REVIEW CHAPTER 2

About half of every dollar that consumers spend 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 United States has resulted in less discretionary income for consumers.

• True

• False

Producers are the driving force behind the marketing concept.

• True

• False

Young families often spend entertainment dollars to attend sporting events for their children

• True

• False

Two major goals of marketing are to determine what consumers want and how much they are willing to pay.

• 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