Question 1

At the macro level, consumer satisfaction is difficult to measure and interpret so any evaluation is in part subjective.

Accepted Answer

Although efforts to measure satisfaction are useful, any evaluation of macro-marketing effectiveness has to be in part subjective.

Question 2

Micro-marketing efforts help the economy grow by stimulating innovation.

Accepted Answer

Innovative ideas lead to new investments, which contribute to economic growth and higher levels of national income and employment.

Question 3

Monopolistic competition is the result of control of markets by business, not consumer demands.

Accepted Answer

In monopolistic competition, a number of different firms offer marketing mixes that at least some customers see as different. Consumers have choices and they exercise those choices.

Question 4

Evaluating marketing effectiveness is impossible.

Accepted Answer

Measuring the marketing effectiveness of an individual firm is difficult, but it can be done.

Question 5

There are many reasons for business failures including products that do not create value in the eyes of the customer, improperly identifying the target market, or lack of innovative thinking.

Accepted Answer

Things that lead to business failures are products that don't create value in the eyes of the customer, an inability of firms to identify new target markets, and a lack of innovative ideas.

Question 6

Looking at the "average" satisfaction of a whole society does not provide a complete picture for evaluating macro-marketing effectiveness.

Accepted Answer

Looking at the "average" satisfaction of a whole society does not provide a complete picture for evaluating macro-marketing effectiveness.

Question 7

Evaluating marketing effectiveness of an individual firm is difficult, but not impossible.

Accepted Answer

Measuring the marketing effectiveness of an individual firm is difficult, but it can be done.

Question 8

Consumer satisfaction at the micro level cannot be measured because firms cannot determine how well their products satisfy customers.

Accepted Answer

Individual business firms can and should try to measure how well their marketing mixes satisfy their customers (or why they fail). In fact, most large firms now have some type of ongoing effort to determine whether they're satisfying their target markets.

Question 9

Micro-marketing often does cost too much because many firms improperly blend the four Ps and misunderstand both their customers and the market environment that affects their operation.

Accepted Answer

Marketing inefficiencies are due to improper blending of the four Ps, that is, lack of understanding or adjustment to the customer or the market environment.

Question 10

In the United States, the basic objective of our market-directed economic system has been to satisfy consumer needs as they, the consumers, see them.

Accepted Answer

In the United States, the basic objective of our market-directed economic system has been to satisfy consumer needs as they, the consumers, see them.

Question 11

Using total quality management to implement marketing plans is one way to improve a marketing mix.

Accepted Answer

TQM is the philosophy that everyone in the organization is concerned about quality, throughout all of the firm's activities, to better serve customer needs.

Question 12

When evaluating marketing, it is best to evaluate micro-marketing and macro-marketing separately.

Accepted Answer

When evaluating marketing, we must treat each of these levels (micro-marketing and macro-marketing) separately.

Question 13

At the macro level, consumer satisfaction can easily and objectively be measured using practical economic methods.

Accepted Answer

Although efforts to measure satisfaction are useful, any evaluation of macro-marketing effectiveness has to be in part subjective.

Question 14

The American Customer Satisfaction Index makes it possible to track changes in consumer satisfaction measures over time and even allows comparison among countries.

Accepted Answer

The American Customer Satisfaction Index makes it possible to track changes in consumer satisfaction measures over time and even allows comparison among countries.

Question 15

Thanks to much publicity, the marketing concept is now practiced by all firms.

Accepted Answer

Despite much publicity, the marketing concept is not applied in many places.

Question 16

Making sure that the benefits a customer receives from a marketing mix exceed the customer's costs of obtaining those benefits is one way to gain a competitive advantage.

Accepted Answer

If the benefits a customer receives from a marketing mix exceed the customer's costs of obtaining those benefits, the firm can gain a competitive advantage,

Question 17

According to the text, micro-marketing does NOT cost too much in the United States--but macro-marketing often DOES cost too much.

Accepted Answer

Micro-marketing frequently does cost too much but macro-marketing does not cost too much, given the present objective of the American economy, consumer satisfaction.

Question 18

In the United States, the aim of the economic system has been to satisfy consumers' needs as they--the consumers--see them.

Accepted Answer

In the United States, the basic objective of our market-directed economic system has been to satisfy consumer needs as they, the consumers, see them.

Question 19

The fact that many firms are too production-oriented and inefficient is one reason why so many new products fail.

Accepted Answer

So many new products fail because too many firms are too production-oriented and not nearly as efficient as they could be.

Question 20

Monopolistic competition is caused by customer preferences, not business manipulation of markets.

Accepted Answer

In monopolistic competition, a number of different firms offer marketing mixes that at least some customers see as different. Consumers have choices and they exercise those choices.

Quiz 18: Ethical Marketing in a Consumer-Oriented World: Appraisal and Challenges

At the macro level, consumer satisfaction is difficult to measure and interpret so any evaluation is in part subjective.

Micro-marketing efforts help the economy grow by stimulating innovation.

Monopolistic competition is the result of control of markets by business, not consumer demands.

Evaluating marketing effectiveness is impossible.

There are many reasons for business failures including products that do not create value in the eyes of the customer, improperly identifying the target market, or lack of innovative thinking.

Looking at the "average" satisfaction of a whole society does not provide a complete picture for evaluating macro-marketing effectiveness.

Evaluating marketing effectiveness of an individual firm is difficult, but not impossible.

Consumer satisfaction at the micro level cannot be measured because firms cannot determine how well their products satisfy customers.

Micro-marketing often does cost too much because many firms improperly blend the four Ps and misunderstand both their customers and the market environment that affects their operation.

In the United States, the basic objective of our market-directed economic system has been to satisfy consumer needs as they, the consumers, see them.

Using total quality management to implement marketing plans is one way to improve a marketing mix.

When evaluating marketing, it is best to evaluate micro-marketing and macro-marketing separately.

At the macro level, consumer satisfaction can easily and objectively be measured using practical economic methods.

The American Customer Satisfaction Index makes it possible to track changes in consumer satisfaction measures over time and even allows comparison among countries.

Thanks to much publicity, the marketing concept is now practiced by all firms.

Making sure that the benefits a customer receives from a marketing mix exceed the customer's costs of obtaining those benefits is one way to gain a competitive advantage.

According to the text, micro-marketing does NOT cost too much in the United States--but macro-marketing often DOES cost too much.

In the United States, the aim of the economic system has been to satisfy consumers' needs as they--the consumers--see them.

The fact that many firms are too production-oriented and inefficient is one reason why so many new products fail.

Monopolistic competition is caused by customer preferences, not business manipulation of markets.