1 Marketing is an activity that only large firms with specialized departments can perform.

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1) Marketing is an activity that only large firms with specialized departments can perform.⊚ true ⊚ false

2) The marketing plan is broken down into various components—how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer.⊚ true ⊚ false

3) Understanding the marketplace and a customer’s needs and wants is fundamental to marketing success.⊚ true ⊚ false

4) The four Ps of the marketing mix include product, promotion, planning, and place.⊚ true ⊚ false

5) Supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time.⊚ true ⊚ false

(Marketing, 8e Dhruv Grewal, Michael Levy) (Test Bank Latest Edition 2023-24, Grade A+, 100% Verified) (Answer at the end of each Chapter) 1 / 4

Version 1 2 6) The power adapters Apple sells with its computers are built by small companies that specialize in power-related accessories. When Apple purchases its power adapters from these small companies, it is engaged in B2B marketing.⊚ true ⊚ false

7) Garage sales and online classified ads are examples of C2C marketing.⊚ true ⊚ false

8) As it relates to marketing, the trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.⊚ true ⊚ false

9) Marketing’s fundamental purpose is to create value by developing a variety of offerings that will earn income for the company.⊚ true ⊚ false

10) Promotion deals specifically with retailing and marketing channel management, also known as supply chain management.⊚ true ⊚ false

11) A set of approaches and techniques that firms use to make and deliver a given set of goods and services is known as a distribution network.⊚ true ⊚ false

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Version 1 3 12) Walter likes his morning coffee, and sausage biscuit, and he always stops at Dunkin Donuts because it is on his way to work. Walter is being influenced by the place element of the marketing mix.⊚ true ⊚ false

13) In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer.⊚ true ⊚ false

14) Apple makes its innovations compatible with existing products to encourage consumers to maintain a long-term relationship with the company across all their electronic needs.⊚ true ⊚ false

15) To build relationships, firms focus on the lifetime profitability of the relationship, not how much money is made during each transaction.⊚ true ⊚ false

16) During the market-oriented era, manufacturers began to focus on customers’ needs before they designed or sold their products.⊚ true ⊚ false

17) Social media ad spending is growing and increased by 32 percent in 2018.⊚ true ⊚ false

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Version 1 4 18) Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.⊚ true ⊚ false

19) The publisher of the well-known Winnie-the-Pooh series wants to celebrate the 100th anniversary of the series, initiating a $200,000 campaign. This initiative represents the ________ component in the four Ps.

• product
• place
• price
• promotion
• presentation

20) Mattie is the marketing manager for a spice company. While on vacation in Brazil, she visited food stores in Rio de Janeiro. Most of her company’s products were available, except for baking spices, like vanilla. When she returned to work, she mentioned this observation to her international sales manager. Mattie was providing the important marketing function of

• cocreating an investment portfolio.
• selling products from one business to another.
• engaging customers, developing long-term relationships.
• identifying opportunities to expand.
• enhancing the customer experience.

21) Dream Home Solutions has been a successful small home-remodeling firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company’s gross margin. Dream Home rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Dream Home is engaged in

• a traditional transactional orientation.
• C2C value-driven marketing.
• effective supply chain management.
• value cocreation.
• a virtual monopoly.

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