A product may be defined as everything, both favourable and unfavourable, that a person receives in an exchange.

• TRUE

• FALSE

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.

• TRUE

• FALSE

The way to achieve customer satisfaction and value is to offer the lowest price.

• TRUE

• FALSE

Societal orientation is defined as producing, promoting, and selling products.

• TRUE

• FALSE

The fundamental problem with a sales orientation is a lack of understanding of the marketplace needs and wants.

• TRUE

• FALSE

Social, demographic, economic and technological factors are examples of internal environmental factors.

• TRUE

• FALSE

An economic recession has increased demand for products and services in the market.

• TRUE

• FALSE

Competitive advantage is a core element in creating value in market orientation concept.

• TRUE

• FALSE

A person's lifestyle is a mood of living as identified by a person's activities, interest, income, and opinions.

• TRUE

• FALSE

A good or service that doesn’t meet a consumer’s need results in low customer value. 

• TRUE

• FALSE