Question 1 (1 point) Saved The two most important ingredients in the marketing concept are customers and competitors. True False Question 2 (1 point) When consumer demand for a product is high, marketers may reduce advertising. True False Question 3 (1 point) Saved Modern marketing relies heavily on research to determine the needs and wants of consumers. True False Question 4 (1 point) The marketing mix of a business is called the four Ps of marketing True False Question 5 (1 point) A marketing strategy outlines how a company will carry out the marketing plan True False Question 6 (1 point) Marketing is the sum of all the activities involved in the planning, pricing, promoting, distributing and selling of goods and services to satisfy consumers needs and wants. True False Question 7 (1 point) Products you and I purchase from retail stores are considered "Industrial Goods". True False Question 8 (1 point) Items mined, farmed, logged or otherwise extracted from the earth - processed by other businesses to another form are called as consumer goods True False Question 9 (1 point) The alarm system in your house is an example of consumer services True False Question 10 (1 point) Marketing is organized as regional and international only. True False Question 11 (1 point) Research and Promotion are part of marketing activities performed by firms. True False Question 12 (1 point) The two C's in marketing mix are competition and cost. True False Question 13 (1 point) The 4 P's in marketing mix are product, population, promotion and price True False Question 15 (1 point) Impulse buying refers to carefully planning and comparing before purchasing an item. True False Question 16 (1 point) Saved The 4 stages of a product life cycle are introduction, growth, maturity and innovation. True False Question 17 (1 point) Saved Advertising is part of marketing. True False