Marketing Final: Test 1 True or False

Strategic planning is most effective when managers view it as an annual exercise

Customer value is the ratio of benefits to the pleasure necessary to obtain those benefits

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.

For a retail operation requiring a storefront, the component of the marketing mix called place is most important

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.

Retailers who have give their sales clerks the authority to handle customer complaints without having to get approval from a supervisor are using empowerment

The ultimate goal of most marketing-oriented firms is profitability that results from satisfying the wants and needs of its consumers.

Although marketers cannot control the marketing mix, they can control the external environment in which their organization operates.

The phenomenon of working women has probably had a greater effect on marketing than has any other social change

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

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

Consumable items that do not become part of the final product are called raw materials

If consumer behavior is not well understood, a marketer will have difficulty creating an appropriate marketing mix.

Selective distortion occurs when consumers change information that conflicts with their feelings or beliefs.

AkPharm, Inc. has developed Cat-Sip, a lactose-free milk designed to be digestible by cats. The market for this product is cats.