Directions: Write the correct letter before each number. Write A if only the first statement is correct Write B if only the second statement is correct Write C if both statements are correct Write D if both statements are wrong 1. In the Marketing Concept, the firm defines its target market and determines the needs, wants and values of the market. In the Product Concept, the firm produces the product, then adapts a selling strategy designed to convince a group of perceived customers. 2. The Sales Era covers the period of industrial revolution. The Production Era focused on increase in competition. 3. The Marketing Mix Variables are parts of the external environment the firm created. The Marketing Environment consist of five variables confronting the firm. 4. The product consists of the intangible commodity and the tangible service that the business offers. Sales Transaction could mean either absolute transfer of ownership from seller to buyer or a rent or lease arrangement. 5. Personal selling is the use of service of salesmen to influence the buyer's purchasing decision. Mass selling involves the simultaneous persuading of large numbers of prospects to buy the company's product. 6. Income is one of the social forces that provides clue as to what people can afford. Culture consists of the set of values, ideas and attitudes of group of people transmitted from one generation to another 7There are various sources of marketing intelligence. They may be sourced internally and externally. 8. Information is data without meaning. An example of information is statistical data. 9. Survey method is best for gathering descriptive information like people's ability to produce knowledge and preferences. One of its drawbacks is its range of information and convenience. 10. The objective of a research is to be able to provide a solution to an existing problem. A marketing research is future-oriented in nature