SM Chapter 2: Putting the Customer First Assessment Review

About 1/2 of every dollar spent on products pays for marketing costs.

• True

• False

The marketing concept requires maintenance of important relationships with customers.

• True

• False

The increased standard of living in the US has resulted in less discretionary income for consumers.

• True

• False

Producers are the driving force behind the marketing concept.

• True

• False

The 2 major goals of marketing are to determine what customers want and how much they are willing to pay for it

• True

• False

Companies that have a comparative advantage are able to pass savings to their customers in the form of lower prices.

• True

• False

Physiological needs include recognition and respect from others.

• True

• False

Economic uncertainty has a direct impact on consumer purchases.

• True

• False

The best strategy for a business to rise above the competition is to provide uncompromising, outstanding customer service.

• True

• False

Today's consumers

• are more mobile than ever before

• have more choices for their discretionary income

• consider benefits derived when making purchases

• all of the above