Question 41. During the “production era” a company focuses on production–because few products

41. During the “production era” a company focuses on production–because few products are available in the market.

42. During the “sales era,” the firm tries to improve short-run marketing policy planning to tie together its activities.

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43. The “marketing department era” is a time when all marketing activities are brought under the control of one department.

44. During the “marketing company era,” the total company effort is guided by the idea that customers exist to buy the firm’s output.

45. The “marketing concept” means that a firm emphasizes attracting new customers above all other objectives.

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46. A firm that adopts the “marketing concept” will aim all its efforts at satisfying customers, while trying to make a profit.

47. A firm that makes products which are easy to produce and then tries to sell them has a production orientation.

48. A marketing-oriented firm would try to produce what customers want, while a production-oriented firm would try to get customers to buy what the firm has produced.

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49. The three basic ideas in the marketing concept are 1) putting the marketing manager in charge of the whole firm, 2) a competitive orientation, and 3) an emphasis on profit.

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50. When a firm makes a total company effort to satisfy its customers, and profit–not just sales–is an objective of the firm, the company is practicing the “marketing concept.”

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51. Adopting the marketing concept rarely requires any change in a firm’s attitudes, organization structure, or management methods and procedures.

52. Adopting the marketing concept requires that a business firm eliminate all functional departments.

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53. In a firm which practices the marketing concept, the efforts of each functional department are guided by what it does best.

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54. Service industries were initially slow to adopt the marketing concept, but this has changed dramatically.

55. Customer value is the difference that a customer sees between the benefits of a firm’s offering and the costs of obtaining those benefits.

56. Customer value is just another term for customer satisfaction.

57. Setting a low price for a firm’s offering is a sure way of creating high customer value.

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