True/False Question

1) All advertising is part of marketing, but not all marketing efforts are advertising.

2) Marketing is managing profitable customer relationships.

3) The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

4) Market offerings are limited to physical products.

5) Market offerings can include products, services, information, or experiences offered to a market to satisfy a need or want.

6) Marketers should look beyond the attributes of the products and services they sell to also create brand experiences for consumers.

8) Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization.

9) Marketing management is interested in serving all customers in every way to remain competitive in today's markets.

10) Two important questions underlying marketing strategy are "Who is our target market?" and "What's our value proposition?"

11) The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. 12) The major difference between the selling concept and the marketing concept is that the selling concept considers only existing needs.

13) Delivering superior customer value and customer satisfaction are the two keys to building lasting customer relationships.

14) Customer-perceived value is defined as the customer's evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

15) Every functional area of an organization, not only a marketing department, can and should interact with customers. 2

16) ABC Financial Services has just developed a formal statement of its purpose. This firm has put together a mission statement.

17) At Google, "we help you organize the world's information and make it universally accessible," is a product-oriented mission.

18) "At Nike, we sell shoes" is a market-oriented business definition.

19) Marketing strategies must be developed to support marketing objectives.

20) In the BCG matrix, "dogs" by definition are businesses and products that do not generate enough cash to maintain themselves.

21) No single competitive marketing strategy is suitable for every company.

22) The management strategy of environmental sustainability focuses on developing ways to sustain the environment while also producing profits.

23) In the progress toward environmental sustainability, a company must first strive for pollution prevention and product stewardship before developing "beyond greening" plans.

24) Personality is a person's pattern of living as expressed in his or her psychographics.

25) A person's buying choices are influenced by four major psychological factors: motivation, perception, learning, and beliefs and attitudes.

26) Maslow's theory is that human needsincluding physiological, safety, social needs, esteem, and self-actualization needsare arranged in a hierarchy and that an unsatisfied need motivates an individual to take action to satisfy it.

27) Alternative evaluation is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

28) A belief is the specific mix of human traits that may be attributed to a particular brand.

29) After purchasing the product, the consumer will be satisfied or dissatisfied and will engage in postpurchase behaviour.

30) For market segments to be useful they must be measurable, accessible, substantial, differentiable, and actionable.

31) In evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.

32) At a recent marketing seminar, the featured speaker stated that a target market consists of a set of buyers who share common needs or characteristics that the company decides to serve. This is a correct definition.

33) Developing a stronger position within several segments creates more total sales than undifferentiated marketing across all segments.

34) Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

35) When a company chooses a target marketing strategy, its choices are influenced by factors related to company resources, the degree of product variability, and the product's life-cycle stage.

36) Most marketing targeted at children, minorities, or other special segments provides benefits to targeted consumers.

37) A product's position is the way the product is defined by the retailers who sell it to target markets. It is how it is defined on important attributesthe place the product occupies in the retailers' minds relative to competing products.

38) Consumers position products in their minds in order to simplify the buying process.

39) When Kia offers a new model of car with the same features as a comparable Toyota or Ford and provides a longer warranty, Kia is following a more-for-less strategy.

40) A brand's position is assessed relative to a competitor's positioning.

41) Apple says it makes its newest iPad has superior design and usability. Apple is referring to differentiation.

42) Quaker produces a variety of cereals. This variety is called its product line.

43) Cannibalization and customer confusion about product differentiation are two potential results if line filling is overdone.

44) A company might stretch its product line upward to add prestige to its current products.

45) Service inseparability means that the quality of services depends on when, where, and how it is provided.

46) Customer retention is perhaps the best measure of qualitya service firm's ability to hang on to its customers depends on how consistently it delivers value to them.

47) A firm can obtain new products in two ways: acquisition or new-product development.

48) A very high number of new products fail each year.

49) A brand represents consumers' perceptions and feelings about a product and its performance.

50) Retailers and wholesalers have created their own national brands, also called store brands.

51) To be successful, brand managers continually ask "Is our brand consistently providing the benefits our customers value and expect?"

52) National brands are so-called because they are well known and well established in Canada, or even internationally.

53) High-low pricing involves setting a product's initial price high and lowering it in six months.

54) The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

55) Cost-based pricing relies on consumer perception of value to drive pricing.

56) The simplest pricing method is break-even pricing.

57) A break-even chart shows the total cost and total revenue expected at various sales volume levels.

58) In a pure monopoly, the market consists of one seller.

59) The demand curve indicates the higher the price, the higher the demand.

60) Selective distribution seeks only one outlet in a given market area.

61) The producer and intermediaries need to agree on the terms and responsibilities of each member, including price policies, conditions of sale, territorial rights, and specific services to be performed by each party.

62) Under the strategy of exclusive distribution, a seller allows only certain retail outlets to carry its products.

63) The key to managing inventory is to balance the costs and benefits of carrying larger inventories with the costs and benefits of holding less.

64) A company's marketing communications mix is also called its promotion mix.

65) Large companies still routinely invest large chunks of their advertising budgets in mass-media outlets such as television and magazines.

66) New communications technologies such as cell phones and the Internet give companies new media for interacting with targeted consumers, but these new technologies also give consumers more control of the advertising messages they receive.

67) Integrated marketing communications encourages brand messages to be developed by different departments within an organization.

68) Advertising is the most directly persuasive communications vehicle.

69) Advertising is never used by not-for-profit organizations, professionals, and social agencies to promote their causes to target publics.

70) Marketing is the one of the most important functional strategy in business management.

PLEASE ANSWER TRUE OR FALSE