Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A)   Simple trade era
B)   Sales era
C)   Facilitator era
D)   Marketing department era
E)   Production era

Question 3

Marketing could NOT take place without:

Accepted Answer

A)   intermediaries.
B)   collaborators.
C)   two or more parties who are willing to exchange something for something else.
D)   a high standard of living.

Question 4

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 5

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.

Accepted Answer

A) True 
 B)False

Question 6

The following headlines are from Business Week magazine. Which article is most likely to be reporting on a macro-marketing topic?

Accepted Answer

A)   "Two-Person Engineering Firm Offers Unique Service."
B)   "Russia Increases Output of Consumer Goods."
C)   "Pepsi Sells in Japan."
D)   "Bank of America Offers New Internet Banking Services."
E)   "Donations to Tsunami Victims Fund Increase after TV Broadcast."

Question 7

The American Marketing Association's statement of ethics sets specific ethical standards for many aspects of marketing.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following organizations should apply the marketing concept?

Accepted Answer

A)   National Park Service.
B)   National Federation of the Blind.
C)   Christian Children's Fund.
D)   United States Postal Service.
E)   All of these organizations should apply the marketing concept.

Question 9

Which of the following is the BEST example of management thinking during the "production era"?

Accepted Answer

A)   "We need to make whatever products are easy to produce."
B)   "We need to find out what the customer wants."
C)   "The more salespeople we have, the more we can sell."
D)   "We need to work hard to sell the product to our customers."
E)   "If we produce a good product, customers will find us and buy it."

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Administrators at a university noted that they were 200 students short of their enrollment projection as the start of the school year approached. The president of the university, fearing a revenue shortage, told the director of admissions, "You need to use whatever means necessary to get enough students to meet the projection before classes start. Run ads in the newspaper, call high school guidance counselors, recruit from our pool of rejected applicants-whatever it takes." The university president is operating as though he was in the:

Accepted Answer

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

Question 13

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

A)   Risk-taking.
B)   Financing.
C)   Buying.
D)   Selling.
E)   It is performing none of the universal functions of marketing listed here.

Question 14

As with any business, a nonprofit organization must take in as much money as it spends or it won't survive.

Accepted Answer

A) True 
 B)False

Question 15

When it comes to customer value, it is the customer's view that matters, not the view of the marketing manager.

Accepted Answer

A) True 
 B)False

Question 16

The aim of marketing is to

Accepted Answer

A)   help create a pure subsistence economy.
B)   eliminate the need for exchanges.
C)   persuade customers to buy the firm's product.
D)   identify customers' needs and meet those needs so well that the product almost "sells itself."
E)   facilitate a single transaction.

Question 17

Customer value

Accepted Answer

A)   is greater if costs exceed benefits.
B)   becomes less important as competition increases.
C)   is the same thing as low price.
D)   affects a customer's relationship with a firm before and after a sale.
E)   none of these responses is correct.

Question 18

Which of the following statements about customer value is True?

Accepted Answer

A)   Building relationships with customers means providing customer value before, but not after the purchase of a product or service.
B)   Retaining current customers is usually less costly than taking customers away from a competitor.
C)   A firm's advertising department cannot be expected to develop ads to convince a customer to buy from the firm more than once.
D)   People in the organization who are not in the sales or customer service areas should never be called upon to help resolve a customer's problem.
E)   None of these statements is True.

Question 19

In marketing, it is the manager's viewpoint that matters, not the customer's.

Accepted Answer

A) True 
 B)False

Question 20

Customer value typically would NOT be impacted by a marketing manager's decisions concerning:

Accepted Answer

A)   product.
B)   place.
C)   promotion.
D)   price.
E)   Any of these might impact customer value.

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

The following headlines are from Business Week magazine. Which article is most likely to be reporting on a macro-marketing topic?

Correct Answer
verified

Customer value typically would NOT be impacted by a marketing manager's decisions concerning:

Correct Answer
verified

Which of the following statements about customer value is True?

Correct Answer
verified

Marketing could NOT take place without:

Correct Answer
verified

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.

Correct Answer
verified

When it comes to customer value, it is the customer's view that matters, not the view of the marketing manager.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Which of the following is the BEST example of management thinking during the "production era"?

Correct Answer
verified

In marketing, it is the manager's viewpoint that matters, not the customer's.

Correct Answer
verified

As with any business, a nonprofit organization must take in as much money as it spends or it won't survive.

Correct Answer
verified

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

Correct Answer
verified

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?

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Customer value

Correct Answer
verified

The American Marketing Association's statement of ethics sets specific ethical standards for many aspects of marketing.

Correct Answer
verified

The aim of marketing is to

Correct Answer
verified

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

Correct Answer
verified

Which of the following organizations should apply the marketing concept?

Correct Answer
verified

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

The following headlines are from Business Week magazine. Which article is most likely to be reporting on a macro-marketing topic?

Correct AnswerverifiedShow Answer

Customer value typically would NOT be impacted by a marketing manager's decisions concerning:

Correct AnswerverifiedShow Answer

Which of the following statements about customer value is True?

Correct AnswerverifiedShow Answer

Marketing could NOT take place without:

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

When it comes to customer value, it is the customer's view that matters, not the view of the marketing manager.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is the BEST example of management thinking during the "production era"?

Correct AnswerverifiedShow Answer

In marketing, it is the manager's viewpoint that matters, not the customer's.

Correct AnswerverifiedShow Answer

As with any business, a nonprofit organization must take in as much money as it spends or it won't survive.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Customer value

Correct AnswerverifiedShow Answer

The American Marketing Association's statement of ethics sets specific ethical standards for many aspects of marketing.

Correct AnswerverifiedShow Answer

The aim of marketing is to

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

Which of the following organizations should apply the marketing concept?

Correct AnswerverifiedShow Answer

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