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Test Bank For Marketing 4th Canadian Edition Lamb, Hair, McDaniel, Faria, Wellington |All Chapters, Year-2024| R288,28   Add to cart
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Test Bank For Marketing 4th Canadian Edition Lamb, Hair, McDaniel, Faria, Wellington |All Chapters, Year-2024|
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Test Bank For Marketing 4th Canadian Edition Lamb, Hair, McDaniel, Faria, Wellington |All Chapters, Year-2024|

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  • January 10, 2024
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Test Bank
Marketing
4th Canadian Edition
Lamb, Hair, McDaniel, Faria, Wellington

,Chapter 1—An Overview of Marketing


MULTIPLE CHOICE

1. What is the definition of marketing?
a. planning sales campaigns
b. selling
c. advertising and promotion activities
d. a philosophy that stresses customer satisfaction
ANS: D PTS: 1 DIF: Definition REF: p. 4
OBJ: 1 BLM: Remember

2. A business is concerned with many day-to-day activities. Some of the most important are the
planning and conception of the product or service, its pricing policy, and the distribution strategy.
What are these activities part of?
a. human resources
b. production
c. marketing
d. accounting
ANS: C
This description contains three of the four main activities included in the marketing function.
Many students may mistakenly believe that marketing is concerned only with promotion.

PTS: 1 DIF: Comprehension REF: p. 4
OBJ: 1 BLM: Remember

3. Which of the following is a set of activities used to implement a management orientation that
stresses customer satisfaction?
a. a control system
b. customer management
c. planning strategy
d. marketing
ANS: D PTS: 1 DIF: Definition REF: p. 4
OBJ: 1 BLM: Remember

4. Marketing is an organizational function and a set of processes for creating, communicating, and
delivering which one of the following to customers?
a. sales
b. benefits
c. satisfaction
d. value
ANS: D PTS: 1 DIF: Definition REF: p. 4
OBJ: 1 BLM: Remember




1-1

,5. The idea that people give up something in order to receive something that they would rather have
is a key ingredient in marketing. What is this called?
a. exchange
b. synergy
c. reciprocity
d. promotion
ANS: A PTS: 1 DIF: Definition REF: p. 4
OBJ: 1 BLM: Remember

6. What must happen in order for exchange to occur?
a. Each party must have something of value to the other party.
b. A profit-oriented organization must be involved.
c. Organized marketing activities must also occur.
d. Money or other legal tender is required.
ANS: A
Exchange involves the trade of items of value, but does not necessarily involve formal
organizations, profit, or money/legal tender.

PTS: 1 DIF: Comprehension REF: p. 4
OBJ: 1 BLM: Remember

7. For an exchange to take place, what must happen?
a. At least one person must have something of value.
b. Each party must feel obligated to accept the offer.
c. Money must be present.
d. There must be at least two parties.
ANS: D PTS: 1 DIF: Comprehension
REF: p. 4 OBJ: 1 BLM: Remember

8. Why is the concept of exchange important to marketing?
a. Marketing activities help to create exchange.
b. Money is the only medium of exchange for business marketers.
c. Exchange provides money to marketers.
d. Marketing activities are a requirement for exchange to take place.
ANS: A
Marketing activities help the exchange to take place, but marketing can occur without an
exchange.

PTS: 1 DIF: Comprehension REF: p. 4
OBJ: 1 BLM: Remember




1-2

, 9. Kurt Meyer wants to sell a Model T Ford that he inherited from his grandfather. A preliminary
investigation has shown many people would be interested in this type of automobile. He has taken
out an advertisement in his local auto trade paper and provided customers with a toll-free number
to make an appointment to drive the car. He has also read in the auto trade papers that similar cars
to the one that he owns are selling for about $4,000. Before selling his Model T, what else should
Meyer find out?
a. whether the car can meet the demands of potential customers
b. how to promote the car to generate significant visibility for the ad
c. where the car should be located to secure optimum drive-up business
d. how to price the car so that customers will seek out his vehicle
ANS: A
For an exchange to take place, each party must have something the other values, the parties must
be able to communicate, and each party must believe that it is appropriate to deal with the other.

PTS: 1 DIF: Application REF: p. 4 OBJ: 1
BLM: Higher order

10. If the local chapter of the Canadian Diabetes Association (CDA) sponsors a free lifesaving course,
city residents will not have to pay to take the class. Why will an exchange take place?
a. The CDA does not have to communicate with class participants.
b. People who take the course have to give nothing of value in return.
c. Both the CDA and the people taking the course will trade something of value.
d. People can decide the course has no value.
ANS: C
If the course has no value, then an exchange cannot occur. Without communication, the exchange
of knowledge for time and energy cannot occur. In an exchange, each participant has something of
value to the other. For an exchange to occur, each party must believe it is desirable.

PTS: 1 DIF: Application REF: p. 4 OBJ: 1
BLM: Higher order

11. Four competing philosophies strongly influence the role of marketing and marketing activities
within an organization. Which if the following is a marketing management philosophy?
a. accounting orientation
b. sales orientation
c. profitability orientation
d. social networking orientation
ANS: B PTS: 1 DIF: Comprehension
REF: p. 5 OBJ: 2 BLM: Remember




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