MKT 120 Chapter 1 TestQuiz – Flashcards

Since individual firms cannot perform all marketing functions, ______ often play a role in the exchange process. Select one: a. nonprofits b. intermediaries c. government regulators d. consumers e. marketing managers

An important step in applying the marketing concept is ______. Select one: a. appointing someone with a marketing management background to be the firm's president b. hiring a marketing consultant c. committing to customer satisfaction d. changing the firm's organizational structure e. changing the firm's management methods and procedures

Marketing will NOT take place without ______. Select one: a. intermediaries b. a high standard of living c. collaborators d. two or more parties exchanging something for something else

According to the text, marketing means ______. Select one: a. advertising b. selling c. producing and selling d. selling and advertising e. much more than selling and advertising

In advanced economies, ______. Select one: a. both supply and demand tend to be homogeneous in nature b. producers and consumers experience a separation of values c. economies of scale make the cost of a product higher d. exchange is simplified by discrepancies of assortment e. there is little need for marketing specialists

Customer ______ is the extent to which a firm fulfills a customer's needs, desires, and expectations. Select one: a. support b. service c. opportunity d. forecast e. satisfaction

The primary purpose of the transporting and storing functions of marketing is to overcome ______. Select one: a. the need for marketing specialists b. discrepancies of assortment c. separation in values d. spatial separation e. separation of information

Marketing ______. Select one: a. should begin as soon as goods are produced b. says that marketing should take over all production, accounting, and financial activities c. applies to both profit and nonprofit organizations d. does away with the need for advertising

Marketing encourages research and ______, the development and spread of new ideas, goods and services. Select one: a. introspection b. assessment c. evaluation d. analysis e. innovation

Looking at marketing as a social process focuses on ______. Select one: a. personalized marketing b. nonprofit marketing c. macro-marketing d. for-profit marketing e. micro-marketing

All of the following should be determined by the marketing department of a firm EXCEPT ______. Select one: a. storing the product b. setting the price of the product c. advertising the product d. designing the packaging for the product e. making the product

Which of the following statements best describes the modern view of marketing? Select one: a. The job of marketing is to get rid of whatever the company is producing. b. Marketing begins with anticipating potential customer needs. c. Marketing should take over production, accounting, and financial services within a firm. d. Production, not marketing, should determine what goods and services are to be developed. e. Marketing is concerned with generating a single exchange between a firm and a customer.

Societies need a macro-marketing system to ______. Select one: a. identify collaborators b. reduce the need for intermediaries. c. help match supply and demand d. accomplish an organization's objectives only e. create a gap between producers and consumers

When marketing people do long-range planning and the whole company is guided by the "marketing concept," the company has entered the ______ era. Select one: a. marketing department b. production c. customer satisfaction d. consumerism e. marketing company

A macro-marketing system should ______. Select one: a. match supply and demand and accomplish a society's objectives b. provide everyone with the same goods and services c. be part of a market-directed economy, not a command economy d. depend solely on a society's political institutions

The aim of marketing is to ______. Select one: a. eliminate the need for exchanges b. facilitate a single transaction c. identify customers' needs and meet those needs so well that the product almost "sells itself" d. help create a pure subsistence economy e. persuade customers to buy the firm's product