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According to the text, marketing means:

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much more than selling and advertising

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Marketing

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provides direction for production

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____________________ is the extent to which a firm fulfills a customer's needs, desires, and expectations.

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customer satisfaction

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Marketing

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affects almost every aspect of our daily lives.

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Marketing can be viewed as:

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a set of activities performed by individual organizations.

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The text stresses that:

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

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Looking at marketing as a set of activities focuses on

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micro-marketing.

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Micro-marketing:

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tries to accomplish a company's objectives by anticipating customers' needs and trying to satisfy them.

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Micro-marketing:

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tries to anticipate and satisfy customer needs and accomplish an organization's objectives

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_______ is defined as the performance of activities that seek to accomplish an organization's objectives by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer.

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Marketing (from a micro view)

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From a micro view, marketing

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s a set of activities performed by an individual organization to satisfy its customers.

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Which of the following statements best describes the modern view of marketing?

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Marketing begins with anticipating potential customer needs.

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Marketing:

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A. applies to both profit and nonprofit organizations.

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The aim of marketing is to

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identify customers' needs and meet those needs so well that the product almost "sells itself."

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Effective marketing should begin with

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potential customer needs.

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Marketing should

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make decisions about product design and packaging, prices or fees.

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Viewing marketing as a social process focuses on

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macro-marketing.

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Societies need a macro-marketing system

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to help match supply and demand.

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MACRO-marketing:

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Emphasizes how the whole marketing system works.

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Macro-marketing

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is a social process

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_________ directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the society's objectives.

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Macro-marketing

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Macro-marketing

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emphasizes how the whole marketing system works.

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The fact that producers usually prefer to produce products in large quantities, while most consumers prefer to buy in small quantities, results in:

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discrepancies of quantity.

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Discrepancies of assortment happen when

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producers specialize in producing a narrow range of goods and services but consumers need a wide variety.

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"Economies of scale" means that:

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as a company produces larger numbers of a particular product, the cost of each unit of the product goes down

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When a firm produces a large quantity of a product, the cost of producing each individual unit usually goes down. This is known as:

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economies of scale.

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The term "economies of scale" means that:

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The cost of a product goes down as a company produces larger numbers of it.

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The universal functions of marketing include .....

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buying, selling, transporting, storing, standardization and grading, financing, risk taking, and marketing information

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The "universal functions of marketing":

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must be performed in all MACRO-marketing systems.

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The "universal functions of marketing":

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are performed differently and by different parties in different economies.

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The standardization and grading function of marketing involves:

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Sorting products according to size and quality.

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The buying function of marketing involves

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looking for and evaluating goods and services

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The "universal functions of marketing":

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must be performed in both market-directed and command economies.

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An intermediary:

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is someone who specializes in trade rather than production

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In macro-marketing

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no universal marketing function can be completely eliminate

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A MACRO-marketing system should:

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accomplish a particular society's objectives, whatever they are.

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_____ in the marketplace are a rough measure of how society values particular goods and services.

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prices

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The text considers five "eras" of marketing evolution. Which of the following shows the logical order in which these eras occur?

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Simple trade, production, sales, marketing department, marketing company

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An organization practicing ______ aims all its efforts at satisfying its customers--at a profit.

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the marketing concept

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Managers who think of customers existing to buy the firm's output rather than of firms existing to serve customers and--more broadly--the needs of society, have a

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production orientation.

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The three basic ideas in the "marketing concept" are:

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customer satisfaction, total company effort, profit.

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Which of the following is one of the three basic ideas in the "marketing concept?"

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Total company effort.

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Which of the following is one of the three basic ideas in the "marketing concept?"

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Profit as an objective.

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Which of the following is one of the three basic ideas in the "marketing concept?"

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Customer satisfaction.

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The "marketing concept" says that a business firm should aim all of its efforts at:

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satisfying its customers--at a profit

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Complete acceptance of the "marketing concept" would require:

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making sure that all departments focus their efforts on satisfying customer needs.

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Organizational customers:

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Try to consider the total cost of selecting a supplier, not just the initial cost of the product.

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A _____ refers to all of the people who participate in or influence a purchase.

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buying center

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A "buying center"

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may vary from purchase to purchase.

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Organizational buyers:

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rely on many sources of information, perform vendor analysis, and focus on economic factors in order to make sensible buying decisions.

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"NAICS" means:

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North American Industry Classification System

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When looking at NAICS codes:

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The fewer numbers in the code, the more general the industry classification is.

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"business and organizational customers?"

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Producers of goods and services, Intermediaries; Government units; Nonprofit organizations.

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organizational buying processes

answer

Modified rebuy buying, straight rebuy buying, new task buying

Marketing quiz chapter 1 – Flashcards

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