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Test Bank for MKTG 14th Edition Copyright 2025 by Charles W. Lamb, Joe F. Hair, Carl McDaniel

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Test Bank for MKTG 14th Edition Copyright 2025 by Charles W. Lamb, Joe F. Hair, Carl McDaniel Test Bank for MKTG 14th Edition by Charles W. Lamb, Joe F. Hair, Carl McDaniel

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  • October 27, 2024
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  • tb mktg 14th edition copyright 2025 by charles w

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Name: Class: Date:




TEST BANK FOR
MKTG 14th Edition Copyright 2025 by Charles W. Lamb, Joe F. Hair, Carl McDaniel
Chapter 1-19 Answers are at the End of Each Chapter


Chapter 1
Indicate whether the statement is true or false.

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

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

3. 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

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

5. 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

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

7. 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

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,Name: Class: Date:



8. 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

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

10. 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

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

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

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

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

15. 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

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

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,Name: Class: Date:

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. 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

19. 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

20. 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

21. 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

22. 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

23. 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

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

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

25. Four competing philosophies strongly influence an organization’s marketing processes. Which of the following is not
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, Name: Class: Date:

one of the four marketing management philosophies?
a. Production orientation
b. Sales orientation
c. Analytics orientation
d. Market orientation

26. At XYZ Fashion, the team discovered an increase in material waste based on an extreme increase in extra material not
being used for the new production of clothes. Additionally, the team noticed that the material was causing irritation to
consumers’ skin. Based on these findings, management decided to halt production and reassess the situation until a solid
solution could be found that does not adversely affect both consumers and the environment. Given this situation, which of
the following marketing management philosophies does XYZ Fashion use?
a. Production orientation
b. Sales orientation
c. Market orientation
d. Societal marketing orientation

27. Jamal, a customer of Associated Bank, feels that the bank has met his expectations for high-quality service. He gives
the bank high ratings on its feedback form and also recommends the bank to his friends and family. Which of the
following is Jamal’s evaluation of Associated Bank a reflection of?
a. Customer value
b. Customer satisfaction
c. Customer relations
d. Consumer management

28. Which of the following is the relationship between benefits and the sacrifice necessary to obtain those benefits?
a. Teamwork
b. Customer value
c. Customer satisfaction
d. Empowerment

29. Which situation can a production-oriented firm survive or prosper in the marketplace?
a. When competition is weak
b. When supply exceeds demand
c. When competition is strong
d. When demand equals supply

30. Which of the following is a similarity between a production orientation and a sales orientation?
a. Both ignore the importance of assessing a firm’s internal capabilities.
b. Both lack an understanding of the needs and wants of the marketplace.
c. Both place little emphasis on the assessment of manufacturing plants and facilities.
d. Both fail in a market where demand exceeds supply.

31. 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.
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