Exam (elaborations)
Test Bank for Marketing, 21st Edition by William M. Pride, O. C. Ferrell
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Test Bank for Marketing, 21st Edition by William M. Pride, O. C. Ferrell A+
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MEDEXCELLENCEAnswers Included
Chapter 01 21e Pride All Chapters
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.
True
False
2. Services are provided by applying human and mechanical efforts to people or objects to provide intangible
E
benefits to customers.
True
C
False
3. Marketing costs consume about one-quarter of a buyer's dollar.
N
True
LE
False
4. The broadest and simplest definition of marketing states that it is the development and efficient distribution of
products for consumer segments.
EL
True
False
5. The marketing concept is a philosophy that a business organization should employ to satisfy customers' needs
C
while achieving the overall goals of the organization.
True
EX
False
6. For a business organization to remain healthy and to survive, it must sell products and make profits.
True
ED
False
7. The outcomes of a marketer's decisions and actions may be affected by the variables in the marketing
environment.
True
M
False
8. The reason the marketing concept is named this way is that it pertains solely to marketing.
True
False
9. Customers are interested in a product's price because they are concerned about the value obtained in an
exchange.
True
False
1
, MEDEXCELLENCE
10. Marketing costs consume about one-half of a buyer's dollar.
True
False
11. Organizations have to define their products as what they make or produce.
True
False
12. Customers are the focal point of all marketing activities.
True
False
E
13. Promotion can help sustain interest in established products that have long been available.
True
C
False
N
14. The marketing concept stresses that a business organization can best achieve its goals by providing customer
satisfaction through coordinated activities.
LE
True
False
15. Knowing about marketing can help you evaluate the types of corrective measures needed to stop questionable
EL
marketing practices.
True
False
C
16. A target market is a specific group of customers on whom an organization focuses its marketing efforts.
True
EX
False
17. To satisfy customers' objectives as well as its own, a company must coordinate all its activities.
True
ED
False
18. The impact of environmental forces on value can be extensive as market changes can easily influence how
stakeholders perceive certain products.
M
True
False
19. Changes in the marketing environment always hurt marketing efforts.
True
False
20. The marketing mix consists of three major variables: product, price, and distribution.
True
False
2
, MEDEXCELLENCE
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.
True
False
22. The marketing concept is a management philosophy, not a second definition of marketing.
True
False
23. The actual physical production of goods is a marketing activity.
True
E
False
24. Marketing consists primarily of selling and advertising.
C
True
False
N
25. Basic and extended warranties can reduce risk, a major customer cost.
LE
True
False
26. Products can be goods, services, or ideas.
EL
True
False
27. Profit, even at the expense of customers' satisfaction, is the major thrust of the marketing concept.
C
True
False
EX
28. The marketing concept directly affects marketing activities but should have a negligible impact on other
organizational activities.
True
ED
False
29. The market concept stresses that an organization can best achieve its objectives by being customer-oriented.
True
M
False
30. Value = customer costs − customer benefits.
True
False
31. The process people use to determine the value of a product is not highly scientific.
True
False
3
, MEDEXCELLENCE
32. The market concept developed out of a sequence of three eras: the production orientation, the marketing
orientation, and the industrial orientation.
True
False
33. Relationship marketing focuses on satisfying customers to generate the most profit.
True
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.
True
E
False
C
35. To reduce customer costs and thereby increase their sense of value, companies can increase product
availability.
N
True
False
True
False LE
36. When assessing value, customers consider nonmonetary costs such as time and effort.
EL
37. The marketing environment is a set of static, unchanging surroundings.
True
C
False
38. It is a good idea to consider parents as part of the target market when marketing new children's lunchboxes that
EX
stay colder longer.
True
False
ED
39. Achievement of the firm's overall goals is part of the marketing concept.
True
False
M
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.
True
False
4
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