1.

Which marketing management philosophy focuses on the question, "What do

customers want and need?"

Answer: Market

2. A company that wants to implement a market orientation would need to:

a) establish and maintain mutually satisfying relationships with customers.
b) determine how to deliver superior customer value.
c) do research on its customers, competitors, and markets.
d) implement actions that provide value to customers.
e) all over the above

Answer: E

3. _____ is defined as the relationship between benefits and the sacrifice necessary
to obtain those benefits.

Answer: Customer Value

4. _____ is a strategy that focuses on keeping and improving relationships with

current customers.

Answer: Relationship Marketing

5. 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
ability to communicate value, its pricing policy, and the distribution strategy.
These activities are all a part of:

Answer: Marketing