Question 1

The advantages of working with an intermediary usually increase when there is

Accepted Answer

An intermediary is someone who specializes in trade rather than production and plays an important role in the exchange process for a large number of customers.

Question 2

The standardization and grading function of marketing involves:

Accepted Answer

Standardization and grading involve sorting products according to size and quality.

Question 3

After seeing a "sale" ad in a local newspaper, Ben Griffith went to a local pet supply store and bought a year's supply of high protein dog food. Which marketing functions--if any--did he perform?

Accepted Answer

The universal functions of marketing are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. And most of these functions were performed by Ben.

Question 4

Which of the following is MOST likely to be classified as a marketing intermediary?

Accepted Answer

An intermediary is someone who specializes in trade rather than production and plays an important role in the exchange process. So is the case of Lillian's Mini-Market.

Question 5

The "universal functions of marketing":

Accepted Answer

The universal functions of marketing must be performed in all macro-marketing systems. How these functions are performed and by whom may differ among nations and economic systems.

Question 6

The "universal functions of marketing":

Accepted Answer

The universal functions of marketing must be performed in all macro-marketing systems. How these functions are performed and by whom may differ among nations and economic systems.

Question 7

Firms that specialize in providing marketing functions other than buying or selling are known as:

Accepted Answer

Collaborators are firms that facilitate or provide one or more of the marketing functions other than buying or selling.

Question 8

A large advertising agency is planning a national promotion to introduce a new type of MP3 player. Which of the universal functions of marketing is it performing?

Accepted Answer

The selling function involves promoting the product, use of personal selling, advertising, customer service, and other direct and mass selling methods.

Question 9

Market research firm BestOne sells reports about competitors, products, and other areas to various clients in the software industry. BestOne performs which universal marketing function:

Accepted Answer

Market information function involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas.

Question 10

Which of the following statements about the "universal functions of marketing" is False?

Accepted Answer

The universal functions of marketing must be performed in all macro-marketing systems. How these functions are performed and by whom may differ among nations and economic systems.

Question 11

Which of the following is NOT true about intermediaries?

Accepted Answer

An intermediary is someone who specializes in trade rather than production and plays an important role in the exchange process by saving of time, effort, and expense that would be involved without them.

Question 12

The standardization and grading function of marketing involves:

Accepted Answer

Standardization and grading involve sorting products according to size and quality.

Question 13

______________ involve(s) sorting products according to size and quality.

Accepted Answer

Standardization and grading involve sorting products according to size and quality.

Question 14

The universal functions of marketing

Accepted Answer

Producers, consumers, and marketing specialists perform the universal functions of marketing.

Question 15

Which of the universal functions of marketing deals most directly with advertising a product in magazines?

Accepted Answer

The selling function involves promoting the product, use of personal selling, advertising, customer service, and other direct and mass selling methods.

Question 16

Which of the following is NOT one of the "universal functions of marketing"?

Accepted Answer

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

Question 17

The "universal functions of marketing" can be performed by:

Accepted Answer

Producers, consumers, and marketing specialists perform the universal functions of marketing. Intermediaries and collaborators are marketing specialists.

Question 18

An intermediary:

Accepted Answer

An intermediary is someone who specializes in trade rather than production and plays an important role in the exchange process.

Question 19

The "universal functions of marketing":

Accepted Answer

The universal functions of marketing must be performed in all macro-marketing systems and may differ among nations and economic systems. The two kinds of economic systems are command economies and market-directed economies.

Question 20

The buying function of marketing involves

Accepted Answer

The buying function means looking for and evaluating goods and services.

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

The advantages of working with an intermediary usually increase when there is

The standardization and grading function of marketing involves:

After seeing a "sale" ad in a local newspaper, Ben Griffith went to a local pet supply store and bought a year's supply of high protein dog food. Which marketing functions--if any--did he perform?

Which of the following is MOST likely to be classified as a marketing intermediary?

The "universal functions of marketing":

The "universal functions of marketing":

Firms that specialize in providing marketing functions other than buying or selling are known as:

A large advertising agency is planning a national promotion to introduce a new type of MP3 player. Which of the universal functions of marketing is it performing?

Market research firm BestOne sells reports about competitors, products, and other areas to various clients in the software industry. BestOne performs which universal marketing function:

Which of the following statements about the "universal functions of marketing" is False?

Which of the following is NOT true about intermediaries?

The standardization and grading function of marketing involves:

______________ involve(s) sorting products according to size and quality.

The universal functions of marketing

Which of the universal functions of marketing deals most directly with advertising a product in magazines?

Which of the following is NOT one of the "universal functions of marketing"?

The "universal functions of marketing" can be performed by:

An intermediary:

The "universal functions of marketing":

The buying function of marketing involves