Final answer:
The statement that the marketing era introduced the idea that firms should identify and satisfy consumer wants and needs is true. This marketing strategy emerged prominently post-World War I and was deeply connected with the culture of consumption and advertising practices.
Step-by-step explanation:
The marketing era indeed introduced the idea that firms should identify and satisfy consumer wants and needs. This approach is a true reflection of the marketing practices that became particularly popular in the United States after World War I. The essence of the marketing revolution lies in the strategic shift where manufacturers and merchants started to focus not only on the production but also on the marketing of consumer goods, recognizing that they could indeed manufacture demand for their products. A significant part of this strategy was to create a new culture of consumption where advertisements played a vital role in convincing the public that they needed what was being offered. This idea aligns with the concepts of monopolistic competition, where advertising efforts are seen to either make a firm's perceived demand curve more inelastic or increase the demand for the firm's product altogether, thereby allowing them to potentially sell more or at higher prices.