Marketing Final: Test 1 True Or False

Strategic planning is most effective when managers view it as an annual exercise False Customer value is the ratio of benefits to the pleasure necessary to obtain those benefits False Having a global vision means management recognizes and reacts to international marketing opportunities, is aware of threats from foreign competitors in all markets, and effectively utilizes international distribution networks. True For a retail operation requiring a storefront, the component of the marketing mix called place is most important True All employees need to be customer-oriented because in the customer's eyes, the employee is the firm and may be the only firm representative the customer ever sees. True Retailers who have give their sales clerks the authority to handle customer complaints without having to get approval from a supervisor are using empowerment True The ultimate goal of most marketing-oriented firms is profitability that results from satisfying the wants and needs of its consumers. True Although marketers cannot control the marketing mix, they can control the external environment in which their organization operates. False The phenomenon of working women has probably had a greater effect on marketing than has any other social change True South-Western Publishing sells its business textbooks to college bookstores, which in turn sell the books to students. South-Wester is engaged in business marketing True The emergence of the Internet has made buying and selling in business market is a process that is only efficient for the largest producer to pursue False Consumable items that do not become part of the final product are called raw materials False If consumer behavior is not well understood, a marketer will have difficulty creating an appropriate marketing mix. True Selective distortion occurs when consumers change information that conflicts with their feelings or beliefs. True AkPharm, Inc. has developed Cat-Sip, a lactose-free milk designed to be digestible by cats. The market for this product is cats. False Geography, psychographics, and benefit sought are examples of possible segmentation variables used by marketers True Use of the Internet can cut marketing research costs by 25 to 40 percent and provide results in half the time it takes to do traditional telephone surveys True Competitive intelligence allows managers to predict changes in business relationships, identify marketplace opportunities, and discover new or potential competitors True Disintermediation is the elimination of wholesalers and distributors from the marketing channel True Multiculturalism occurs when all major ethnic groups in an area are roughly equally represented True Recession is a general rise in prices with a corresponding increase in wages, which results in decreased purchasing power False The concept of marketing is the idea that people give up something to receive something True This is the Era of Generation "C", where "C" stands for CONTENT True Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals True A marketing exchange cannot take place unless each party n the exchange has something that the other party values True The marketing concept states that the social and economic justification for an organization's existence is the satisfaction of customer's wants and needs while meeting organizational objectives. True The marketing plan is a written document that acts as a guidebook of marketing activities for a marketing manager True A common way to conduct a situation analysis is to perform a SWOT analysis, which means examining the company's environments for strengths, weaknesses, opportunities, and threats True A competitive advantage is some unique aspect of a firm's offering, or the firm itself, that causes target customers to patronize the firm rather than its competition True If the Pillsbury Company started a major promotional campaign for its Green Giant frozen vegetables with aggressive advertising and cents-off coupons to existing customers, it would be following a market development strategy False Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets True Having a cost advantage is a product or service differentiator that is hard to beat True