Exam (elaborations)
Test Bank for MKTG, 14th Edition by Charles W. Lamb, Joe F. Hair Carl McDaniel A+
- Course
- Institution
- Book
Test Bank for MKTG, 14th Edition by Charles W. Lamb, Joe F. Hair Carl McDaniel A+..
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Test Bank for MKTG, 14th Edition Charles W. Lamb, Joe F. Hair Carl McDaniel - All Chapters (1-19 ) Latest 2024 A+
-
Test Bank for MKTG 14th Edition by Charles W. Lamb
Seller
Follow
ASolution
Reviews received
Content preview
Created By: A SolutionTest Bank for MKTG, 14th Edition by Charles W. Lamb,
Joe F. Hair Carl McDaniel A+
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+ Page 1
,Created By: A Solution
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
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
A+ Page 2
,Created By: A Solution
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
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
A+ Page 3
, Created By: A Solution
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.
A+ Page 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 ASolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now