Exam 1: An Overview of Marketing

As it evolves from a credit-card company to one with greater emphasis on electronic payments,Visa is launching its first major rebranding campaign in 20 years.The company's new promotional slogan is "Life Takes Visa." Through the use of this slogan,Visa shows how much it wants to become an integral part of its customers' everyday lives.Which type of orientation is Visa using?

Defining the company's business in terms of the benefits customers seek,instead of in terms of goods and services,has three important advantages.List them.

What is the fundamental objective of most businesses?

When light bulbs were first introduced,manufacturers offered one size for all light fixtures.Today you can buy light bulbs in different shapes,wattages,and colours.Light bulbs also differ as to how much electricity they use and how many hours of illumination they will provide before failing.Which of the following demonstrates how light bulb manufacturers practice the marketing concept?

There is no effective way to prove the legality of wood from places like Indonesia,where as much as 80 percent is cut illegally.Retailers like The Home Depot do not want to sell timber from illegally logged forests,even though the demand is great for timber from rainforests.To prove an interest in preserving rainforests,two Indonesian logging companies have developed a bar coding system,which proves the timber was legally acquired.What type of orientation is indicated by this focus on customers' needs?

Sara Lee Industries spent considerable money and time developing a crustless bread.Prior to the introduction,the company had not conducted market research among its customers,but it was confident that its science and technology department had produced a successful new product.Based on this example,Sara Lee is a good example of a production-oriented company.

Indonesian logging companies harvest rainforests for timber and assume that a market exists for their products.Which type of orientation does the typical Indonesian logging company have?

A business is concerned with many day-to-day activities.Some of the most important of these activities are the planning and development of a product,its pricing policy,and the distribution strategy.What are all these activities part of?

Which of the following is done by a company that has a market orientation and adheres to the marketing concept?

What type of orientation do firms have when they focus on the internal capabilities of the firm,rather than on the desires and needs of the marketplace?

Jacques Torres Chocolate is a factory and retail store.Its owner is willing to try to produce new products when his customers suggest them-such as chili-pepper-laced chocolate candy.His only condition is that when he adds new products,his customers have the final say on whether the product is of any value.According to Torres,"If something doesn't move,that's the last time you see it." -How does Jacques Torres Chocolate keep its customers coming back?

Most companies become sensitized to community issues only after they've done enough damage to draw the locals' anger.Dofasco,Inc. ,a highly successful steel company in Ontario,tries to get ahead of business and community issues by annually bringing together representatives from the local area and deciding what projects to improve the local environment will be implemented.This annual community-wide meeting indicates that Dofasco has which type of orientation?

Levi Strauss has developed the Naturals line of jeans that do not use any chemical dyes to colour the pants.Consumers like the look of the jeans,and Levi's use of all-natural dyes is good for the environment.The production of the Naturals line would be consistent with which type of orientation?

One of the tent venues is called Barnum's Kaleidoscape,and it is in a permanent location with the hopes that people who see the show will want to return and see it again as well as bring their friends and relatives to the production.Which of the following techniques would most likely advance this strategy of referrals and repeat business?

What do companies that rely on the marketing concept and that have implemented a market orientation strategy recognize?

Retailers who give their sales clerks the authority to handle customer complaints without having to get approval from a supervisor are using empowerment.

Organizations that sell products that are often unsought (such as life insurance and retirement plans)may find themselves adopting which type of orientation?

Only a firm's salespeople need to be customer-oriented.

Wilson is an agriculture and dairy science major at a university.After graduation,he hopes to modernize and expand his family's dairy farm in a scientific and efficient manner.His adviser at school has suggested he take a marketing course in the school of business as an elective.Wilson thinks this is an absurd idea.You are his friend and a marketing major.What do you advise?

There are five conditions that must be satisfied for an exchange to take place.However,even if all of these conditions are met,exchange may not necessarily take place.Give an example of a situation in which all conditions are met,but exchange does not take place.Can marketing occur,even if an exchange does not take place? Why or why not?