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MKT 100 Principles of Marketing. Midterm Exam Chapters 1-8. Strayer University

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MKT 100 Principles of Marketing. Midterm Exam Chapters 1-8. Strayer University Which marketing management philosophy focuses on the question, “What do customers want and need, and how can we bene ... fit society?” Answer Internal External Sales Societal marketing Production _____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits. Answer Opportunity cost Marketing utility Market quality Satisfaction percentage Customer value Which of the following is the customers’ evaluation of a good or service in terms of whether that good or service has met their needs and expectations? Answer Value Perception Attitude Dissonance Satisfaction _____ is a strategy that focuses on keeping and improving relationships with current customers. Answer Commitment selling Relationship marketing Transactional marketing Market engineering Organization-customer synergy Companies that rely on the marketing concept and that have implemented a market orientation strategy recognize that: Answer price is the most important variable for customers. sales depend predominantly on an aggressive sales force. what the customer thinks he or she is buying is what is important. a company has to apply scientific management techniques to survive. selling and marketing are essentially the same thing. The marketing concept involves: Answer focusing on customers’ wants and needs so that the organization can distinguish its product (or products) from competitors’ products. satisfying management’s needs and wants with the idea of maximizing profits in the short run. selling as much product as possible under the assumption people will buy more goods and services if aggressive selling techniques are used. selling as much as possible under the assumption consumers will buy more at lower prices. focusing on production in order to increase product quality and lower prices. 2 The marketing concept stresses that the social and economic justification for an organization’s existence is the satisfaction of customer needs and wants while: [Show More]

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