Unit 1 Marketing Test Review

Indicate whether the statement is true or false. 1. The cost of resources is the same no matter what economic system a society uses.

• True

• False

Indicate whether the statement is true or false. 2. The “4 Ps of Marketing” are product, price, promotion, and planning.

• True

• False

Indicate whether the statement is true or false. 3. When the marketing concept emerged in the 1970s, companies began to realize they could be more successful if they listened to consumers and considered their needs as they developed their products.

• True

• False

Indicate whether the statement is true or false. 4. Marketing activities and jobs have not changed much over the past 100 years.

• True

• False

Indicate whether the statement is true or false. 5. Economists have shown that marketing activities lower prices in the long run.

• True

• False

Indicate whether the statement is true or false. 6. Products that provide great satisfaction have a higher economic utility, whereas those providing less satisfaction have a lower utility.

• True

• False

Indicate whether the statement is true or false. 7. The approach to managing marketing activities has changed as organizations understand what makes marketing effective.

• True

• False

Indicate whether the statement is true or false. 8. Marketing helps to inform consumers of issues that affect them as individuals as well as society as a whole.

• True

• False

Indicate whether the statement is true or false. 9. In the early 1900s, businesses were mostly concerned about producing products that the business believed customers could afford and would purchase.

• True

• False

Indicate whether the statement is true or false. 10. When the marketing concept was adopted, marketing became the work of one department—the marketing department.

• True

• False