Chapter 1 The Meaning of Marketing

21) When a company calculates ________, the company looks at how much profit it expects to make from a particular customer, including each purchase he will make from the company now and in the future.

A) customer lifetime value

B) customer relationship management

C) utility

D) the exchange function

E) the marketing mix

22) When a company practices the marketing concept, ________ serve as the foundation for marketing activities.

A) profits

B) customers

C) efficiencies

D) sales

E) suppliers

23) L.L. Bean refers to the customer as "the most important person ever in this office." This attitude toward the customer is most closely associated with which of the following?

A) the marketing concept

B) the production orientation

C) the sales orientation

D) the social responsibility concept

E) the value-added orientation

24) Businesses use the marketing concept when they focus on ________.

A) limiting the environmental impact of the company's products

B) growing profit margins

C) fulfilling the expectations of their customers

D) efficiently distributing products to retailers

E) creating promotional programs that will increase sales volumes

25) Advertisements for products and services began appearing in American newspapers during the ________.

A) early 1700s

B) mid 1800s

C) post-Civil War era

D) early twentieth century

E) Great Depression

26) Sales opportunities in the United States expanded most notably during which of the following time periods?

A) the Revolutionary War

B) the years immediately following the Revolutionary War

C) World War I

D) the Great Depression

E) the 1930s

27) Which of the following marketing orientations focuses primarily on improving efficiencies?

A) production orientation

B) relationship orientation

C) sales orientation

D) consumer orientation

E) social responsibility orientation

28) Which marketing orientation focuses on creating demand and moving product inventory?

A) production orientation

B) social responsibility orientation

C) consumer orientation

D) sales orientation

E) relationship orientation

29) Which of the following marketing orientations was prevalent during the years of the Great Depression?

A) product

B) social responsibility

C) consumer

D) sales

E) relationship

30) A ________ orientation is a marketing philosophy that focuses on ways to satisfy customers' unmet needs and wants.

A) consumer

B) promotion

C) sales

D) production

E) social responsibility