Marketing - Study Mode

[#336] Four competing philosophies strongly influence the role of marketing and marketing activities within an organization. Which if the following is not a component of market orientation?
Correct Answer

(B) Profitability orientation

Explanation

Solution: Profitability orientation is not a component of market orientation. A profit-oriented pricing strategy involves setting prices for your products that will guarantee you'll make money on each sale. You determine your cost for manufacturing each product, then add a percentage for profit.

[#337] A market orientation recognizes that:
Correct Answer

(B) Market intelligence relating to current and future customer needs is important.

Explanation

Solution: A market orientation recognizes that market intelligence relating to current and future customer needs is important. Market orientation is a business philosophy where the focus is on identifying customer needs or wants and meeting them. When a company has a market orientation approach, it focuses on designing and selling goods and services that satisfy customer needs in order to be profitable.

[#338] A critical marketing perspective is the process of determining:
Correct Answer

(C) The worth and impact of marketing activities

Explanation

Solution: A critical marketing perspective is the process of determining the worth and impact of marketing activities.

[#339] The way in which the product is delivered to meet the customers' needs refers to:
Correct Answer

(D) Place or distribution activities

Explanation

Solution: The way in which the product is delivered to meet the customers' needs refers to Place or distribution activities. Distribution can make or break a company. A good distribution system quite simply means the company has greater chance of selling its products more than its competitors. The company that spreads its products wider and faster into the market place at lower costs than its competitors will make greater margins absorb raw material price rise better and last longer in tough market conditions. Distribution is critical for any type of industry or service.

[#340] The term 'marketing mix' describes:
Correct Answer

(D) A blending of strategic elements to satisfy specific target markets

Explanation

Solution: The term 'marketing mix' describes a blending of strategic elements to satisfy specific target markets. Marketing Mix is one of the most commonly used strategies. It blends integral variables together to come up with ideal results.