Marketing Final Review True/False

A commission is a fixed sum of money paid at regular intervals.

False

A major problem for most managers today is having too little information.

False

A market information system (MIS) is a software package that companies purchase to help decision makers cope with critical information.

False

About the only thing you know for certain about your first version of a marketing dashboard is that it will likely look the same in a year or two

False

An integrated marketing communications (IMC) is effectively a separate assessment of whether to invest in promoting an offer through one or more of the elements of the promotion mix.

False

For firms interested in building long-term customer relationships, having satisfied customers is enough to ensure the relationship is going to last.

False

Market share of a product is defined in terms of the number of people who use the product

False

The buying decision in organizations, like consumers, usually rests with one person only.

False

The consumer buying process takes longer and generally involves more people than the B2B buying process.

False

The first step of creating a direct marketing campaign is to specify direct marketing channels

False

The goal of institutional advertising is to increase the purchase of a specific offering

False

Throughout the household life cycle stages, consumers typically stick with the same products and purchase decisions.

False

With the all-you-can-afford method, a marketing manager focuses on the competitive marketplace and specifically on comparing promotion expenditures across all key competitors in the market to find a budget number that matches

False

A commonly held misconception about marketing is that it is all about advertising and selling.

True

A push strategy means that much of the intensive promotional activities take place from the manufacturer downward through the channel of distribution.

True

A straight rebuy is a routine purchase that is often given to a preferred supplier.

True

AIDA model includes attention, interest, desire, and action

True

B2B companies often have fewer but larger customers.

True

Consumer (B2C) buying process is different form business (B2B) buying process.

True

Customer orientation, a component of market orientation, places the customer at the core of all aspects of the enterprise.

True

Firms today have learned to be open about products and services with consumers who have endless sources of information, including blogs, chat rooms, and independent websites.

True

From a customer's perspective, value was defined as a ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

True

Goals are broad statements of generally desired accomplishments in support of the firm's mission statement

True

In order to develop a solid marketing strategy, firms need to collect information about their internal environment, competitive environment and external or macroenvironment.

True

Motivation, attitude, perception, learning, and personality are all psychological attributes that affect consumer choices.

True

Perception is a system to select, organize, and interpret information to create a useful, informed picture of the world

True

Pioneering advertising tends to be used during the introductory and early growth stages of the product life cycle (PLC)

True

Practicing marketers tend to pitch marketing internally as an investment, not an expense, in the future success of the organization.

True

Salespeople and the personal selling function are the single most effective approach for establishing and enhancing the personal relationship between company and customer

True

The development of promotion mix strategies involves decisions about which combination of elements in the promotion mix is likely to best communicate an offering to a marketplace

True

The goal of sales presentation is not simply to make the sale but to create a strong value proposition that will lead to a mutually beneficial long-term relationship

True

The value chain portrays a mixture of primary and support activities utilized by an organization to design, produce, market, deliver, and support its products.

True

When marketing planning, a good channel decision can be one of the most important within the entire planning process and can lead to market advantage over competitors

True