Question 1

Marketing:

Accepted Answer

A)   applies to both profit and nonprofit organizations.
B)   says that marketing should take over all production, accounting, and financial activities.
C)   should begin as soon as goods are produced.
D)   does away with the need for advertising.

Question 2

During the sales era

Accepted Answer

A)   families traded or sold their surplus output to local distributors.
B)   characteristic management thinking said, "If we can make it, it will sell."
C)   all marketing activities were brought under the control of one department.
D)   increased competition made firms focus on winning customers.
E)   marketing people did both short-run and long-run marketing planning.

Question 3

According to the text, marketing means:

Accepted Answer

A)   making a good product that sells itself.
B)   much more than selling and advertising.
C)   selling and advertising.
D)   producing goods and/or services.
E)   doing whatever it takes to be able to offer consumers a "better mousetrap."

Question 4

Whether a particular macro-marketing system is judged fair and effective depends on the objectives of the society.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Consumers in a market-directed economy

Accepted Answer

A)   enjoy limited freedom of choice.
B)   are taxed to provide for goods and services that benefit society, such as public health, national defense, highways, police and fire protection.
C)   do not decide what is to be produced and by whom.
D)   have to buy what is being produced.
E)   do not have to buy any goods or services.

Question 7

"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 8

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

Accepted Answer

A)   analysis
B)   assessment
C)   evaluation
D)   innovation
E)   introspection

Question 9

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

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

When a firm considers a triple bottom line as a measure of long-term success, this means that it measures outcomes in which of the following three different areas:

Accepted Answer

A)   economic success, social impact, and political change.
B)   firm profitability, customer satisfaction, and behavioral change.
C)   economic success, social impact, and environmental impact.
D)   company effort, customer satisfaction, and relative market share.
E)   customer satisfaction, environmental impact, and production efficiency.

Question 12

The production of a new mountain bike model includes which of the following activities?

Accepted Answer

A)   Determining how to get the new model to likely bike purchasers.
B)   Actually making the new mountain bikes.
C)   Estimating how many competing companies will be making bikes.
D)   Predicting what types of bikes different types of bike riders will want.

Question 13

Which of the following illustrates the marketing concept in action?

Accepted Answer

A)   A young lawyer gives free legal advice to poor people.
B)   A local police department organizes a "community crime watch" program in a neighborhood that has had many burglaries.
C)   Several lawyers set up a group practice-so that the costs of the office and equipment can be shared.
D)   None of these illustrate the marketing concept in action.

Question 14

MetroTech Corporation has been experiencing declining profits. The accounting department blames the MetroTech marketing staff for "out of control" sales costs. The salespeople blame the warehouse for being slow to fill orders. And the warehouse manager says that the production department can't meet its schedule. MetroTech seems to have

Accepted Answer

A)   implemented the marketing concept.
B)   a customer orientation.
C)   a marketing orientation.
D)   a sales orientation.
E)   a production orientation.

Question 15

Which item famously originated in the production era?

Accepted Answer

A)   Laptop computers
B)   Home movie rentals
C)   Chariots
D)   Automobiles
E)   Compact fluorescent light bulbs

Question 16

Which of the following is LEAST likely to be classified as a marketing collaborator?

Accepted Answer

A)   United Parcel Service (UPS) .
B)   Public Warehouse Corporation.
C)   Broadband Communications Company.
D)   MeadowView Aluminum Company.
E)   Product Safety Testing Laboratories, Inc.

Question 17

In a market-directed economy:

Accepted Answer

A)   profit, survival, and growth are all guaranteed for producers.
B)   consumers have little freedom of choice.
C)   consumers decide what is to be produced and by whom through their dollar votes.
D)   prices usually do not change according to supply and demand.
E)   only the needs of the majority are served.

Question 18

Which of the following statements is MOST characteristic of the "production era"?

Accepted Answer

A)   "If we sell harder, we will sell more."
B)   "We need to cater to the diverse needs of consumers."
C)   "There is no limit on what we can sell if we produce efficiently."
D)   "The more options we offer consumers, the better."
E)   "Advertising is the key to our success."

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

The text credits L.L. Bean's success to its focus on customer satisfaction and good customer value.

Accepted Answer

A) True 
 B)False

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

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

Correct Answer
verified

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

Correct Answer
verified

The production of a new mountain bike model includes which of the following activities?

Correct Answer
verified

Correct Answer
verified

Whether a particular macro-marketing system is judged fair and effective depends on the objectives of the society.

Correct Answer
verified

The text credits L.L. Bean's success to its focus on customer satisfaction and good customer value.

Correct Answer
verified

Consumers in a market-directed economy

Correct Answer
verified

In a market-directed economy:

Correct Answer
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"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 Answer
verified

When a firm considers a triple bottom line as a measure of long-term success, this means that it measures outcomes in which of the following three different areas:

Correct Answer
verified

According to the text, marketing means:

Correct Answer
verified

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

Correct Answer
verified

Which of the following illustrates the marketing concept in action?

Correct Answer
verified

Marketing:

Correct Answer
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During the sales era

Correct Answer
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Which of the following statements is MOST characteristic of the "production era"?

Correct Answer
verified

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

Correct Answer
verified

Which item famously originated in the production era?

Correct Answer
verified

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

Correct Answer
verified

Which of the following is LEAST likely to be classified as a marketing collaborator?

Correct Answer
verified

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

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

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

The production of a new mountain bike model includes which of the following activities?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Whether a particular macro-marketing system is judged fair and effective depends on the objectives of the society.

Correct AnswerverifiedShow Answer

The text credits L.L. Bean's success to its focus on customer satisfaction and good customer value.

Correct AnswerverifiedShow Answer

Consumers in a market-directed economy

Correct AnswerverifiedShow Answer

In a market-directed economy:

Correct AnswerverifiedShow Answer

"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

When a firm considers a triple bottom line as a measure of long-term success, this means that it measures outcomes in which of the following three different areas:

Correct AnswerverifiedShow Answer

According to the text, marketing means:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following illustrates the marketing concept in action?

Correct AnswerverifiedShow Answer

Marketing:

Correct AnswerverifiedShow Answer

During the sales era

Correct AnswerverifiedShow Answer

Which of the following statements is MOST characteristic of the "production era"?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which item famously originated in the production era?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is LEAST likely to be classified as a marketing collaborator?

Correct AnswerverifiedShow Answer

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