Chapter 1

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.

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.

Marketing ideas are used to promote which of the following?

Charities Political parties Entrepreneurs

The term production refers to which of the following? (

Performing services Making goods

Why is effective marketing difficult in an advanced economy?

Producers and consumers are commonly separated from each other in several ways.

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 is an example of marketing metrics?

Revenue

Fairness and ________ are core ethical values.

honesty

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

market

The activities in a firm that try to identify customer needs and focus the flow of goods or services in the firm in order to meet those needs is called __________

marketing

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

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

marketing metrics

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

the sum of individual decisions by producers and consumers

Marketing requires that ______.

two or more parties be willing to engage in an exchange

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.

Which of the following are reasons for studying marketing?

Marketing helps ensure that the things we buy are available when we need them. Because marketing costs can be an important part of a product's price, we should know what we are paying for. We are all consumers, so we should learn about buying and selling.

Which of the following are true with respect to marketing and production?

Marketing investigates what the future needs of customers might be. Marketing starts with the potential needs of customers.

Which of the following statements about marketing are correct?

Marketing is more than just persuading customers. Marketing builds relationships with 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

n terms of ethics, most business people take into account ______ when making decisions.

fairness and honesty

Which of the following statements are true about the usefulness of studying marketing?

Marketing offers many interesting jobs. Marketing concepts can help "sell" yourself to a potential employer

Which of the following is not a criticism of marketing?

Marketing reduces discrepancies of assortment.

Which of the following are true statements about the marketing concept and nonprofit organizations?

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

Marketing spurs ______, which means coming up with new ideas, goods, and services.

innovation

Marketing will be beneficial to you, as a student, because _____.

it will help you to promote yourself

The ______ view of marketing is concerned with marketing as performed by individual companies.

micro

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

universal

Which of the following is true about competition and customer value?

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

Which of the following are benefits of having an understanding of marketing?

From a micro view, as a function carried out by companies From a macro view, as a function of society

Which of the following statements are true with respect to marketing and nonprofit organizations?

Government agencies can be customers of nonprofit organizations. The clients of a nonprofit organization may be consumers or business firms. The marketing objective for a nonprofit organization may be to increase membership.

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 accurately describes macro-marketing?

It is a social process.

Which of the following is not true about marketing?

It should take control of production, accounting, and finance in order to be more effective.

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

To act as a rough measure of value

Which of the following are part of the role of a macro-marketing system?

To get products to consumers at the right time, place, and price To match heterogeneous supply and heterogeneous demand To help ensure that the society's objectives are met

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

Which of the following reflect how a company adopting a production orientation would operate?

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

Intermediary

______ refers to the social process that is concerned with matching supply and demand and meeting the needs of society by doing so.

Macro-marketing

Which of the following involves meeting the goals of an organization by anticipating customer needs and ensuring that the organization's products or services can help satisfy those needs?

Marketing

Which of the following are reasons why marketing can be important for future employment?

Marketing can help in selling your ideas in a new job. Marketing can help in getting a job.

Which of the following are true with respect to exchange in marketing?

Sellers offer to exchange something that meets a need. Marketing involves a willingness of at least two parties to engage in exchange.

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

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

True or false: For some goods and services, the cost of marketing accounts for about half of what the consumer pays for them.

True

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?

cOSTUMER vALUE

In nonprofit organizations, the marketing concept ______.

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

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

command economy

The system by which a society is organized to produce goods and services and distribute them to the members of the society is called a(n) ______ system.

economic

In most markets, competition fosters ______.

innovation

Effective marketing should start with ______.

potential customer needs

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

prices

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

prices

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

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

public

A marketing exchange is ______.

usually part of an ongoing relationship

The two goals of a marketing exchange are to ______.

determine future production needs. build an ongoing relationship with the customer.

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

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

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

marketing concept

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

micro-macro

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

False

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

Social outcomes Environmental impact Economic results

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

government officials

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

marketing company

Which of the following is not a role that government and governing agencies perform in a market-directed economy?

setting output levels for producers

Marketing_________are the moral standards for making marketing decisions and actions.

ethics

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

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.

The universal functions of marketing include which of the following?

Selling Storing Market information

In advanced economies, challenges to producer-consumer exchange include which of the following?

Separation in time Separation of ownership

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

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 heterogeneous demand.

Because producers find it easier and less costly to make only a few goods or services, and consumers prefer to choose among many, this creates a ______.

discrepancy of assortment

The purpose of ______ is to match supply and demand among the producers and consumers of society as a whole.

a macro-marketing system

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

Marketing concept

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

Criticisms of marketing include ______.

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

Discrepancies of ______ occurs because producers want to focus on making a narrow range of goods and services, whereas consumers prefer more variety.

assortment

True or false: The National Cancer Society is an example of an organization that does not need to use marketing.

False