TEST BANK FOR Essentials of Marketing, 18th Edition By Joseph Cannon, Answered

TEST BANK FOR Essentials of Marketing, 18th Edition By Joseph Cannon, Answered-Marketing is basically selling and advertising. ⊚ true ⊚ false 2) Making goods or performing services is called production. ⊚ true ⊚ false 3) Estimating what price consumers are willing to pay for a product and assessing whether the firm can make a profit selling at that price is an example of a production activity. ⊚ true ⊚ false 4) Marketing can provide needed direction for production and help make sure that the right goods and services find their way to interested consumers. ⊚ true ⊚ false 5) Marketing plays an essential role in creating customer satisfaction. ⊚ true ⊚ false 6) If a firm produces the right goods or services, marketing has little role to play in creating customer satisfaction. ⊚ true ⊚ false 7) In advanced economies, marketing costs about 10 percent of each consumer’s dollar. ⊚ true ⊚ false 8) Marketing encourages the development and spread of new ideas, goods, and services. ⊚ true ⊚ false 9) Marketing is both a set of activities performed by organizations and a social process. ⊚ true ⊚ false 10) Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. ⊚ true ⊚ false 11) The micro view of marketing is mainly concerned with the activities performed by organizations. ⊚ true ⊚ false 12) Marketing only applies to for-profit organizations. ⊚ true ⊚ false