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Test Bank for MKTG, 14th Edition Charles W. Lamb, Joe F. Hair Carl McDaniel - All Chapters (1-19 ) Latest 2024 A+ $12.99
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Test Bank for MKTG, 14th Edition Charles W. Lamb, Joe F. Hair Carl McDaniel - All Chapters (1-19 ) Latest 2024 A+
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Test Bank for MKTG, 14th Edition Charles W. Lamb, Joe F. Hair Carl McDaniel - All Chapters (1-19 ) Latest 2024 A+

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  • September 9, 2024
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  • 14th
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  • 9780357929216
  • 2024
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  • by charles w lamb joe f hair carl mcdaniel

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Test Bank for MKTG, 14th Edition Charles W. Lamb, Joe F. Hair
Carl McDaniel - All Chapters (1-19 ) Latest 2024 A+

Chapter 1. An Overview of Marketing.

Indicate whether the statement is true or false.

—1. Marketing has two facets. First, it is a philosophy, an attitude, and a perspective that stresses
customer satisfaction. Second, marketing is an organizational function and a set of processes
used to implement this philosophy.
a. True
b. False

—2. With the help of an effective sales force that implements aggressive sales techniques, a
sales-oriented firm attempts to convince customers to purchase products they may not want or
need.
a. True
b. False

—3. Marketing career opportunities exist almost exclusively in nonbusiness organizations.
a. True
b. False

—4. Marketing entails processes that focus on delivering value and benefits to customers, not
just selling goods, services, and/or ideas.
a. True
b. False

—5. Marketing determines prices and pricing policies that typically contribute to achieving the
fundamental objectives of most businesses.
a. True
b. False

—6. A sales-oriented firm targets its products at the average customer, while a market-oriented
organization aims at selling its products to a specific customer group.
a. True
b. False




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—7. The all-inclusive definition of marketing is that it involves making products available in
stores, arranging displays, and maintaining inventories of products.
a. True
b. False

—8. By developing a better understanding of marketing, a person will become a better-informed
consumer.
a. True
b. False

—9. Training plays an important role in customer service and relationship building.
a. True
b. False

—10. Exchange will not necessarily take place even if all the conditions exist, but they must
exist for exchange to be possible.
a. True
b. False

—11. The internet and the extensive use of social media have fueled the change in power from
consumers and business users to manufacturers and retailers.
a. True
b. False

—12. Customers’ preferences must be mediated by sound professional judgment about how to
deliver the benefits customers seek.
a. True
b. False

—13. Market-oriented organizations recognize that promotion decisions are the most important
of four basic marketing mix decisions that must be made.
a. True
b. False

—14. Promotion is how organizations communicate with present and prospective customers
about the merits and characteristics of their organization and products.
a. True
b. False




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—15. Two (or more) people may barter or trade such items as baseball cards or oil paintings.
This is not considered an exchange because this transaction does not require money.
a. True
b. False

—16. Success is achieved through a good understanding of a firm’s customers and its
competition. In adopting a marketing orientation, the firm can carry out its plans on the basis of
this customer understanding.
a. True
b. False

—17. The organizations frequently noted for delivering superior customer value and providing
high levels of customer satisfaction assign employees to teams and teach them team-building
skills.
a. True
b. False

—18. If each party is not free to accept or reject the exchange offer, no exchange takes place.
a. True
b. False

—19. According to the text, all businesspeople, regardless of specialization or area of
responsibility, need to be familiar with the terminology and fundamentals of accounting, finance,
management, and marketing.
a. True
b. False

— 20. Between one-fourth and one-third of the entire civilian workforce in the United States
performs marketing activities.
a. True
b. False

—21. Companies create strategy from the outside in by offering distinct and compelling
customer value. This can be accomplished only by carefully studying customers and using deep
market insights to inform and guide companies’ outside-in view.
a. True
b. False




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—22. Since marketing is carried out exclusively by the marketing professionals in an
organization, it is not necessary for all business people in an organization to have a basic
understanding of marketing.
a. True
b. False

—23. The fundamental objectives of most businesses are survival, profits, and growth.
a. True
b. False

—24. In most cases, in order for a firm to succeed in a competitive market, it needs to have a
clear understanding of the marketplace and produce products based on the wants and needs of
the customers rather than expecting the customers to want the products manufactured solely
based on the assessment of the firm’s internal capabilities.
a. True
b. False

Indicate the answer choice that best completes the statement or answers the question.

—25. A sales orientation is based on the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits. Which of the
following might be why this attitude might lead to the firm’s missing business opportunities?
a. It lacks the understanding of what the customers may need and want from the marketplace.
b. It focuses on providing value and benefits to its customers instead of meeting company
objectives.
c. It emphasizes enhancing individuals’ and society’s long-term best interests.
d. It concentrates on relationship-building, empowerment, and teamwork.

—26. Which of the following vital business activities is not included in marketing?
a. Assessing the needs and wants of consumers
b. Designing and managing product offerings
c. Determining pricing and pricing policies
d. Recruiting and selecting qualified employees

—27. Which of the following statements is true of on-demand marketing?
a. It requires firms to focus on the internal rather than the external business environment.
b. It places maximum emphasis on aggressive personal selling strategies.
c. It is aimed at enhancing customer relationships.
d. It is the most important strategy used by sales-oriented firms.



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