Principles of Marketing Chapter 1 Quiz – Flashcards

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In which type of economy do government officials decide about production and distributions?
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Command Economy
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When may a command economy work well?
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Simple economy Little variety adverse conditions
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What type of economy adjusts itself; price is a value measure; there is freedom of choice with limited government and public interest groups
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Market Directed Economy
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In what marketing era was the focus to sell surplus?
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Simple Trade Era
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In what marketing era was the focus to increase supply?
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Production Era
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In what marketing era was the focus to beat competition?
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Sales Era
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In what marketing era was the focus to coordinate and control?
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Marketing Department Era
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In what marketing era was the focus on Long-run consumer satisfaction?
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Marketing Company Era
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What are the three components of the marketing concept?
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Customer Satisfaction Total Company Effort Profit
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What are the four components of social responsibility?
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Philanthropic Ethic Legal Economic
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T/F Marketing is more than selling or advertising
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True
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Making goods and performing services
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Production
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The extent to which a firm fulfills a customer's needs, desires, and expectations
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Customer Satisfaction
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The development and spread of new ideas, goods, and services
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Innovation
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The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client
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Marketing
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Economy in which each family unit produces everything it consumes
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Pure Subsistence Economy
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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 the objectives of society
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Macro-marketing
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as a company produces larger numbers of a particular product, the costs of each unit of the product goes down
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Economies of scale
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Universal functions of marketing are?
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Buying Selling Transporting Storing Standardization Grading Financing Risk Taking Market Information
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Looking for and evaluating goods and services
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Buying Function
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Promoting the product
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Selling Function
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Movement of goods from one place to another
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Transporting Function
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Holding goods until customers need them
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Storing Function
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involve sorting products according to size and quality (two functions)
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Standardization and grading
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Provides the necessary cash and credit to product transport, store, promote , sell and buy products
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Financing function
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This involves bearing the uncertainties that are part of the marketing process
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Risk Taking
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This involves the collection, analysis, and distribution of all info needed to plan, carry out, and control marketing
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Market Information Function
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Someone who specializes in trade rather than production
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Intermediary
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Firms that facilitate or provide one or more of the marketing functions other than buying or selling
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Collaborators
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Exchanges between individuals or organizations based on applications of information technology
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E-Commerce
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The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society
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Economic System
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What in the marketplace is a rough measure of how society values particular goods and services
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Price
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Manager viewpoint based on making whatever products are easy to produce and then trying to sell them
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Production Orientation
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Simply attempting to carry out the marketing concept
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Marketing Orientation
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This measures an organization's economic, social, and environmental outcomes as a measure of long-term success
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Triple Bottom Line
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The difference between the benefits a customer sees from a market offering and the cost of obtaining those benefits
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Customer Value
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What is good for some firms and consumers may not be good for society as a whole
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Micro-macro dilemma
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A firm's obligation to improve its positive effects on society and reduce its negative effects
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Social Responsibility
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The moral standard that guide marketing decisions and actions
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Marketing Ethics
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