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,Marketing Management, 3e (Marshall)Chapter 1 Marketing in Today's Business Milieu
1) A commonly held misconception about marketing is that it is all about advertising and selling.
Answer: TRUE
Explanation: A commonly held misconception about marketing is that it is all about advertising
and selling. Several important factors have contributed to the development of these
misconceptions: marketing's inherent visibility and its tendency toward buzzwords and "spin."
Difficulty: 1 Easy
Topic: Marketing and Marketing Management Defined
Learning Objective: 01-01 Identify typical misconceptions about marketing, why they persist,
and the resulting challenges for marketing management.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
2) Marketing is relevant only to people in the organization who work directly in the marketing
department.
Answer: FALSE
Explanation: Marketing's stakeholders include any person or entity inside or outside a firm with
whom marketing interacts, impacts, and is impacted by.
Difficulty: 2 Medium
Topic: Marketing and Marketing Management Defined
Learning Objective: 01-01 Identify typical misconceptions about marketing, why they persist,
and the resulting challenges for marketing management.
Bloom's: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
3) The American Marketing Association defines marketing as "the activity, set of institutions,
and processes for creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large."
Answer: TRUE
Explanation: The American Marketing Association offers the following as its official definition
of marketing: Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
Difficulty: 1 Easy
Topic: Marketing and Marketing Management Defined
Learning Objective: 01-02 Define what marketing and marketing management really are and
how they contribute to a firm's success.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
1
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
,4) Peter Drucker stated that since it is the customer who defines value, the business enterprise
has only two business functions: marketing and innovation.
Answer: TRUE
Explanation: According to Peter Drucker, what the business thinks it produces is not of first
importance—especially not to the future of the business and its success. What the customer
thinks he is buying, what he considers "value" is decisive. Because it is the purpose of a business
to create a customer, the business enterprise has two—and only two—business functions:
marketing and innovation.
Difficulty: 1 Easy
Topic: Marketing and Marketing Management Defined
Learning Objective: 01-02 Define what marketing and marketing management really are and
how they contribute to a firm's success.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
5) Sustainability refers to business practices that meet humanity's needs without harming future
generations.
Answer: TRUE
Explanation: The concept of environmentally friendly marketing, or green marketing, has been a
growing trend in socially responsible companies. Today the movement has evolved into a part of
the philosophical and strategic core of many firms under the label sustainability, which refers to
business practices that meet humanity's needs without harming future generations.
Difficulty: 2 Medium
Topic: Marketing and Marketing Management Defined
Learning Objective: 01-02 Define what marketing and marketing management really are and
how they contribute to a firm's success.
Bloom's: Understand
AACSB: Ethics
Accessibility: Keyboard Navigation
2
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
, 6) Firms that are stuck in a production orientation mentality likely will have great difficulty
competing successfully for customers.
Answer: TRUE
Explanation: A production orientation assumes that customers will beat a path to your door just
because you have a great product that functions nicely; build a better mousetrap and they will
come. You will learn throughout your study of marketing management that great products alone
do not ensure success. Unfortunately, firms that are stuck in a production orientation mentality
likely will have great difficulty competing successfully for customers.
Difficulty: 2 Medium
Topic: The Evolution of Marketing
Learning Objective: 01-03 Appreciate how marketing has evolved from its early roots to be
practiced as it is today.
Bloom's: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
7) When Henry Ford said, "People can have the Model T in any color—so long that it's black,"
he was reflecting a sales orientation.
Answer: FALSE
Explanation: For the early part of the 20th century, the focus was on production orientation of
improving products and production efficiency without much regard for what was going on in the
marketplace. In fact, consumers snapped up this new pipeline of reasonably priced goods, even if
the products didn't give much choice in style or function. Having a Ford Model T was great, but
as Henry Ford himself said, "People can have the Model T in any color—so long that it's black."
Difficulty: 2 Medium
Topic: The Evolution of Marketing
Learning Objective: 01-03 Appreciate how marketing has evolved from its early roots to be
practiced as it is today.
Bloom's: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
3
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
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