Test Bank for MKTG,14e 14th Edition, Principles of Marketing by Charles W. Lamb, Joe F. Hair, Carl McDaniel. This test bank includes Multiple Choice questions (MCQS), True False and Essay Questions. Answers are included for all chapters and given after every chapter.
Part I: THE WORLD OF MARKETI...
Test Bank for MKTG 14, 14th Edition Charles W. Lamb
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
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
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
Page 1
,Name: Class: Date:
Chapter 01 MKTG14
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
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
Page 2
,Name: Class: Date:
Chapter 01 MKTG14
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
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
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
Page 3
, Name: Class: Date:
Chapter 01 MKTG14
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
b. Customer-oriented personnel
c. Relationship marketing
d. Empowerment
29. Four competing philosophies strongly influence an organization’s marketing processes. Which of the following is
not one of the four marketing management philosophies?
a. Production orientation
b. Sales orientation
c. Analytics orientation
d. Market orientation
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. A company that follows a market-oriented approach has an advantage in today’s marketplace because it does
which of the following?
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.
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.
Page 4
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutor247. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 27,98 €. You're not tied to anything after your purchase.
