CHAPTER 1 HW: BUS 360

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

The macro view of marketing sees marketing as a(n) ______ process.

social

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

the sum of individual decisions by producers and consumers

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

Marketing requires that ______.

two or more parties be willing to engage in an exchange

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

universal

A marketing exchange is ______.

usually part of an ongoing relationship

True or false: Management-oriented micro-marketing skills are only important to those who want to manage a major corporation.

False Reason: Management-oriented marketing skills are important for managers in major corporations, small companies, and entrepreneurs.

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

False Reason: The National Cancer Society needs to use marketing to promote its message of cancer prevention and to determine how best to raise funds for cancer research.

Which of the following are benefits of having an understanding of marketing? (Check all that apply.)

Helping you to be more effective in your job

______ is the creation and adoption of new ideas, goods, and services.

Innovation

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

Intermediary

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.

______ 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

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

Marketing concept

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

Marketing ethics

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.

In most markets, competition fosters ______.

innovation

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

innovation

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

intermediaries

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

it will help you to promote yourself

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

market

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 the company's customers while still making a profit.

marketing concept

The blank blank 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

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

marketing metrics

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

micro Reason: The broader macro view looks at the whole production-distribution system.

Effective marketing should start with ______.

potential customer needs

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

prices

True or false: Marketing today consists of just selling and advertising.

False

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

-A complementary drink in the hotel lobby -Free transportation to and from the airport -A nice sea-view room

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 statements about marketing functions are true? (Check all that apply.)

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

Marketing helps overcome which of the following discrepancies? (Check all that apply.)

-Assortment -Quantity

Marketing helps address what kinds of discrepancies between consumers and producers? (Check all that apply.)

-Consumers want to buy in small quantities, whereas producers want to make and sell in large quantities. -Consumers want a broad assortment, whereas producers want a narrow assortment.

Which of the following are activities of government in a market-directed economy? (Check all that apply.)

-Creating regulations to govern trade -Ensuring that producers deliver the level of quality they promise -Enforcing contracts

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

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

Marketing ideas are used to promote which of the following? (Check all that apply.)

-Entrepreneurs -Political parties -Charities

Which of the following statements are true about a market-directed macro-marketing system? (Check all that apply.)

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

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 are reasons why marketing can be important for future employment? (Check all that apply.)

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

Which of the following are reasons for studying marketing? (Check all that apply.)

-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 statements about marketing are correct? (Check all that apply.)

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

Which of the following statements are true about the usefulness of studying marketing? (Check all that apply.)

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

Which of the following are true with respect to marketing and production? (Check all that apply.)

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

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

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

Place the components of the model that leads to building superior customer relationships in the order in which they are performed, as shown in the diagram, starting with "offer superior customer value" at the top.

-Offer superior customer value -attract customers -satisfy customers -retain customers -increase sales to customers

Which of the following are true with respect to exchange in marketing? (Check all that apply.)

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

In advanced economies, challenges to producer-consumer exchange include which of the following? (Check all that apply.)

-Separation of ownership -Separation in time

Which of the following are types of separation that marketing helps overcome? (Check all that apply.)

-Separation of ownership -Separation in time -Spatial separation

According to the Nike case, which of the following are among the keys to Nike's success?

-Signing popular athletes to endorse products -Innovative new products

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

-Social outcomes -Environmental impact -Economic results

The universal functions of marketing include which of the following? (Check all that apply.)

-Storing -Market information -Selling

Which of the following statements are true with respect to marketing and nonprofit organizations? (Check all that apply.)

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

Which of the following would likely be considered costs, as opposed to benefits, to people purchasing a new car? (Check all that apply.)

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

Which three of the following reflect how a restaurant adopting a marketing orientation would operate? (Check all that apply.) Multiple select question.

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

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

-The simple trade era -the production era - the sales era -the marketing department era -the marketing company era

Which of the following are part of the role of a macro-marketing system? (Check all that apply.)

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

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

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. -Market 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

To be most effective, marketing should ______. (Check all that apply.)

-interpret customer's needs -provide direction for production and finance

According to this case, Nike introduced its Nike+ apps for smartphones in part to:

Build long-term relationships with 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 one of the following statements describing marketing is correct?

Marketing involves more than just selling or advertising.

Which of the following is not a criticism of marketing?

Marketing reduces discrepancies of assortment.

Which of the following is not in the circular model that leads to building superior customer relationships?

Only the marketing department should satisfy customers.

Which two of the following describe a market-directed macro-marketing system? (Check all that apply.)

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

The term production refers to which of the following? (Check all that apply.)

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

Separation in innovation

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

command economy

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 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 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 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 Reason: The average marketing cost is about 50 cents of every consumer dollar, and for some goods and services the percentage is much higher.

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

a macro-marketing system

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

assortment

The two goals of a marketing exchange are to ______. (Check all that apply.)

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

In nonprofit organizations, the marketing concept ______.

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

Marketing will be most successful if it ______.

coordinates with production, accounting, and financial activities

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 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

Marketing are the moral standards for making marketing decisions and actions.

ethics

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

false

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

government officials

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 term "______" refers specifically to manufacturing goods or performing services.

production

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

public

Which of the following is an example of marketing metrics?

revenue