(Test Bank) Basic Marketing A Marketing Strategy Planning Approach

Perreault,Cannon,Mccarthy, 17

Business

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17th Edition

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Author(s): Perreault, Cannon, Mccarthy

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TEST BANK BASIC MARKETING A MARKETING STRATEGY PLANNING APPROACH BY William D. Perreault, Jr. Joseph P. Cannon E.Jeromr McCarthy Chapter 01 Marketing's Value to Consumers, Firms, and Society True / False Questions 1. Marketing is basically selling and advertising. True False 2. Marketing, in the literal sense, means "selling" or "advertising."True False 3. Making goods or performing services is called marketing. True False 4. Estimating what price consumers are willing to pay for a product and if the firm canmake a profit selling at that price, is an example of a production activity. True False 5. Marketing can provide needed direction for production and help make sure that the rightgoods and services find their way to interested consumers. True False 6. Marketing plays an essential role in creating customer satisfaction. True False 7. Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations. True False 8. If a firm produces the right goods or services, marketing has little role to play in creating customer satisfaction. True False 9. In advanced economies, it is estimated that marketing costs about 50 percent of each consumer's dollar. True False 10. In advanced economies, marketing costs only about 10 percent of each consumer's dollar. True False 11. Marketing encourages the development and spread of new ideas, goods, and services. True False 12. Marketing discourages the development and spread of new ideas, goods, and services. True False 13. Marketing is both a set of activities performed by organizations and a social process. True False 14. Marketing can be viewed as a set of activities performed by organizations, but not as a social process. True False 15. Marketing can be viewed as a social process, but not as a set of activities performed by organizations. True False 16. The micro view of marketing sees it as the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need -satisfying goods and services from producer to customer or client. True False 17. Marketing is the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need - satisfying goods and services from producer to customer or client. True False 18. The micro view of marketing is mainly concerned with the activities performed by organizations. True False 19. From a micro view, marketing activities are performed only by profit -oriented organizations. True False 20. Marketing only applies to profit organizations. True False 21. Marketing only applies to for-profit organizations. True False 22. Marketing activities should be of no interest to a nonprofit organization. True False 23. Marketing activities should begin with potential customer needs, not with the production process. True False 24. Production, not marketing, should determine what products are to be made. True False 25. Marketing should begin with the production process. True False 26. Marketing does not occur unless there are two or more parties who want to exchange something for something else. True False 27. In a pure subsistence economy -when each family unit produces everything it consumes - no marketing is involved. True False 28. A marketing exchange is a single transaction between a firm and a customer, nothing more. True False 29. Marketing is concerned with individual transactions rather than with building ongoing relationships with customers because that is the job of people in the public relations department. True False 30. Macro -marketing emphasizes how the whole marketing system works. True False 31. Micro -marketing is a social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes society's objectives. True False 32. Macro -marketing is a set of activities that direct an econo my's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society. True False 33. Macro -marketing emphasizes how the whole system works, rather than the activities of individual organizations. True False 34. Macro -marketing emphasizes the activities of individual organizations. True False 35. Macro -marketing is concerned with examining the relationship of the entire production and distribution system. True False 36. An effective macro -marketing system matches heterogeneous supply with heterogeneous demand. True False 37. Effective marketing in an advanced economy is difficult because producers and consumers are often separated in several ways. True False 38. Achieving effective marketing in an advanced economy is simplified by the fact that producers are separated from consumers in only two ways: time and space. True False 39. "Economies of scale" means that as a company produces larger numbers of a particular product, the cost for each unit of the product goes down. True False 40. "Economies of scale" prevent a company from taking advantage of mass production. True False 41. "Economies of scale" means that as a company produces more of a product, the total cost of production goes up. True False 42. "Economies of scale" means that as a company produces more of a product, the cost of each unit produced goes down. True False 43. In an advanced economy, all goods and services can be produced with mass production and its economies of scale. True False 44. Both mass production and effective marketing are needed to satisfy the economic needs of an advanced economy. True False 45. An effective macro -marketing system overcomes discrepancies of quantity and discrepancies of assortment by using the universal functions of marketing. True False 46. The universal functions of marketing include buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. True False 47. The "universal functions of marketing" consist only of buying, selling, transporting, and storing. True False 48. The universal functions of marketing are performed in the same way in all nations and economic systems. True False 49. Marketing functions are performed by producers, consumers, and a variety of marketing specialists. True False 50. Intermediaries specialize in trade and production. True False 51. The advantages of working with intermediaries increase as the number of producers and customers, their distance apart, and the number and variety of competing products increase. True False 52. While intermediaries facilitate exchange, their cost makes the whole macro -marketing system less efficient. True False 53. Marketing collaborators are any firms that provide the marketing functions of buying and selling. True False 54. Marketing specialists such as intermediaries and collaborators hinder the exchange process between producers and consumers. True False 55. E-commerce refers to exchanges between individuals and organizations -and the activities that facilitate those exchanges -based on applications of information technology. True False 56. E-commerce refers to exchanges between organizations (not individuals) and the activities that facilitate those exchanges. True False 57. E-commerce refers to exchanges between organizations, but not exchanges between individuals. True False 58. E-commerce refers to exchanges between individuals, but not exchanges between organizations. True False 59. Compared to other innovations, firms have been relatively slow to adopt e-commerce. True False 60. Marketing costs go down and customer satisfaction goes up in all exchanges handled by e-commerce. True False 61. Responsibility for performing the marketing functions can be shifted and shared in a variety of ways, but no function can be completely eliminated. True False 62. Not all societies need an economic system. True False 63. An economic system is the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption among various people and groups in the society. True False 64. Only industrial nations need an economic system to decide what and how much is to be produced and distributed by whom, when, to whom, and why. True False 65. In a command economy, producers generally have little choice about what goods and services to produce. True False 66. In a command economy, the individual decisions of many producers and consumers make the macro -level decisions for the whole economy. True False 67. In a market -directed economy, government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. True False 68. In a market -directed economy, price is a rough measure of how society values particular goods and services. True False 69. Market -directed economies tend to provide consumers with greater freedom of choice than command economies. True False 70. In a market -directed economy, consumers enjoy complete freedom of choice. True False 71. In a market -directed economy, profit is guaranteed. True False 72. Most Western economies are completely market -directed. True False 73. The American economy is entirely market -directed. True False 74. The American economy and most other Western economies are completely market - directed. True False 75. Whether a particular macro -marketing system is judged fair and effective depends on the objectives of the society. True False 76. The simple trade era was a time when families traded or sold their "surplus" output to local distributors who resold these goods to other consumers or distant distributors. True False 77. During the "production era" a company focuses on production -because few products are available in the market. True False 78. From the Industrial Revolution until the 1920s, most companies were in the production era. True False 79. During the "sales era," the firm tries to improve short -run marketing policy planning to tie together its activities. True False 80. Marketing departments are usually formed when firms go from the "production era" to the "sales era." True False 81. The "marketing department era" is a time when all marketing activities are brought under the control of one department. True False 82. During the "marketing company era," the total company effort is guided by the idea that customers exist to buy the firm's output. True False 83. A company has moved into the "marketing company era" when, in addition to short -run marketing planning, the total company effort is guided by the marketing concept. True False 84. The marketing concept means that an organization aims all its efforts at satisfying its customers -at a profit. True False 85. The marketing concept says that a firm should aim all its efforts at satisfying customers, even if this proves to be unprofitable. True False 86. The "marketing concept" means that a firm emphasizes attracting new customers above all other objectives. True False 87. A firm that adopts the "marketing concept" will aim all its efforts at satisfying customers, while trying to make a profit. True False 88. A firm that makes products that are easy to produce and then tries to sell them has a production orientation. True False 89. The term "marketing orientation" means making products that are easy to produce and then trying to sell them. True False 90. 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. True False 91. 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. True False 92. 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." True False 93. The three basic ideas included in the definition of the marketing concept are: customer satisfaction, a total company effort, and sales as an objective. True False 94. The three basic ideas in the marketing concept are: 1) customer satisfaction; 2) confining marketing activities to marketing professionals; and 3) having profit as an objective. True False 95. Adopting the marketing concept rarely requires any change in a firm's attitudes, organization structure, or management methods and procedures. True False 96. Adopting the marketing concept requires that a business firm eliminate all functional departments. True False 97. Companies that consider the triple bottom line measure economic, social, and political outcomes. True False 98. Organizations guided by a triple bottom line consider economic, social, and environmental outcomes as measures of long-term success. True False 99. The marketing concept was very quickly accepted, especially among producers of industrial commodities like steel and glass. True False 100Producers who operate in a competitive environment are more likely to adopt the . marketing concept. True False 101Adoption of the marketing concept is now universal. . True False 102A manager who follows a production concept views customer satisfaction as the path to . profit. True False 103Customer value is the difference between the benefits a customer sees from a market . offering and the costs of obtaining those benefits. True False 104Customer value is just another term for customer satisfaction. . True False 105A good or service that doesn't meet a consumer's needs results in low customer value. . True False 106Setting a low price for a firm's offering is a sure way of creating high customer value. . True False 107Low price and high customer value are one and the same thing. . True False 108When it comes to customer value, it is the customer's view that matters, not the view of . the marketing manager. True False 109In marketing, it is the manager's viewpoint that matters, not the customer's. . True False 110Offering superior customer value is especially important when competition is intense. . True False 111Often the best way for a firm to beat the competition is to be first to satisfy a need that . others have not even considered. True False 112Firms that embrace the marketing concept seek ways to build a profitable long-term . relationship with each customer. True False 113It is more costly for firms to try and attract new customers than it is to build a strong . relationship with existing customers. True False 114To develop lasting relationships with customers, marketing -oriented firms need to focus . on customer satisfaction both before and after each sale. True False