Question 1

FlyFar Airlines uses marketing research to determine customer needs and assess how well the company meets them.This suggests that FlyFar managers exhibit ______.

Accepted Answer

A)   a marketing orientation
B)   social responsibility
C)   separation of information
D)   the innovation concept
E)   a production orientation

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Which of the following must occur for marketing to happen?

Accepted Answer

A)   Product
B)   Place
C)   Advertising
D)   Price
E)   Two or more parties exchange something of value for something else of value.

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Gun control is an example of the micro-macro dilemma.

Accepted Answer

A) True 
 B)False

Question 6

The universal functions of marketing ______.

Accepted Answer

A)   can be eliminated in advanced MACRO-marketing systems
B)   are performed differently and by different parties in different economies
C)   are never performed by consumers
D)   create various separations and discrepancies between producers and consumers

Question 7

The text discusses the evolution of business through five "eras." Which of the following is NOT one of these eras?

Accepted Answer

A)   Diversification era
B)   Sales era
C)   Production era
D)   Marketing company era
E)   Simple trade era

Question 8

The universal functions of marketing do NOT include ______.

Accepted Answer

A)   financing and risk taking
B)   standardization and grading
C)   producing
D)   transporting and storing
E)   buying and selling

Question 9

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.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is NOT true about intermediaries?

Accepted Answer

A)   They save time for other participants in a transaction.
B)   They always increase total expenses for a product.
C)   They play an important role in the exchange process.
D)   They specialize in trade rather than production.

Question 11

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.

Accepted Answer

A) True 
 B)False

Question 12

Producers who operate in a competitive environment are more likely to adopt the marketing concept.

Accepted Answer

A) True 
 B)False

Question 13

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.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is not a challenge related to social responsibility?

Accepted Answer

A)   There is little agreement on who gets to determine what is "good" for society.
B)   Actions that may seem good for society may be costly to a firm.
C)   Some consumers make purchases based on the perceived societal benefits of a product or service.
D)   It is impossible to know what impact a firm's actions will have on future generations.
E)   Acting to satisfy one group of stakeholders may anger another group of stakeholders.

Question 16

Macro-marketing examines all the following challenging scenarios EXCEPT one of the following.Identify it.

Accepted Answer

A)   Producers prefer to manufacture goods in large quantities, but consumers buy in small quantities.
B)   Consumers require a wide assortment of food items, but individual producers can offer only a narrow assortment of food products.
C)   Producers set prices to cover costs and make a profit, but consumers choose goods based on their ability to pay.
D)   Cedar Point Amusement Park would like to attract customers all year long, but its marketing strategy is currently limited to discount season pass offers during winter months while the park is closed.
E)   Producers tend to locate where it is economical to produce, but consumers are located in many scattered places.

Question 17

Adoption of the marketing concept ______.

Accepted Answer

A)   is easy for most firms
B)   occurred first in the service industry
C)   has been universal
D)   has been slow for producers of industrial commodities
E)   happened last among consumer product companies

Question 18

In the American Marketing Association's Statement of Ethics,which ethical value stresses a firm's attempts to recognize the basic human dignity of its customers?

Accepted Answer

A)   Citizenship
B)   Respect
C)   Honesty
D)   Openness
E)   Responsibility

Question 19

The marketing concept says that a business firm should aim all of its efforts at ______.

Accepted Answer

A)   doing more advertising and selling than competitors
B)   selling what the company produces efficiently
C)   satisfying customers regardless of profitability
D)   making a profit selling to satisfied customers
E)   producing products at the lowest cost

Question 20

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

Accepted Answer

A) True 
 B)False

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

Gun control is an example of the micro-macro dilemma.

Correct AnswerverifiedShow Answer

The universal functions of marketing ______.

Correct AnswerverifiedShow Answer

FlyFar Airlines uses marketing research to determine customer needs and assess how well the company meets them.This suggests that FlyFar managers exhibit ______.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Macro-marketing examines all the following challenging scenarios EXCEPT one of the following.Identify it.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Adoption of the marketing concept ______.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The marketing concept says that a business firm should aim all of its efforts at ______.

Correct AnswerverifiedShow Answer

The text discusses the evolution of business through five "eras." Which of the following is NOT one of these eras?

Correct AnswerverifiedShow Answer

The universal functions of marketing do NOT include ______.

Correct AnswerverifiedShow Answer

Which of the following is not a challenge related to social responsibility?

Correct AnswerverifiedShow Answer

Which of the following is NOT true about intermediaries?

Correct AnswerverifiedShow Answer

Producers who operate in a competitive environment are more likely to adopt the marketing concept.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

In the American Marketing Association's Statement of Ethics,which ethical value stresses a firm's attempts to recognize the basic human dignity of its customers?

Correct AnswerverifiedShow Answer

Which of the following must occur for marketing to happen?

Correct AnswerverifiedShow Answer

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