MKT 3301 UHD CH 1

Which of the following is not a role that the government performs in a market-directed economy?

setting output levels for producers

Sarah raises chickens. She sells any eggs that her family does not use at a local farm stand. This is an example of selling in the ______ era.

simple

A craftsman who makes pottery for his family brings extra pieces that he has made to his general store for sale. This craftsman operates in the _____ era.

simple trade

In the ______ era, any extra food or other goods that families produced was traded to local distributors.

simple trade

The _____ ______ era was characterized by families or other small groups that might sell or trade to local distributors any extra goods that they might produce.

simple trade

Producers tend to locate where it is economical to produce, while consumers are located in many places. This defines

spatial

Which of the following statements is true about the fairness and effectiveness of a macro-marketing system?

the system should be evaluated against a society's objectives

Together, ______ help to overcome separations and discrepancies between producers and consumers.

the universal functions of marketing

Separation in ______ occurs when consumers may not want to consume goods and services when producers would prefer to produce them.

time

In a market-directed economy, which of the following is the role of the price of goods and services?

to act as a rough measure of value

Which of the following is a basic function or an economic system?

to produce goods and services from the limited resources available to a society.

When everyone in the company focuses on attaining customer satisfaction, this reflects a ______.

total company effort

The ______ function of marketing refers to taking goods from one location to another.

transporting

The ______ function of marketing refers to the movement of products from location to location.

transporting

Some companies explicitly consider a ______, which measures an organization's economic, social, and environmental outcomes as a measure of long-term success.

triple bottom line

Customer ______ refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.

value

The concept of customer _____ is the difference between the benefits a customer sees from a marketing offer and the costs of obtaining those benefits.

value

Which of the following might be considered benefits to a person going on a vacation to Hawaii? (Check all that apply.)

Free transportation to and from the airport A nice swimming pool A complimentary drink in the hotel lobby

In which era of marketing are all the activities of a company defined in terms of marketing based on both short-term and long-term plans?

Marketing company era

Which of the following are true statements about the marketing concept and nonprofit organizations? (Check all that apply.)

Nonprofits face competition for the resources and support they need. Nonprofit organizations should have an agreed-upon measure of long-run success.

Standardizing and ______ which involves separating goods according to their size and quality, streamlines the selling and buying process.

grading

Michael needs the benefits of an online storage system, but does not know how online storage works nor who offers that kind of service. This is an example of a ______.

information

Retailers and wholesalers are two kinds of ______, marketing specialists who play a role in trade rather than production.

intermediaries

In a(n) ______ -directed economy, the macro economy is the result of the multitude of individual decisions made by consumers and producers.

market

The ______ information function involves the gathering and evaluating of data for marketing activities.

market

The universal functions of marketing include which of the following?

market information storing selling

Some countries allow consumers and producers to make decisions about what to make and what to buy. This description fits a

market directed economy

In what type of economy do consumers and producers have the most freedom of choice?

market-directed economy

In general, a(n) ______ orientation is focused on offering customers what they need rather than getting customers to buy what is available for sale.

marketing

In the ______ era of marketing, all the operations of a firm are guided by marketing concepts.

marketing company

The ______ is based on the idea that everything a company does should be based on satisfying company's customers while still making a profit.

marketing concept

Which of the following refers to the idea that a company should focus entirely on satisfying customers and do so profitably?

marketing concept

Improving short-run policy planning and trying to integrate a firm's activities reflect the ______ ______ era.

marketing department

Which of the following statements about the marketing functions from a micro viewpoint is true?

marketing functions can be shared among firms in various ways

The numeric data that marketing managers use to evaluate how well a marketing program performed based on intended goals are called ______.

marketing metrics

Which of the following is not a criticism of marketing?

marketing reduces discrepancies of assortment

The _______ orientation focuses on trying to offer customers what they need, rather than getting them to buy what the firm produces. The ________ orientation focuses on making products that are easy to produce and then trying to sell them.

marketing, production

an electric utility produces low-cost electricity but produces a great deal of air pollution in the process. This is an example of

micro-macro dilemma

When consumers do not want to buy goods and services that producers prefer to make, the problem of ______ arises.

separation in time

Which three of the following reflect how a restaurant adopting a marketing orientation would operate?

Customer needs determine how the restaurant operates. The restaurant makes what customers are interested in ordering. Restaurant management tries to identify unmet customer needs.

______ is the situation that stems from the preference of producers to make large amounts of a product and the preference of consumers purchase small amounts of the product.

Discrepancies of quantity

Which of the following refers to the ability of a company to reduce the per unit cost of a product by producing greater quantities of the product?

Economies of scale

In which of the following industries would you be less likely to see firms utilizing the marketing concept because they do not have much competition? (Check all that apply.)

Electric utilities Chemical producers

True or false: All marketing managers today have made it to the final stage in the marketing evolution---the marketing company era.

False

Which of the following are industries in which the marketing concept is less commonly practiced? (Check all that apply.)

Industries where customers see most sellers as similar industries with few competitors.

Which of the following would likely be considered costs, as opposed to benefits, to people purchasing a new car?

Interest charges to finance the car Waiting three weeks for delivery The price they pay

Which of the following is a market specialist whose role in the exchange process is to focus on trade?

Intermediary

Which of the following is a reason for firms to move from the production era into the sales era?

More production results in more competition

Which of the following are the basic ideas central to the marketing concept? (Check all that apply.)

Profit (or another measure of long-term success) Customer satisfaction Total company effort

Which two of the following describe a market-directed macro-marketing system?

Relies on the universal marketing functions. Overcomes discrepancies of assortment and quantity.

Which of the following refers to the fact that there may be a conflict between what is beneficial to specific companies and society as a whole?

The micro-macro dilemma

True or false: The risk taking function of marketing is based on the idea that a company can never be sure which customers will want to buy its products.

True

The market information function includes which of the following? (Check all that apply.)

Using information for marketing control Distributing information Analyzing information

A(n) ______ is a marketing specialist who assists with certain marketing functions, such as advertising, transportation, or warehousing

collaborator

In Cuba, government officials make decisions about what products to produce, how many of each to produce, and the level of prices to be charged. Cuba is a ______ economy.

command

In a ______ , the government decides the details of what is produced by whom and where goods will be distributed.

command economy

In some countries, government officials figure out how much corn and wheat to grow, how much bread to bake, and how much chicken and beef to make available in the market. This description fits a

command economy

Which of the following is the main reason why a firm would move into the marketing department era?

A company needs to coordinate the activities of its production, purchasing, shipping, and sales departments.

Fairness and ______ are core ethical values.

honesty

In most markets, competition fosters ______.

innovation

The _____ ______ era describes a stage when a single department in a firm takes over the firm's marketing activities in an effort to improve marketing activities.

marketing department

Which of the following are the moral standards for marketing activities?

marketing ethics

Which of following statements about a command economy is true?

prices are set by government planners

Discrepancies of ______ refers tot he fact that it is economical for producers to sell in large amounts, but individual consumers use products in relatively small amounts.

quantity

a company that strives to have an overall positive effect on society is a company that practices social _____

responsibility

In the ______ era, companies focus on selling their products in the fave of growing competition

sales

When companies need to beat the competition and win over customers, they usually enter the ______ era.

sales

Which of the following is the marketing stage in which companies must increasingly compete with other companies in selling their products?

sales

Economy of _______ means that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down.

scale

Which of the following is not a type of separation that marketing can help overcome?

separation of innovation

The processes of buying, selling, shipping, storing, financing, and risk-taking are components within the ______ functions of marketing.

universal

True or false: The universal functions of marketing help overcome separations and discrepancies between the production and consumption sectors.

true

Match each stage or marketing evolution (on the left) with the organization (on the right) that is characteristic of that stage.

-Simple trade era: In Somalia, the Kabongo family farm produces more than the family needs and it brings the excess to a market. -Production era: FONE-APP creates apps for smart phones. The CEO is excited about a new product his designers have created even though kit doesn't seem to fit a customer need. He claims, "We can make it, it is cool, is will sell." -Sales era: Bright Lights, a distributor of lighting supplies, faces tough competition in its market, so it trains its salespeople about how its products are better than the competition. -Marketing department era: The VP of marketing at Mega Service is charged with getting greater coordination among the research, sales, advertising, and shipping groups in his firm. -Marketing company era: The accounting firm Jones and Co. develops long-range plans that focus on getting the whole company to work together to satisfy customers and generate profits.

Which of the following are examples of social responsibility issues that a marketing manager might face?

-a motorcycle manufacturer can make a safer bike, but it will double the price. -a mortgage firm lobbies to have less regulation of its industry. -a doctor's office offers unnecessary medical tests -a magazine prints on recycled paper that raises printing costs.

Which of the following statements are true with respect to marketing ethics?

-a person's ethics emerge from that person's own values -marketing ethics guide marketing decisions -ethics can vary from one society to another

Which of the following are specific ethical values from the american marketing association code of ethics?

-honesty -transparency -responsibility -fairness -citizenship -respect

Match the type of manager orientation (on the left) with a statement (on the right) that is characteristic of the orientation

-product orientation: "customers are there to buy our products" -marketing orientation: "customers are there for us to discover and meet their needs"

Which of the following statements about marketing functions are true

-the universal functions may be shared across multiple organizations -all the universal functions of marketing must be performed well or the macro-marketing system will be harmed

Match the marketing function (on the left) with its description (on the right).

-transporting: taking goods from location to another -market information function: gathering and handling the data needed for marketing activities -selling function: promoting to potential buyers -risk taking: taking on the potential negative consequences of the marketing process -standardization and grading: categorizing goods according to specific characteristics -storing: keeping goods until they are acquired by customers -buying function: seeking and evaluating goods and services.

Which of the following reflect ethical norms outlines in the American marketing association's statement of ethics.

-marketers must help built trust in the marketing system. -marketers must fully support ethical values -marketers must do no harm

Match the marketing function (on the left) with the examples from the apple market (on the right).

-Transporting: Trucks move apples from farm to market. -Marketing information function: Market research determines which apples are preferred by customers. -Selling function: Signs in stores tell customers about how each apple tastes. -Standardization and grading: Apples are divided between those that look good and are sent to stores and bruised apples which are used to make pies and apple sauce. -Buying function: Consumers look through different types of apples at the grocery store.

In terms of ethics, most businesspeople would agree on which of the following values?

-fairness -honesty

Which of the following are questions raised by the issues of social responsibility?

-should the consumer product safety commission recommend banning skiing and snowboarding because about 40 people are killed each year while doing it? -should a power company increase its use of wind power-which might cut its profits? -should ford motor company produce safer but more expensive cars? -should frito lay produce snacks that are healthier but less tasty?

Which of the following are examples of how a firm can build relationships with customer value? (Check all that apply.)

Changing a production procedure to reduce the number of defective parts. Efforts by delivery personnel to increase customer satisfaction

Which of the following refers to the attempt fo a company to realize its marketing concept and give customers what they need?

Marketing orientation

Which of the following are examples of collaborators?

Marketing research firms. Internet service providers. Product-testing laboratories.

Which of the following would represent ways to increase value for Taco Bell customers? (Check all that apply.)

Offering better-tasting meals Lowering Prices Delivering orders faster

______ in the marketplace is a rough measure of how society values certain goods and services.

Prices

Which of the following is an example of marketing metrics?

Revenue

What three things are measured when considering a company's triple bottom line?

Social outcomes Environmental impact Economic results

______ occurs because producers prefer to locate where it is less costly to produce, and consumes would rather buy where it is convenient and in many different places.

Spatial separation

______ involve sorting goods according to their characteristics.

Standardization and grading

The ______ function concerns locating a product and judging its suitability.

buying

Which of the following marketing functions involves seeking and assessing goods and services?

buying

In nonprofit organization, the marketing concept

can be a challenge because support may not come directly from satisfied "customers"

Which of the following refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it?

customer value

Which of the following is not an example of collaborators?

customers

Which of the following are activities of government in a market-directed economy?

enforcing contracts creating regulations to govern trade ensuring producers deliver a level of quality they promise

marketing ______ are the moral standards for making marketing decisions and actions

ethics

Which of the following statements reflects the behavior of a firm practicing the marketing concept?

everyone in the organization thinks about how to satisfy customers

Which of the following is the universal marketing function that provides the cash and credit needed for carrying out the other marketing functions?

financing

The purpose of the ______ function is to supply the cash and credit a company needs for producing, transporting, storing, and selling products.

financing or finance

In a command economy, the production and distribution of goods and services is planned and set by

government officials

"If we can make it, it will sell" is characteristic of the ______ era.

production

In the ______ era, individual producers need to make only a few types of products because there are few if any other sources for the products.

production

Margo's company decided to produce the infant-sized football jerseys because they knew they would sell easily. Margo's company is demonstrating the ______ era of marketing.

production

The _____ era is a time when companies focus on the production of a few specific products perhaps in response to a lack of these products in the existing markets.

production

The ______ orientation refers to the managerial point of view that a company first makes the products that it wants to make and then the company needs to find the customers to buy the products.

production

According to the ____________ of management, a company needs to focus on making the products it can readily make, not on trying to serve its customers first.

production orientation

The Center for Science in the Public Interest is a ______ interest group that provides an additional market-driven economy.

public

The ______ function concerns facing the possible negative outcomes of the marketing process.

risk taking

Place the five stages in marketing evolution in the proper order from the earliest to latest (with the earliest stage at the top).

1. The simple trade era 2. The production era 3. The sales era 4. The marketing department era 5. The marketing company era

If online shoe retailer Zappos offers superior customer value, what is the sequence of benefits Zappos can hope to obtain? Start with the first benefit Zappos will attain after it offers superior customer value.

1. Zappos attracts more customers 2. Zappos satisfies its customers 3. Zappos keeps more of its customers 4. Zappos increases sales to its present customers 5. Zappos builds profitable customer relationships

Which of the following is true about competition and customer value? (Check all that apply.)

A firm that creates customer value that is superior to its competition is likely to retain customers. A firm offering better values than its competition is likely to acquire new customers.

Which of the following are examples of an intermediary that facilitates exchange? (Check all that apply.)

A retail electronics store with knowledgeable staff An online camping store that provides customer reviews of backpacks A grocery store providing many different foods in one place.

Which of the following reflect how a company adopting a production orientation would operate? (Check all that apply.)

Advertising emphasizes product features. Customer service is required only to handle and reduce customer complaints. The company sells whatever product offering it is able to produce.

Which of the following will help firms build relationships with customer value? (Check all that apply.)

Attracting new customers and satisfying them. Having all relevant parts of a firm working together to solve customers' problems.

Which of the following are marketing specialists that help with marketing functions other than buying or selling?

Collaborators

Criticisms of marketing include _____. (check all that apply)

Marketers over-promise service. The quality of the product is unsafe and poor. Marketing exploits the poor.

Which of the following is the marketing era in which a company creates a single department to assume command of all of the company's marketing activities?

Marketing department era

The ______ ______ dilemma refers to the fact that what benefits specific companies and their customers may not benefit all of society.

Micro-macro

Which of the following is not central to the marketing concept?

Production efficiency

Kathy bought a sofa from a furniture company that shipped the sofa from the company's warehouse. Which marketing function did the warehouse fulfill?

Storing

Which three of the following statements are true about a market-directed macro-marketing system?

The universal functions of marketing enhance its effectiveness. It overcomes discrepancies and separation between producers and consumers. It efficiently and effectively connects heterogeneous supply with heterogenous demand.

What are two reasons a producer or consumer would use an intermediary or collaborator?

To make an exchange less expensive. To make an exchange easier.

The ______ function of marketing involves keeping manufactured goods until they are needed by customers.

storing

a command economy can work pretty well then

the economy has a relatively limited number of goods and services

In a market directed economy, the macro level decisions of the economic system are

the sum of individual decisions by producers and consumers

Samson Co. values its cell phones in terms of the cost to produce them and the competitors' prices. Marcus wants to buy a cell phone, but finds them too expensive. This is an example of separation in

value