Exam (elaborations)

Test Bank for Marketing, 21st Edition by William M. Pride | Complete Chapters

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MKT244

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Test Bank for Marketing 21e 21st Edition by William M. Pride, O. C. Ferrell.It includes Multiple Choice Questions (MCQs), True False (T/F) and Short Questions. Answers for all questions are included and given at the end of every chapter. Complete Guide Part I: MARKETING STRATEGY AND CUSTOMER REL...

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Test Bank for Marketing, 21st Edition by William M. Pride, O. C. Ferrell

Chapter 01 21e Pride
Answers Included ✅
Indicate whether the statement is true or false.
1. During the market orientation, businesspeople realized that products, which by this time could be made relatively
efficiently, would have to be promoted through much personal selling and advertising.
a. True
b. False

2. Services are provided by applying human and mechanical efforts to people or objects to provide intangible
benefits to customers.
a. True
b. False

3. Marketing costs consume about one-quarter of a buyer's dollar.
a. True
b. False

4. The broadest and simplest definition of marketing states that it is the development and efficient distribution of
products for consumer segments.
a. True
b. False

5. The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs
while achieving the overall goals of the organization.
a. True
b. False

6. For a business organization to remain healthy and to survive, it must sell products and make profits.
a. True
b. False

7. The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing
environment.
a. True
b. False

8. The reason the marketing concept is named this way is that it pertains solely to marketing.
a. True
b. False

9. Customers are interested in a product's price because they are concerned about the value obtained in an
exchange.
a. True
b. False

Page 1

,Name: Class: Date:

Chapter 01 21e Pride

10. Marketing costs consume about one-half of a buyer's dollar.
a. True
b. False

11. Organizations have to define their products as what they make or produce.
a. True
b. False

12. Customers are the focal point of all marketing activities.
a. True
b. False

13. Promotion can help sustain interest in established products that have long been available.
a. True
b. False

14. The marketing concept stresses that a business organization can best achieve its goals by providing customer
satisfaction through coordinated activities.
a. True
b. False

15. Knowing about marketing can help you evaluate the types of corrective measures needed to stop questionable
marketing practices.
a. True
b. False

16. A target market is a specific group of customers on whom an organization focuses its marketing efforts.
a. True
b. False

17. To satisfy customers' objectives as well as its own, a company must coordinate all its activities.
a. True
b. False

18. The impact of environmental forces on value can be extensive as market changes can easily influence how
stakeholders perceive certain products.
a. True
b. False

19. Changes in the marketing environment always hurt marketing efforts.
a. True
b. False

20. The marketing mix consists of three major variables: product, price, and distribution.
a. True
b. False

Page 2

,Name: Class: Date:

Chapter 01 21e Pride

21. The ability to identify individual customers allows marketers to shift their focus from increasing their share of an
individual customer’s purchases to targeting groups of similar customers.
a. True
b. False

22. The marketing concept is a management philosophy, not a second definition of marketing.
a. True
b. False

23. The actual physical production of goods is a marketing activity.
a. True
b. False

24. Marketing consists primarily of selling and advertising.
a. True
b. False

25. Basic and extended warranties can reduce risk, a major customer cost.
a. True
b. False

26. Products can be goods, services, or ideas.
a. True
b. False

27. Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.
a. True
b. False

28. The marketing concept directly affects marketing activities but should have a negligible impact on other
organizational activities.
a. True
b. False

29. The market concept stresses that an organization can best achieve its objectives by being customer-oriented.
a. True
b. False

30. Value = customer costs − customer benefits.
a. True
b. False

31. The process people use to determine the value of a product is not highly scientific.
a. True
b. False

Page 3

, Name: Class: Date:

Chapter 01 21e Pride

32. The market concept developed out of a sequence of three eras: the production orientation, the marketing
orientation, and the industrial orientation.
a. True
b. False

33. Relationship marketing focuses on satisfying customers to generate the most profit.
a. True
b. False

34. There are four conditions that must be met before an exchange can take place. Once these conditions are met,
an exchange will always take place.
a. True
b. False

35. To reduce customer costs and thereby increase their sense of value, companies can increase product
availability.
a. True
b. False

36. When assessing value, customers consider nonmonetary costs such as time and effort.
a. True
b. False

37. The marketing environment is a set of static, unchanging surroundings.
a. True
b. False

38. It is a good idea to consider parents as part of the target market when marketing new children's lunchboxes that
stay colder longer.
a. True
b. False

39. Achievement of the firm's overall goals is part of the marketing concept.
a. True
b. False

40. Gloria is a pianist who wants to become a professional. Whenever she has a performance, she places a flyer in
the local community center and encourages her friends to tell others about the performance. Gloria is engaging
in marketing activities.
a. True
b. False

Page 4

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