Deck 1: Marketings Value to Consumers, Firms, and Society

Question 1

Marketing, in the literal sense, means "selling" or "advertising."

Answer 1

False

Question 2

Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations.

Answer 2

True

Question 3

If a firm produces the right goods or services, marketing has little role to play in creating customer satisfaction.

Answer 3

False

Question 4

Marketing can provide needed direction for production and help make sure that the right goods and services find their way to interested consumers.

Question 5

Marketing is the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.

Question 6

Marketing can be viewed as a set of activities performed by organizations, but not as a social process.

Question 7

Marketing is basically selling and advertising.

Question 8

The micro view of marketing is mainly concerned with the activities performed by organizations.

Question 9

Actually making goods or performing services is called marketing.

Question 10

Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price, is an example of a production activity.

Question 11

Marketing means "promotion and selling."

Question 12

Marketing plays an essential role in creating customer satisfaction.

Question 13

Marketing can be viewed as a social process, but not as a set of activities performed by organizations.

Question 14

Marketing is both a set of activities performed by organizations and a social process.

Question 15

Marketing discourages the development and spread of new ideas, goods, and services.

Question 16

In advanced economies, marketing costs only about 10 percent of each consumer's dollar.

Question 17

According to the text, marketing means "selling" or "advertising."

Question 18

Marketing encourages the development and spread of new ideas, goods, and services.

Question 19

The micro view of marketing sees it as the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.

Question 20

It is estimated that marketing costs about 50 percent of each consumer's dollar.

Question 21

Macro-marketing emphasizes how the whole marketing system works.

Question 22

A marketing exchange is a single transaction between a firm and a customer, nothing more.

Question 23

Macro-marketing is a set of activities that direct an economy's flow of goods and services from producers to consumers in a way which effectively matches supply and demand and accomplishes the objectives of society.

Question 24

Marketing activities should be of no interest to a nonprofit organization.

Question 25

Marketing should begin with the production process.

Question 26

Marketing activities should begin with potential customer needs, not with the production process.

Question 27

Marketing only applies to for-profit organizations.

Question 28

In a pure subsistence economy-when each family unit produces everything it consumes-no marketing is involved.

Question 29

Marketing only applies to profit organizations.

Question 30

Macro-marketing emphasizes how the whole system works, rather than the activities of individual organizations.

Question 31

Production, not marketing, should determine what products are to be made.

Question 32

Marketing does not occur unless there are two or more parties who want to exchange something for something else.

Question 33

Macro-marketing is concerned with examining the relationship of the entire production and distribution system.

Question 34

Marketing does not occur unless two or more parties are willing to exchange something for something else.

Question 35

From a micro view, marketing activities are performed only by profit-oriented organizations.

Question 36

Micro-marketing is a social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes society's objectives.

Question 37

Marketing is concerned with individual transactions rather than with building ongoing relationships with customers because that is the job of people in the public relations department.

Question 38

An effective macro-marketing system matches heterogeneous supply with heterogeneous demand.

Question 39

Macro-marketing emphasizes the activities of individual organizations.

Question 40

Marketing doesn't occur unless two or more parties are willing to exchange one item for another.

Question 41

The universal functions of marketing are performed in the same way in all nations and economic systems.

Question 42

An effective macro-marketing system overcomes discrepancies of quantity and discrepancies of assortment by using the universal functions of marketing.

Question 43

The advantages of working with intermediaries increase as the number of producers and customers, their distance apart, and the number and variety of competing products increase.

Question 44

"Economies of scale" prevent a company from taking advantage of mass production.

Question 45

Marketing functions are performed by producers, consumers, and a variety of marketing specialists.

Question 46

While intermediaries facilitate exchange, their cost makes the whole macro-marketing system less efficient.

Question 47

"Economies of scale" means that as a company produces more of a product, the cost of each unit produced goes down.

Question 48

"Economies of scale" means that as a company produces larger numbers of a particular product, the cost for each unit of the product goes down.

Question 49

"Economies of scale" means that as a company produces more of a product, the total cost of production goes up.

Question 50

The universal functions of marketing include buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.

Question 51

Achieving effective marketing in an advanced economy is simplified by the fact that producers are separated from consumers in only two ways: time and space.

Question 52

Both mass production and effective marketing are needed to satisfy the economic needs of an advanced economy.

Question 53

Marketing specialists such as intermediaries and collaborators hinder the exchange process between producers and consumers.

Question 54

Marketing collaborators are any firms that provide the marketing functions of buying and selling.

Question 55

E-commerce refers to exchanges between individuals and organizations-and the activities that facilitate those exchanges-based on applications of information technology.

Question 56

Effective marketing in an advanced economy is difficult because producers and consumers are often separated in several levels.

Question 57

The "universal functions of marketing" consist only of buying, selling, transporting, and storing.

Question 58

Buying, selling, transporting and storing are all universal marketing functions.

Question 59

In advanced societies, all goods and services can be produced with mass production and its economies of scale.

Question 60

Intermediaries specialize in trade and production.

Question 61

A market-directed economy is one in which government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.

Question 62

Marketing costs go down and customer satisfaction goes up in all exchanges handled by e-commerce.

Question 63

The American economy is entirely market-directed.

Question 64

An economic system is the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption among various people and groups in the society.

Question 65

Not all societies need an economic system.

Question 66

In a market-directed economy, price is a rough measure of how society values particular goods and services.

Question 67

Only industrial nations need an economic system to decide what and how much is to be produced and distributed by whom, when, to whom, and why.

Question 68

In a market-directed economy, profit is guaranteed.

Question 69

In a command economy, producers generally have little choice about what goods and services to produce.

Question 70

Market-directed economies tend to provide consumers with greater freedom of choice than command economies.

Question 71

In a market-directed economy, government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.

Question 72

E-commerce refers to exchanges between organizations, but not exchanges between individuals.

Question 73

Responsibility for performing the marketing functions can be shifted and shared in a variety of ways, but no function can be completely eliminated.

Question 74

E-commerce refers to exchanges between organizations (not individuals) and the activities that facilitate those exchanges.

Question 75

The American economy and most other Western economies are completely market-directed.

Question 76

Compared to other innovations, firms have been relatively slow to adopt e-commerce.

Question 77

In a market-directed economy, consumers enjoy complete freedom of choice.

Question 78

In a command economy, the individual decisions of many producers and consumers make the macro-level decisions for the whole economy.

Question 79

Most Western economies are completely market-directed.

Question 80

E-commerce refers to exchanges between individuals, but not exchanges between organizations.