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

Question 1

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.

Answer 1

True
Explanation: Marketing in micro view is defined 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 2

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

Answer 2

True
Explanation: Marketing in micro view is defined as the performance of activities that seek to accomplish an organization's objectives.

Question 3

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.

Answer 3

False
Explanation: 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 marketing activity.

Question 4

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 5

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

Question 6

Marketing only applies to profit organizations.

Question 7

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

Question 8

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

Question 9

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

Question 10

Marketing plays an essential role in creating customer satisfaction.

Question 11

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

Question 12

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

Question 13

Making goods or performing services is called marketing.

Question 14

In advanced economies,it is estimated that marketing costs about 50 cents of each consumer's dollar.

Question 15

Marketing is basically selling and advertising.

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

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

Question 22

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

Question 23

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

Question 24

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

Question 25

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

Question 26

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

Question 27

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

Question 28

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

Question 29

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

Question 30

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 31

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 32

The term "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 33

Macro-marketing emphasizes how the whole marketing system works.

Question 34

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

Question 35

Macro-marketing emphasizes the activities of individual organizations.

Question 36

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

Question 37

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

Question 38

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 39

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

Question 40

Marketing only applies to for-profit organizations.

Question 41

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

Question 42

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

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

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

Question 45

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

Question 46

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

Question 47

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

Question 48

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

Question 49

It is chiefly in our micro-marketing system,not macro-marketing system,that developments in e-commerce have significantly in?creased efficiency and effectiveness.

Question 50

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

Question 51

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

Question 52

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

Question 53

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

Question 54

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

Question 55

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

Question 56

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

Question 57

The universal functions of marketing include transporting and storing as well.

Question 58

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

Question 59

Intermediaries specialize in trade and production.

Question 60

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

Question 61

Not all societies need an economic system.

Question 62

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

Question 63

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 64

Marketing departments are usually formed when firms go from the production era to the sales era.

Question 65

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

Question 66

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 67

In a market-directed economy,profit is guaranteed.

Question 68

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 69

The American economy is entirely market-directed.

Question 70

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

Question 71

From the Industrial Revolution until the 1920s,most companies were in the production era.

Question 72

During the production era a company focuses on production because few products are available in the market.

Question 73

During the "marketing company era," the total company effort is guided by the idea that customers exist to buy the firm's output.

Question 74

During the sales era,the firm tries to improve short-run marketing policy planning to tie together its activities.

Question 75

The marketing department era is a time when all marketing activities are brought under the control of one department.

Question 76

Most Western economies are completely market-directed.

Question 77

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

Question 78

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

Question 79

The simple trade era was a time when families traded or sold their "surplus" output to local distributors who resold these goods to other consumers or distant distributors.

Question 80

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