Mkt 201- Exam 1 (258 Q&a)

Companies get rid of a product, service, or business {Ans: Divesting}Component of marketing: The process of collaborating with suppliers and customers to create offerings that have value {Ans: Creating}A product dominant approach to marketing is based on the belief that: A. enjoyment of a product and its disposal are important in understanding consumer needs B. marketers should consider what services it takes for the customer to acquire their offerings C. sales personnel and marketing can drive consumerism D. the best way to capture market share is to create and manufacture better products at lower prices E. marketers should asses the value customers place on products in their daily lives {Ans: D. the best way to capture market share is to create and manufacture better products at lower prices}_____ refers to a philosophy that focuses on competing through product innovation A. market orientation B. product development C. product orientation D. product differentiation E. selling orientation {Ans: C. product orientation}Organizations select a single supplier because it is less risky than utilizing multiple suppliers (True/ False) {Ans: False}A market may be more attractive than others because it is already swamped with competitors so it must be successful (True/