correct answer ✔✔ competition grew and the production of
goods increased
in terms of marketing, which of the following statement about small business is most accurate?
- correct answer ✔✔ small businesses are the source of the majority of new US jobs
the 4 P's of the marketing mix include product, place, price, and ________ - correct answer ✔✔
promotion
it is not possible for organizations to simultaneously provide the lowest-prices and highest-
quality products to customers and pay the highest prices to suppliers, the highest wages to
employees, and the maximum dividends to shareholders. this is because an organization must
________? - correct answer ✔✔ strike a balance among the sometimes different interests of
these groups
the first objective in marketing is _____? - correct answer ✔✔ discovering the needs of
prospective customers
An organization that has a __________ focuses its efforts on 1. continuously collecting
information about customers' needs, 2. sharing this information across departments, and 3.
using it to create customer value - correct answer ✔✔ market orientation
the primary different between a good and a service, both of which are products to the
marketer, is that a good is _______ and a service is __________. - correct answer ✔✔ a physical
object; intangible
which of the following statements is the primary reason that US businesses moved from the
production era to the sales era? - correct answer ✔✔ competition grew and the production of
goods increased
in terms of marketing, which of the following statement about small business is most accurate?
- correct answer ✔✔ small businesses are the source of the majority of new US jobs
the 4 P's of the marketing mix include product, place, price, and ________ - correct answer ✔✔
promotion
it is not possible for organizations to simultaneously provide the lowest-prices and highest-
quality products to customers and pay the highest prices to suppliers, the highest wages to
employees, and the maximum dividends to shareholders. this is because an organization must
________? - correct answer ✔✔ strike a balance among the sometimes different interests of
these groups
the first objective in marketing is _____? - correct answer ✔✔ discovering the needs of
prospective customers
