MKTG, 14th Edition – Lamb, Hair & McDaniel – Complete Test Bank with Answers (Multiple Choice, True/False & Essay, All Chapters)

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Test 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
S
stresses customer satisfaction. Second, marketing is an organizational function and a set of
processes used to implement this philosophy.
E
a. True
b. False
EC
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
I
need.
a. True
P
b. False
G
3. Marketing career opportunities exist almost exclusively in nonbusiness organizations.
a. True
b. False
N
4. Marketing entails processes that focus on delivering value and benefits to customers,
I
not just selling goods, services, and/or ideas.
a. True
S
b. False
R
5. Marketing determines prices and pricing policies that typically contribute to achieving
the fundamental objectives of most businesses.
a. True
U
b. False
N
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.

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a. True
b. False
8. By developing a better understanding of marketing, a person will become a better-
informed consumer.
S
a. True
b. False
E 9. Training plays an important role in customer service and relationship building.
a. True
C
b. False E
I
10. Exchange will not necessarily take place even if all the conditions exist, but they
P
must exist for exchange to be possible.
a. True
b. False
G
11. The internet and the extensive use of social media have fueled the change in power
N
from consumers and business users to manufacturers and retailers.
a. True
I
b. False
S
12. Customers’ preferences must be mediated by sound professional judgment about
how to deliver the benefits customers seek.
a. True
R
b. False
U
13. Market-oriented organizations recognize that promotion decisions are the most
important of four basic marketing mix decisions that must be made.
a. True
N
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

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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
S 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
E
this customer understanding.
a. True
C
b. False E
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-
I
building skills.
a. True
P
b. False
G
18. If each party is not free to accept or reject the exchange offer, no exchange takes
place.
a. True
N
b. False
I S
R
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
U
b. False
20. Between one-fourth and one-third of the entire civilian workforce in the United
N
States performs marketing activities.
a. True
b. False




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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
S
b. False
22. Since marketing is carried out exclusively by the marketing professionals in an
E
organization, it is not necessary for all businesspeople in an organization to have a basic
C
understanding of marketing.
a. True E
b. False
23. The fundamental objectives of most businesses are survival, profits, and growth.
I
a. True
b. False
P
24. In most cases, in order for a firm to succeed in a competitive market, it needs to have
G
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
N
based on the assessment of the firm’s internal capabilities.
a. True
I
b. False
S
Indicate the answer choice that best completes the statement or answers the question.
R
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?
U
a. It lacks the understanding of what the customers may need and want from the
marketplace.
N
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.



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