Test Bank for Essentials of Marketing, 18th Edition By Joseph Cannon

Test Bank for Essentials of Marketing, 18th Edition By Joseph Cannon-1) 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 ⊚ 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 13) Marketing activities should begin with potential customer needs, not with the production process. ⊚ true ⊚ false 14) Production, not marketing, should determine what products are to be made. ⊚ true ⊚ false 15) Marketing does not occur unless there are two or more parties who want to exchange something for something else. ⊚ true ⊚ false 16) In a pure subsistence economy—when each family unit produces everything it consumes—no marketing is involved. ⊚ true ⊚ false 17) Marketing is concerned with individual transactions rather than with building ongoing relationships with customers, because that is the job of the public relations department. ⊚ true ⊚ false 18) Macro-marketing emphasizes how the whole marketing system works. ⊚ true ⊚ false 19) Macro-marketing is a social process that direct an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society. ⊚ true 20) Macro-marketing is concerned with examining the relationship of the entire production and distribution system. ⊚ true ⊚ false 21) An effective macro-marketing system matches heterogeneous supply with heterogeneous demand. ⊚ true ⊚ false