The purpose of business is to increase the general well-being of humankind through the sale of goods and services.
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Question 2
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Before the Great Depression,few firms had either sales or marketing departments.
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Question 3
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A transaction is a trade of values between two parties.
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Question 4
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Soon after World War II,most firms focused on training salespeople in effective selling techniques and developing products to meet the needs of customers.
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Question 5
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One of the fundamental beliefs of the marketing concept is that all company planning and operations should be customer oriented.
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Question 6
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The difference between the selling and marketing concepts is that in selling the emphasis is on customers' wants.
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Question 7
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A company practicing the marketing concept bends consumer demand to fit the company's supply.
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Question 8
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Marketing helps generate sales by providing the quality of service customers expect.
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Question 9
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A firm's marketing mix consists of product,price,place,and performance.
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Question 10
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The typical salesperson sells either goods or services,but not both.
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Question 11
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A "product" is a bundle of tangible attributes,while intangible attributes are called a "service."
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Question 12
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There are two types of products: consumer and industrial.
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Question 13
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The corporate marketing department determines each product's initial price.
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Question 14
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"Household" refers to a decision-making unit buying for personal use.
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Question 15
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"Government" is an organization that supplies goods and services to households and firms.
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Question 16
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Wholesalers are in the distribution channels exclusively for industrial products,whereas retailers deal with consumer products.
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Question 17
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The promotional element of the marketing mix is designed to increase company sales by communicating product information to potential customers.
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Question 18
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Firms typically spend more money on advertising and promotion than on the sales force.
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Question 19
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The trend in relationship marketing today is away from creating customers for tomorrow to selling well to customers today.
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Question 20
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Relationship marketing is based on an idea that important customers need continuous attention.