Question 1

In advanced economies:

Accepted Answer

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

Question 2

When a firm produces a large quantity of a product, the cost of producing each individual unit usually goes down. This is known as:

Accepted Answer

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

Question 3

The fact that US car companies are located in the upper Midwest while their customers are located throughout the U.S. is an example of:

Accepted Answer

In spatial separation, producers tend to locate where it is economical to produce, while consumers are located in many scattered places.

Question 4

When consumers do not know where to buy a product or what it costs and the product's producer does not know where its target market is located, this is an example of:

Accepted Answer

In separation of information, producers do not know who needs what, where, when, and at what price. Also consumers do not know what is available from whom, where, when, and at what price.

Question 5

Of the following headlines from the WALL STREET JOURNAL, which is most likely to be about a MACRO-marketing topic?

Accepted Answer

The role of a macro-marketing system is to effectively match the heterogeneous supply and demand and at the same time accomplish society's objectives. The other alternatives above deal with individual firms.

Question 6

Of the following headlines from a business magazine, which is most likely to be about a MACRO-marketing topic?

Accepted Answer

The role of a macro-marketing system is to effectively match the heterogeneous supply and demand and at the same time accomplish society's objectives. The other alternatives above deal with individual firms.

Question 7

_______ refers to producers holding title to goods and services that they themselves do not want to consume and consumers wanting goods and services that they do not have.

Accepted Answer

Separation of ownership occurs when producers hold title to goods and services that they themselves do not want to consume while consumers want goods and services that they do not own.

Question 8

"Economies of scale" means that:

Accepted Answer

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

Question 9

The universal functions of marketing include buying, selling, transporting, storing, __________________________________________.

Accepted Answer

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

Question 10

In a simple economy, one family may produce only cooking pots, but many of them. Others may specialize in farming, making clothing, and building shelters. This

Accepted Answer

Discrepancies of assortment occurs when producers specialize in producing a narrow assortment of goods and services, but consumers need a broad assortment.

Question 11

The fact that producers usually prefer to produce products in large quantities, while most consumers prefer to buy in small quantities, results in:

Accepted Answer

Discrepancies of quantity occurs when producers prefer to produce and sell in large quantities and consumers prefer to buy and consume in small quantities.

Question 12

In advanced economies:

Accepted Answer

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

Question 13

When an individual producer sets a price for its product to earn a certain profit while consumers search for the product at the lowest price available from any producer, this is an example of:

Accepted Answer

In separation in values, producers value goods and services in terms of costs and competitive prices while consumers value them in terms of satisfying needs and their ability to pay.

Question 14

Discrepancies of assortment happen when

Accepted Answer

Discrepancies of assortment occurs when producers specialize in producing a narrow assortment of goods and services, but consumers need a broad assortment.

Question 15

The "universal functions of marketing" do NOT include:

Accepted Answer

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

Question 16

The term "economies of scale" means that:

Accepted Answer

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

Question 17

The following headlines are for articles from the WALL STREET JOURNAL. Which article is most likely to be reporting a MACRO-marketing topic?

Accepted Answer

The role of a macro-marketing system is to effectively match the heterogeneous supply and demand and at the same time accomplish society's objectives. The other alternatives above deal with individual firms

Question 18

American supermarket chain, FoodMart, purchases cheese from five different manufacturers from around the world to assure its customers can choose among different types of cheeses at different prices. FoodMart facilitates the macro-marketing system by helping to address:

Accepted Answer

Purchasing cheese from five different manufacturers overcomes discrepancies of assortment, purchasing from around the world overcomes spatial separation, and customers being able to satisfy their needs at different prices overcome separation of values.

Question 19

Exchanges between producers and consumers are more difficult in an advanced economy because of:

Accepted Answer

Exchange between producers and consumers is hampered by spatial separation, separation in time, separation of information and values, and separation of ownership.

Question 20

The primary purpose of the transporting and storing functions of marketing is to overcome:

Accepted Answer

The transporting function means the movement of goods from one place to another and the storing function involves holding goods until customers need them. These functions help to overcome spatial separation.

Quiz 1: Marketing39s Value to Consumers, Firms, and Society

In advanced economies:

When a firm produces a large quantity of a product, the cost of producing each individual unit usually goes down. This is known as:

The fact that US car companies are located in the upper Midwest while their customers are located throughout the U.S. is an example of:

When consumers do not know where to buy a product or what it costs and the product's producer does not know where its target market is located, this is an example of:

Of the following headlines from the WALL STREET JOURNAL, which is most likely to be about a MACRO-marketing topic?

Of the following headlines from a business magazine, which is most likely to be about a MACRO-marketing topic?

_______ refers to producers holding title to goods and services that they themselves do not want to consume and consumers wanting goods and services that they do not have.

"Economies of scale" means that:

The universal functions of marketing include buying, selling, transporting, storing, __________________________________________.

In a simple economy, one family may produce only cooking pots, but many of them. Others may specialize in farming, making clothing, and building shelters. This

The fact that producers usually prefer to produce products in large quantities, while most consumers prefer to buy in small quantities, results in:

In advanced economies:

When an individual producer sets a price for its product to earn a certain profit while consumers search for the product at the lowest price available from any producer, this is an example of:

Discrepancies of assortment happen when

The "universal functions of marketing" do NOT include:

The term "economies of scale" means that:

The following headlines are for articles from the WALL STREET JOURNAL. Which article is most likely to be reporting a MACRO-marketing topic?

American supermarket chain, FoodMart, purchases cheese from five different manufacturers from around the world to assure its customers can choose among different types of cheeses at different prices. FoodMart facilitates the macro-marketing system by helping to address:

Exchanges between producers and consumers are more difficult in an advanced economy because of:

The primary purpose of the transporting and storing functions of marketing is to overcome: