Chapter 1 TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) A commonly held misconception about marketing is that it is all about advertising and selling. ⊚ true ⊚ false 2) Marketing is relevant only to people in the organization who work directly in the marketing department. ⊚ true ⊚ false 3) The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." ⊚ true ⊚ false 4) Peter Drucker stated that since it is the customer who defines value, the business enterprise has only two business functions: marketing and innovation. ⊚ true ⊚ false 5) Sustainability refers to business practices that meet humanity’s needs without harming future generations. ⊚ true