marketing midterm

Market research includes the study of

alternative marketing strategies, the competition, potential and current customers

Marketing helps match supply with demand because

an effective distribution system can move products quickly to where they are needed most

The final stage in the consumer decision-making process is

assessing satisfaction

Which of these is not true of economic utility?

it supports the marketing concept, when economic utility is improved so is customer satisfaction, it identifies ways to add value to products and services

Marketing is the creation and ________ of satisfying exchange relationships.

maintenance

Time utility results from

making the product or service available when the customer wants it

Studying and prioritizing market segments to locate the best potential based on demand and competition is known as

market opportunity analysis

Because it was not always possible to reach agreement on what products were worth so they could be exchanged directly, ________ was/were developed.

money systems

A type of market where one supplier is offering a unique product is

monopoly

Marketing costs today are considered to be

more of an investment than an expense

The law of demand dictates that when the price of a product is decrease

more will be demanded

The law of supply dictates that when the price of a product is increased

more will be produced

If the businesses of a(n) ________ work together, they will be like a monopoly exercising a great deal of control in the market.

oligopoly

All of the people in the group the company is interested in studying are known as the

population

The economy of the United States is often called a

private enterprise economy

Follow-up services, guarantees, and warranties are considered part of which element of the marketing mix?

product

Drilling for oil is an activity that can be placed under the ________ function of business.

production

Merchandising falls under which of the following functions of business?

production

Which of the following is not a marketing function?

production

When the marketing concept is used, customer satisfaction ________, while costs of production and marketing ________.

increases; decrease

The first step in implementing the marketing concept is

identify the market

The average cost of all marketing activities is about ________ percent of the total product price, with ________ percent of the product price spent on advertising.

50; between 2 and 10

Which of these is not true of observation research?

It requires less time and expense than using surveys.

Which of the following is an example of social action by business?

a car manufacturer contributing a portion of each new car sale to nature conservation organisations

A target market is

a clearly defined market segment to which a business wants to appeal

A small number of people brought together to discuss identified elements of an issue or problem is called

a focus group

Satisfied customers are

a result of the right marketing mix

Which of these is not a category of information that businesses need to make effective decisions?

a. business environment information b. consumer information c. marketing mix information d. All are categories of information businesses need to make effective decisions. answer: d

a research report should

a. describe the procedures and methods used in the study. b. conclude with a summary and recommendations. c. begin with a statement of the problem. d. All of these choices are correct. answer: d

Survey questions must be carefully written so that

a. each question only deals with one concept. b. the question is not directed toward one answer so that the results are biased. c. the respondent clearly understands what is being asked. d. All of these choices are correct answer: d

value means

a. higher quality b. lower prices c. core service d. any of these are correct, depending on the consumer answer: d

Characteristics of a storage system in an MkIS should include

a. protection from loss and unauthorized access. b. the ability to summarize, combine, and compare information. c. organization so that desired information is easy to locate. d. All of these choices are correct. answer: d

Challenges that most service businesses face include

a. providing consistent customer service. b. providing consistent quality. c. distributing the service when and where the customer wants it. d. All of these choices are correct. answer: d

The era of marketing in the mid-1900s that had an emphasis on developing many new marketing activities to sell products was the

a. sales era b. marketing concept era c. production era d. none answer: d/none

In response to intense competition, the goal of any product change is to

achieve both "make the product different from that of competitors" and "make the product more satisfying to the target market."

Important tools marketers use to develop public awareness of social issues are

advertising and publicity

An economic market is made up of

all consumers who will purchase a particular product or service

The development of which of the following organizations is an example of self-regulation?

better business bureau

In the United States, the percentage of jobs with marketing as a major responsibility is estimated at

between 25 and 33 percent

According to the law of demand, when the price of a product ________, the demand for the product will ________.

both ''decreases; increase'' and ''increases; decrease''

Which of the following is an example of consumer action?

boycott

Social responsibility is shared by

business organizations, gov, and consumer groups

Because of marketing, people can

find businesses that respond to their needs, have access to good jobs, choose from a wide variety of products and services

Changes in the tangible parts of the product or service to meet customer needs is

form utility

When a firm uses the marketing concept, planning begins with

conducting research to identify potential customers and their needs

When a consumer organization tests products and publishes results, it is an example of

consumer info

_______ is the organized actions of groups of consumers seeking to increase their influence on business practices.

consumerism

Which of the following is not an activity that must be accomplished for a business to use the marketing concept successfully?

cut prices and advertise heavily to push unwanted goods

_______ is the amount of satisfaction a consumer receives from the consumption of a particular product or service.

economic utility

The most precise and objective information is obtained through

experiments

A test market is a planned set of questions to which individuals or groups of people may respond.

false

An effective marketing information system (MkIS) can automate all types of decisions, including both routine and unique situations.

false

Because wants and needs will always be less than the available resources, everyone's wants and needs will be met in a balanced economy.

false

Discretionary purchases satisfy the purchaser's basic needs.

false

Effective marketing relies more on creativity and less on the principles and concepts of economics.

false

For businesses adopting the marketing concept, marketing is valued primarily as a problem-solving tool.

false

Marketing is increasingly becoming more of a creative art than a scientific process.

false

The Marketing Concept Era began in the 1950s and continues today.

false

The effects of marketing on society include inflated prices and wasted natural resources.

false

The most important performance measure is a comparison to past performance.

false

The output element of an MkIS has to do with the organization and study of information.

false

The point at where supply and demand for a product are equal is known as the economic leverage point.

false

The unethical behavior of businesses always causes harm to consumers and society.

false

Using the marketing concept, all consumers are viewed as potential customers with similar needs.

false

Using the marketing concept, marketing planning will be done by marketing specialists working apart from others in the company.

false

Which of the following businesses has marketing as its primary activity?

finance and credit firms

The marketing function that communicates information to prospective customers through advertising and other methods to encourage them to purchase the organization's products and services is

promotion

In ________, the seller must accept the market price because the product being sold is similar to other products on the market.

pure competition

Producers of agricultural products such as soybeans and poultry are traditional examples of industries in

pure compition

A private enterprise economy is characterized by

resources of production owned and controlled by private producers,the profit motive used in deciding what to produce, consumers using the concept of value in deciding what to consume

Which of the following is not an element of the marketing mix?

satisfied customers

Unlimited wants and needs combined with limited resources result in

scarcity

The marketing function that involves direct, personal communications with prospective customers in order to assess and satisfy needs with appropriate products and services is

selling

Which of the following is a type of experiment?

simulation and test market

_______ is the concern about the consequences of actions on others

social responsibility

Government reports, trade and professional associations, and business publications are all

sources of external info

In the development of marketing in business, self-sufficiency progressed to bartering, which progressed to

specialization of labor

Planning that identifies how a company expects to achieve its goals is known as

strategy

Macroeconomics is to microeconomics as

the forest is to the trees

_______ is the right blend of product, place, price, and promotion to provide the needs of customers at a profit.

the marketing mix

The consequences of not satisfying customer needs may include

the need for extensive advertising and price reductions to create demand, difficulty in selling products, additional marketing expenses that cut into profits

The Consumer Bill of Rights does not include

the right to limited marketing

Marketers have a special responsibility to behave ethically because

they ask customers to spend money for products

Which of these is not true about the role of a marketer today?

they have no responsibility for any part of a companys budget

Businesses develop a code of ethics and practice self-regulation

to avoid losing dissatisfied customers, to avoid increased gov regulation and tax increases

The role of government in business is

to gather and supply information, taxation, regulation

A marketing information system (MkIS) may be as simple as a filing cabinet in which the owner collects, organizes, and stores customer information.

true

An automobile dealership is an example of a business in monopolistic competition.

true

Businesses that use the marketing concept benefit from marketing activities more than those that do not.

true

Countries that have well-developed marketing systems generally have higher standards of living for their citizens.

true

Employee empowerment is a customer service approach that gives employees the authority to solve many customer problems. a. True b. False

true

Government agencies do not need to be concerned with marketing because they seldom have competition for the services they provide.

true

Hospitals, churches, and schools use marketing activities.

true

Information previously collected but useful for a current problem is called secondary data.

true

Marketing is necessary in some businesses, but not all.

true

Marketing is responsible for identifying opportunities and helping a company to plan for those opportunities.

true

Open-ended questions are best used when researchers are trying to identify a problem.

true

Open-ended questions do not provide possible choices.

true

Providing financing to customers to help them with purchasing the organization's products is a marketing function.

true

The marketing concept keeps the main focus on quality during the planning, production, distribution, and promotion of a product or service.

true