Test Bank for MKTG, 14th Edition Charles W. Lamb, Joe F. Hair Carl McDaniel
11 views 0 purchase
Course
MKTG, 14th Edition
Institution
MKTG, 14th Edition
Part I: THE WORLD OF MARKETING. 1. An Overview of Marketing. 2. Strategic Planning for Competitive Advantage. 3. Ethics and Social Responsibility. 4. The Marketing Environment. 5. Developing a Global Vision. Part II: ANALYZING MARKETING OPPORTUNITIES. 6. Consumer Decision-Making. 7. Business Market...
All Chapters
Chapter 01 MKTG14
Answers Included
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
E
attempts to convince customers to purchase products they may not want or need.
a. True
C
b. False
N
3. Marketing career opportunities exist almost exclusively in nonbusiness organizations.
a. True
LE
b. False
4. Marketing entails processes that focus on delivering value and benefits to customers, not just selling goods,
services, and/or ideas.
EL
a. True
b. False
5. Marketing determines prices and pricing policies that typically contribute to achieving the fundamental objectives
C
of most businesses.
a. True
EX
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.
ED
a. True
b. False
7. The all-inclusive definition of marketing is that it involves making products available in stores, arranging displays,
M
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
1
, MEDPAPERS
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
E
12. Customers’ preferences must be mediated by sound professional judgment about how to deliver the benefits
customers seek.
C
a. True
b. False
N
13. Market-oriented organizations recognize that promotion decisions are the most important of four basic marketing
LE
mix decisions that must be made.
a. True
b. False
EL
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
C
15. Two (or more) people may barter or trade such items as baseball cards or oil paintings. This is not considered
EX
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
ED
marketing orientation, the firm can carry out its plans on the basis of this customer understanding.
a. True
b. False
M
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
2
, MEDPAPERS
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
E
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
C
companies’ outside-in view.
a. True
N
b. False
LE
22. 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
EL
23. The fundamental objectives of most businesses are survival, profits, and growth.
a. True
b. False
C
24. In most cases, in order for a firm to succeed in a competitive market, it needs to have a clear understanding of
EX
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
ED
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?
M
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
3
, MEDPAPERS
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.
28. Sony monitors social media conversations that are relevant to its products and follows up on those
conversations. This long-term focus on customer needs is a hallmark of which of the following?
a. Customer satisfaction
E
b. Customer-oriented personnel
c. Relationship marketing
C
d. Empowerment
N
29. Four competing philosophies strongly influence an organization’s marketing processes. Which of the following is
not one of the four marketing management philosophies?
LE
a. Production orientation
b. Sales orientation
c. Analytics orientation
d. Market orientation
EL
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.
C
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.
EX
d. Both fail in a market where demand exceeds supply.
31. A company that follows a market-oriented approach has an advantage in today’s marketplace because it does
which of the following?
ED
a. It finds out what customers want and what they need.
b. It defines its business (or mission) in terms of goods and services.
c. It finds out what customers want and what they need and defines its business (or mission) in terms of
goods and services.
M
d. It neither finds out what customers want and what they need nor defines its business (or mission) in
terms of goods and services.
32. Carolina conducts marketing research for a pharmaceutical company in California. Carolina oversees telephone
surveys to determine the satisfaction of those who use her company’s products. Which of the following does
this example show?
a. Marketing can assess the needs and wants of present and potential customers.
b. Marketing can advertise the characteristics of a product.
c. Marketing can increase company revenues.
d. Marketing can effectively distribute goods and services.
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller medpapers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
