question

Marketing is basically selling and advertising

answer

F

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Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations

answer

T

question

If a firm produces the right goods or services, marketing has little role to play in creating customer satisfaction

answer

F

question

Marketing creates task utility, but not time or place utility

answer

F

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The job of marketing is to guide the development of form and task utility, and to provide time, place and possession utilities

answer

T

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In advanced economies, marketing costs only about 10 percent of each consumer's dollar

answer

F

question

Micro-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

answer

T

question

Marketing activities should begin with potential customer needs, not with the production process

answer

T

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Production, not marketing, should determine what products are to be made

answer

F

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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

answer

F

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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

answer

T

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A market-directed economy is one in which government planners decide what and how much is to be produced and distributed by whom, when, to whom, and why

answer

F

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Marketing does not occur unless there are two or more parties who want to exchange something for something else

answer

T

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A market is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods and/or services

answer

T

question

The advantages of working with intermediaries (middlemen) increase as the number of producers and customers, their distance apart, and the number and variety of competing products increase

answer

T

question

"Economies of scale" means that as a company produces more of a product, the total cost of production goes up

answer

F

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Both mass production and effective marketing are needed to satisfy the economic needs of an advanced economy

answer

T

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Buying, selling, transporting, and storing are all universal marketing functions

answer

T

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Marketing ethics are the moral standards that guide marketing decisions and actions

answer

T

question

Moral standards often vary from one society to another and among groups within a society, so there is likely to be disagreement about what option is corrent when it comes to marketing ethics

answer

T

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During the "production era" a company focuses on production--because few products are available in the market

answer

T

question

During the "sales era," the firm tries to improve short-run marketing policy planning to tie together its activities

answer

F

question

The "marketing concept" means that a firm emphasizes making a profit above all other objectives

answer

F

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

answer

T

question

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

answer

T

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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

answer

F

question

When a firm makes a total company efort to satisfy its customers, and profit--not just sales--is an objective of the firm, the company is practicing the "marketing concept."

answer

T

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

answer

T

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When it comes to customer value, it is the customer's view that matters, not the view of the marketing manager

answer

T

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L. L. Bean has achieved success because its customers typically view the benefits of buying its products as greater than the costs

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T

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The marketing concept applies to nonprofit organizations as well as to businesses

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T

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The marketing concept says that it is a firm's obligation to improve its positive effects on society and reduce its negative effects

answer

F

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Organizations that have adopted the marketing concept are concerned about marketing ethics as well as broader issues of social responsibility

answer

T

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Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities

answer

T

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A marketing strategy is composed of two interrelated parts--a target market and a marketing mix

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T

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Mass marketing means focusing on some specific customers, as opposed to assuming that everyone is the same and will want whatever the firm offers.

answer

F

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The "four Ps" of the marketing mix are People, Products, Price, and Promotion

answer

F

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Product, Place, Promotion, and Price are the four major variables (decision areas) in a firm's marketing mix

answer

T

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Although the customer should be the target of all marketing efforts, customers are not part of a marketing mix

answer

T

question

The Product area of the marketing mix may involve a service and/or a physical good which satisfies some customers' needs

answer

T

question

The Place area is concerned with getting the right product to the target market

answer

T

question

The single most important factor is screen possible marketing opportunities is the long-run trends facing the company

answer

F

question

Attractive opportunities for a particular firm are those that the firm has some chance of doing something about--given its resources and objectives

answer

T

question

Differentiation means that the marketing mix is distinct from and better than what is available from a computer

answer

T

question

Differentiation means that the marketing mix is distinct from and better than what is available from a competitor

answer

T

question

Differentiation often requires a firm to fine-tune its marketing mix to meet the specific needs of its target market(s)

answer

T

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Differentiation emphasizes uniqueness rather than similarity

answer

T

question

A good SWOT analysis helps a manager focus on a strategy that takes advantages of the firm's opportunities and strengths while avoiding its weaknesses and threats to its success

answer

T

question

The letters in "SWOT analysis" are in abbreviation for the first letters of words "strengths, weaknesses, opportunities, and threats"

answer

T

question

Marketing opportunities involving present products and present markets are called "market penetration" opportunities

answer

T

question

When Lexus added a new sport utility vehicle to the "luxury-oriented" selection at its existing dealers, it was seeking "market development" opportunities

answer

F

question

If KFC added tacos to the "chicken-oriented" menu in its existing restaurants, it would be seeking "market development" opportunities

answer

F

question

When a firm tries to increase sales by offering new or improved products to its present markets, this is called "product development"

answer

T

question

A market is a group of sellers who offer substitute ways of satisfying customer needs

answer

F

question

Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets

answer

T

question

Market segmentation says that target marketers should develop one good marketing mix aimed at a fairly large market

answer

F

question

One of the difficult things about segmenting is that not every customer will neatly fit into some market segment

answer

T

question

"Good" market segments should be homogeneous (similar) within, heterogeneous (different) between, substantial, and operational

answer

T

question

A "good" market segment should be composed of people who are as homogenous as possible with respect to their likely responses to marketing mix variable

answer

T

question

"Good" market segments should be heterogeneous within and homogenous between

answer

F

question

A "substantial" market segment is one which is big enough to be profitable

answer

T

question

With the "multiple target market approach" the marketer combines two or more homogenous submarkets into one larger target market as a basis for one strategy

answer

F

question

The more heterogeneous a firm's target market becomes, the more likely the firm will see competition from an innovative segmenter

answer

T

question

Dimensions that should be looked at when segmenting markets are geographic location and other demographic characteristics, behavioral needs, urgency to get needs satisfied, and willingness to compare and shop

answer

T

question

A determining dimension for segmenting markets actually affects the purchase of a specific brand in a product-market

answer

T

question

"Positioning" shows how proposed and/or present brands are located in a market--as seen by customers

answer

T

question

"Positioning" means using a map to show where a firm's products are distributed geographically

answer

F

question

Most economists assume that consumers are "economic buyers" who logically evaluate choices in terms of cost and value received to get the greatest satisfaction from spending their time and money

answer

T

question

The economic-buyer theory assumes that consumers know all the facts and logically compare choices in terms of cost and value

answer

T

question

According to our class discussion, consumer buying decisions are influenced by psychological variables, social influences, and the purchase situation

answer

T

question

Family, social class, reference groups, and culture are the intrapersonal variables that affect a consumer's buying decisions

answer

F

question

The "hierarchy of needs" model suggests that we never reach a complete state of satisfaction, and that as lower level needs are satisfied, higher level needs become more dominant

answer

T

question

Consumers do not usually see or hear all the stimuli that come their way

answer

T

question

"Selective exposure" refers to a person's ability to screen out or modify ideas, messages, and information that conflict with previously learned attitudes and beliefs

answer

F

question

Reinforcement of a response decreases the likelihood of the same response the next time the drive occurs

answer

F

question

Consumers may evaluate a product not just on how well it performs but on how it performs relative to their expectations

answer

T

question

Activities, Interests, and Opinions are the "AIO" variables used in a lifestyle analysis

answer

T

question

In light of the relationships between consumer expectations and satisfaction, it's usually best for promotion to slightly "over promise" what the firm can actually deliver

answer

F

question

Consumer buying decisions are affected by social influences such as motivation, perception, learning, attitudes, and personality

answer

F

question

Buying responsibility and purchase influence between husband and wife vary greatly--depending on the product and the specific family

answer

T

question

According to our class discussion the US social class system is usually measured in terms of occupation, education, and housing arrangements

answer

T

question

Given the same income as middle-class consumers, lower-class consumers will handle themselves and their money very differently

answer

T

question

The group of people to whom an individual looks when forming attitudes about a particular topic is his reference group for that topic

answer

T

question

A personal normally has several reference groups

answer

T

question

Reference group influence is likely to be greater for products which will not be seen by other individuals

answer

F

question

Reference groups are more important when others will be able to "see" which product or brand we're using

answer

T

question

Opinion leaders for one subject or product are also usually opinion leaders for many other subjects or products

answer

F

question

Word-of-mouth publicity from opinion leaders can be favorable or unfavorable

answer

T

question

A reaction of British consumers to iced tea is an example of cultural influence

answer

T

question

Needs, benefits sought, attitudes, motivation, and even how a consumer selects certain products all vary depending on the purchasing situation

answer

T

question

A consumer interested in making a low involvement purchase is most likely to use "limited problem solving"--rather than one of the other levels of problem solving

answer

F

question

Finding her favorite brand of shampoo temporarily out of stock, a supermarket shopper is more likely to take part in routinized response behavior than limited problem solving

answer

F

question

The steps in the adoption process are awareness, interest,evaluation, trial, decision, and confirmation

answer

T

question

Dissonance takes place when an individual is NOT confident about the rightness of a decision

answer

T

question

It's hazardous to rely on intuition in generalizing about cultural influences on consumer behavior from one country to another

answer

T

question

Straight-rebuy buying takes longer than modified-rebuy or new-task buying and offers more chance for promotion impact by the seller

answer

F

question

Negotiated contract buying would be used when the buyer knows precisely what he wants and the requirements of the job aren't likely to change as the job is done

answer

F

question

In cooperative relationships in a business market, the buyer and seller work together to jointly achieve both mutual and individual objectives

answer

T

question

Consumer products, which are bought often, routinely, and without much thought, are convenience goods

answer

T

question

Consumer products that a customer really wants and is willing to make a special effort to shop for and compare different possibilities are specialty products

answer

F

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