384 test bank for basic marketing a marketing strategy planning approach 18th edition

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384 Test Bank for Basic Marketing A

Marketing Strategy Planning Approach 18th Edition

Multiple Choice Questions - Page 1

Which of the following statements about the "universal functions

5 E None of the above

Firms that specialize in providing marketing functions other than buying or selling are known as:

The "universal functions of marketing":

1 A are usually performed in the same way and by the same types of

institutions in all MACRO-marketing systems

2 B can sometimes be eliminated in very efficient macro-marketing systems

3 C must be performed in both market-directed and command economies

4 D must all be performed by every firm from a MICRO view

5 E All of the above are true

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

marketing collaborator?

1 A Mayflower Transport Company

2 B Internet Advertising, Inc

3 C Wachovia Bank

4 D Market Survey Research, Inc

5 E Quality Coatings Company

The "universal functions of marketing" can be performed by:

1 A producers

2 B intermediaries and collaborators

3 C consumers

4 D All of the above

5 E Only A and C above

The standardization and grading function of marketing involves:

1 A Looking for and evaluating goods and services

2 B Providing necessary cash and credit

3 C Promoting the product

4 D Sorting products according to size and quality

5 E None of the above

The universal functions of marketing

1 A are not all needed in market-directed economies

2 B are not all needed in command economies

3 C can be performed by producers, consumers, and a variety of marketing specialists

4 D All of the above are true

5 E None of the above is true

The buying function of marketing involves

1 A risk-taking

2 B promoting the product

3 C looking for and evaluating goods and services

4 D the use of personal selling

5 E sorting products according to size and quality.

In macro-marketing

1 A no universal marketing function can be completely eliminated

2 B the objectives of the individual firm, rather than society, are most

important

3 C functions should not be shifted or shared

4 D intermediaries are unnecessary

5 E the emphasis is on the activities of individual organizations

Which of the universal functions of marketing deals most directly with advertising a product in magazines?

Considering the universal functions of marketing,

1 A they may not be required in all macro-marketing systems

2 B not every firm must perform all of the marketing functions

3 C all goods and services require all the functions at every level of their production

4 D all of the above are true

5 E none of the above is true

Which of the following is NOT one of the "universal functions of marketing"?

The "universal functions of marketing" do NOT include:

1 A financing and risk taking

2 B standardization and grading

3 C producing

4 D transporting and storing

5 E buying and selling

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?

1 A Risk-taking

2 B Financing

3 C Buying

4 D Selling

5 E None of the above

"Economies of scale" means that:

1 A as a company produces larger numbers of a particular product, the cost

of each unit of the product goes down

2 B the more producers there are in an economy the greater the need for intermediaries

3 C larger countries enjoy more economic growth than smaller countries

4 D as a company produces larger numbers of a particular product, the total cost of producing these products goes down

5 E All of the above are true

The advantages of working with an intermediary usually increase when there is

1 A difficulty communicating with customers

2 B a greater number of customers

3 C greater distance between customers

4 D a larger number of competing products

5 E all of the above

Which of the following is MOST likely to be classified as a

2 B Responsibility for performing these functions can be shared and shifted.

3 C From a micro viewpoint, not every company must perform every

function

4 D From a macro viewpoint, all these functions must be performed by someone

5 E None of the above is false

Discrepancies of assortment happen when

1 A producers prefer to produce and sell in large numbers, but consumers prefer to buy and consume in smaller numbers

2 B consumers may not want to consume goods and services at the time producers would prefer to produce them

3 C consumers value goods and services in terms of costs and competitive prices whereas producers value them in terms of satisfying needs and ability

Which of the following is NOT true about intermediaries?

1 A They save time for other participants in a transaction

2 B They always increase total expenses for a product

3 C They specialize in trade rather than production

4 D All of the above

5 E None of the above

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

After seeing a "sale" ad in a local newspaper, Ben Griffith went to

a local pet supply store and bought a year's supply of high protein dog food Which marketing functions if any did he perform?

1 A Financing and risk taking

2 B Buying, transporting, and storing

3 C Market information

4 D All of the above

5 E None of the above only producers and intermediaries perform

marketing functions

Marketing intermediaries and collaborators can often perform marketing functions:

1 A better than producers or consumers can perform them

2 B which leaves producers and consumers more time for production and consumption

3 C at a low cost because of specialization, economies of scale, or

e-commerce

4 D all of the above are true

5 E none of the above are true

The "universal functions of marketing":

1 A must be performed in all MACRO-marketing systems

2 B are performed differently in different economies

3 C are performed by different parties in different economies

4 D are needed to help overcome various separations and discrepancies

5 E All of the above are true

Which of the following types of firms are collaborators?

1 A Marketing research firms

2 B Overnight delivery firms

3 C Advertising agencies

4 D Product-testing labs

5 E All of the above

Which of the following is a true statement?

1 A Since marketing is concerned with many thousands of different products,there is no one set of marketing functions that applies to all products

2 B Responsibility for performing marketing functions can be shifted and shared, but no function can be completely eliminated

3 C From a micro viewpoint, every firm must perform all of the marketing functions

4 D Marketing functions should be performed only by marketing

intermediaries or collaborators

5 E Many marketing functions are not necessary in market-directed

economies

The standardization and grading function of marketing involves:

1 A promoting goods and services

2 B collection, analysis, and distribution of marketing information

3 C sorting products according to size and quality

4 D looking for and evaluating goods and services

5 E movement of goods from one place to another

The term "economies of scale" means that:

1 A The largest producers are always the most efficient

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

3 C The more one produces, the greater the profit

4 D It is more efficient for an economy to have a large number of

transactions

5 E None of the above

Collaborators

1 A specialize in trade rather than production

2 B usually have a production orientation

3 C emerged in the marketing company era

4 D are only used in a command economy

5 E facilitate or provide one or more of the marketing functions other than buying or selling

An intermediary:

1 A is a wholesaler not a retailer

2 B usually increases the number of transactions required

3 C tends to make the exchange process more difficult and costly

4 D is someone who specializes in trade rather than production

5 E none of the above

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

marketing collaborator?

1 A United Parcel Service (UPS)

2 B Public Warehouse Corporation

3 C Broadband Communications Company

4 D MeadowView Aluminum Company

5 E Product Safety Testing Laboratories, Inc

Market research firm BestOne sells reports about competitors, products, and other areas to various clients in the software industry BestOne performs which universal marketing function:

1 A risk taking

2 B market information

3 C standardization and grading

4 D social responsibility.

5 E financing

The "universal functions of marketing":

1 A can be eliminated in advanced MACRO-marketing systems

2 B are performed differently and by different parties in different economies

3 C are never performed by consumers

4 D create various separations and discrepancies between producers and consumers

5 E All of the above are true

238 Free Test Bank for Basic Marketing A Marketing Strategy Planning Approach 18th Edition by Perreault Multiple Choice Questions - Page 2

In advanced economies:

1 A mass production with its economies of scale makes the cost of each product higher

2 B exchange is simplified by discrepancies of quantity and assortment

3 C there is little need for marketing specialists

4 D both supply and demand tend to be homogeneous in nature

5 E producers and consumers experience a separation of values

MACRO-marketing:

1 A Emphasizes how the whole marketing system works

2 B Considers how marketing affects society, but not how society affects marketing

3 C Matches homogeneous supply and demand

4 D Is mainly concerned with the activities of individual organizations

5 E All of the above

MACRO-marketing:

1 A is a social process

2 B tries to overcome "discrepancies of quantity" and "discrepancies of assortment."

3 C tries to effectively match supply and demand.

4 D tries to overcome the many separations between producers and

consumers

5 E All of the above are true statements

Marketing will not happen unless:

1 A e-commerce is flourishing

2 B collaborators are present to simplify exchange

3 C intermediaries are present to facilitate exchange

4 D two or more parties each have something they want to exchange for something else

5 E an economy is market-directed rather than command

Which of the following must occur for marketing to happen?

1 A both supply and demand tend to be heterogeneous

2 B producers and consumers are often separated in several ways

3 C exchange is hampered by discrepancies of quantity and assortment

4 D All of the above are true

5 E None of the above is true

The fact that US car companies are located in the upper Midwest while their customers are located throughout the U.S is an

5 E All of the above are true.

Viewing marketing as a social process focuses on

1 A marketing by nonprofit organizations

2 B command economies

3 C macro-marketing

4 D micro-marketing

5 E none of the above

In a simple economy, one family may produce only cooking pots, but many of them Others may specialize in farming, making clothing, and building shelters This

1 A shows why "discrepancies of assortment" occur

2 B is so simple that the universal functions of marketing don't have to be done

3 C cannot work without an intermediary

4 D is an example of "separation in values" since the different families choose to produce different things

5 E All of the above are true

Marketing is NOT needed in a economy

Of the following headlines from a business magazine, which is most likely to be about a MACRO-marketing topic?

1 A "Chinese Women Demand More Luxury Goods."

2 B "Girl Scouts Organize Nationwide Cookie Sale."

3 C "L'eggs Sells Direct in Brazil and Argentina."

4 D "Frito-Lay Offers New Low-Fat Products."

5 E "Coke Losing Beverage Sales in India to local brands."

Societies need a macro-marketing system

1 A to help match supply and demand

2 B to create a gap between producers and consumers

3 C to accomplish an organization's objectives only

4 D to identify collaborators

5 E to reduce the need for intermediaries

_ 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

4 D focuses on the objectives of society

5 E All of the above are true statements

(p 8-9) Of the following headlines from the WALL STREET

JOURNAL, which is most likely to be about a MACRO-marketing topic?

1 A "Tupperware Has a New Strategy."

2 B "Thailand Has Unusually Large Number of Wholesalers."

3 C "Military Supplier Shifts to Selling Gas Masks to Private Citizens."

4 D "Coke Plans Beverage Line to Compete with Lipton's."

5 E "Dow Chemical Adds Shipping Safeguards."

American supermarket chain, FoodMart, purchases cheese from five different manufacturers from around the world to assure its customers can choose among different types of cheeses at

different prices FoodMart facilitates the macro-marketing system

by helping to address:

1 A spatial separation

2 B discrepancies of assortment

3 C separation of values

4 D all of the above

5 E none of the above

Marketing could NOT take place without:

1 A intermediaries

2 B collaborators

3 C two or more parties who are willing to exchange something for

something else

4 D a high standard of living

5 E all of the above

Macro-marketing:

1 A tries to produce discrepancies of quantity and discrepancies of

assortment

2 B focuses on the activities of individual organizations

3 C tries to effectively match supply and demand

4 D all of the above

5 E none of the above

When an individual producer sets a price for its product to earn a certain profit while consumers search for the product at the lowest price available from any producer, this is an example of:

Which of the following statements is FALSE?

1 A Marketing is most important in a pure subsistence economy

2 B Marketing should provide direction for production, accounting, and financial activities

3 C Marketing builds long-lasting relationships that benefit the selling firm

4 D Marketing doesn't occur unless two or more parties are willing to

exchange something for something else

5 E Marketing anticipates customer needs

Macro-marketing

1 A emphasizes building a long-term relationship that benefits both the firm and the customer

2 B considers the marketing activities of corporations rather than individuals

3 C emphasizes how the whole marketing system works

4 D systems are only relevant to advanced economies

5 E addresses discrepancies that emerge from homogeneous consumer demand

When consumers do not know where to buy a product or what it costs and the product's producer does not know where its target market is located, this is an example of:

The following headlines are from Business Week magazine Which article is most likely to be reporting on a MACRO-

marketing topic?

1 A "Two-Person Engineering Firm Offers Unique Service."

2 B "Russia Increases Output of Consumer Goods."

3 C "Pepsi Sells in Japan."

4 D "Bank of America Offers New Internet Banking Services."

5 E "Donations to Tsunami Victims Fund Increase after TV Broadcast."

If the family units on a South Pacific-island nation made all the products they consume, it would be a good example of:

1 A a pure subsistence economy

2 B a market-directed economy

3 C a micro-marketing system

4 D a command economy

5 E none of the above

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

Which of the following statements about marketing is FALSE?

1 A Marketing affects the products you buy

2 B Marketing applies to nonprofit organizations too

3 C Marketing affects the advertising you see and hear

4 D Marketing offers many good job opportunities

5 E Marketing can help with individual transactions but not in building relationships with customers

Looking at marketing as a social process focuses on

Exchange between producers and consumers is more difficult in

an advanced economy because of:

1 A separation in time

2 B separation in values

3 C spatial separation

4 D separation of information

5 E All of the above

The following headlines are for articles from the WALL STREET JOURNAL Which article is most likely to be reporting a MACRO- marketing topic?

1 A "Mercedes Goes after Luxury Sport Utility Buyers."

2 B "Adidas Jumps as Footwear Competition Heats Up."

3 C "Drugstore Chain Aims at Seniors."

4 D "Hardee's Fried Chicken Takes on KFC."

5 E "DVD Popularity Leads to More DVD Retailers."

In a pure subsistence economy,

1 A each family unit is self-sufficient

2 B exchanges are not important

3 C there is no need for intermediaries

4 D All of the above are true

5 E None of the above is true

The primary purpose of the transporting and storing functions of marketing is to overcome:

1 A the need for marketing specialists

2 B separation of information

3 C spatial separation

4 D discrepancies of assortment

5 E separation of values.

Macro-marketing

1 A is a social process

2 B concerns the activities of individual managers

3 C is what people have in mind when they talk about marketing in everyday use

4 D helps consumers that need a narrow assortment of products

5 E applies only to nonprofit organizations

238 Free Test Bank for Basic Marketing A Marketing Strategy Planning Approach 18th Edition by Perreault Multiple Choice Questions - Page 3

Effective marketing should begin with

1 A an effort to persuade unwilling customers to buy the firm's products

2 B potential customer needs

3 C a decision about what the firm can produce efficiently

4 D evaluation of the effect of the firm's decisions on the MACRO-marketing system

5 E the marketing manager making important production, accounting, and financial decisions for the firm

Marketing should

1 A begin with the production process

2 B make decisions about product design and packaging, prices or fees

3 C not need to coordinate with production, accounting, and financial

activities

4 D provide input, but let production determine what goods and services are

to be developed

5 E focus on getting customers to make a final purchase

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

1 A The job of marketing is to get rid of whatever the company is producing

2 B Marketing should take over production, accounting, and financial services within a firm.

3 C Marketing is concerned with generating a single exchange between a firm and a customer

4 D Marketing begins with anticipating potential customer needs

5 E Production, not marketing, should determine what goods and services are to be developed

Looking at marketing as a set of activities focuses on

All of the following should be determined by the marketing

department of a firm EXCEPT:

1 A storing the product

2 B actually making the product

3 C advertising the product

4 D designing the packaging for the product

5 E setting the price of the product

Marketing:

1 A is concerned with need-satisfying goods, but not with services

2 B involves an attempt to anticipate customer or client needs

3 C is primarily concerned with efficient use of resources and fair allocation

1 A affects almost every aspect of our daily lives

2 B offers many exciting and rewarding career opportunities

3 C focuses an organization on what it takes to satisfy customers

4 D all of the above.

5 E none of the above

Which of the following statements about marketing is FALSE?

1 A Marketing concepts and techniques apply for nonprofit organizations as well as for profit-seeking organizations

2 B Marketing offers many rewarding career opportunities

3 C The cost of marketing is about 15 percent of the consumer's dollar

4 D Marketing affects almost every part of your daily life

5 E Marketing is vital for economic growth and development

Marketing

1 A means "selling" or "advertising."

2 B provides direction for production

3 C involves actually making goods or performing services

4 D does not impact consumers' standard of living

5 E is the development and spread new ideas, goods, and services

Customer satisfaction is the extent to which a firm fulfills a

consumer's:

1 A needs

2 B desires

3 C expectations

4 D only A and B above

5 E all of the above

Which of the following organizations would be least likely to need marketing skills?

1 A An accountant

2 B An electronics retailer

3 C A toy manufacturer

4 D A financial advisor

5 E All of the above would need marketing skills

Which of the following is NOT a reason for you to study

marketing?

1 A Marketing affects almost every aspect of daily life.

2 B Marketing will be important to your job

3 C Marketing involves actually making the goods that people need

4 D Marketing affects innovation and consumers' standard of living

5 E Marketing plays a big part in economic growth and development

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

1 A Determining how to get the new model to likely bike purchasers

2 B Actually making the new mountain bikes

3 C Predicting what types of bikes different types of bike riders will want

4 D All of the above

5 E None of the above

From a micro view, marketing

1 A applies to large corporations but not to a new venture started by one person

2 B is an important social process

3 C emphasizes how the whole marketing system works

4 D is a set of activities performed by an individual organization to satisfy its customers

5 E directs an economy's flow of goods and services from producers to consumers

Marketing:

1 A emphasizes mass selling over personal selling

2 B allows production, rather than marketing, to determine what products to make

3 C applies to both profit and nonprofit organizations

4 D concentrates on production, rather than advertising

5 E none of the above

Marketing:

1 A applies to both profit and nonprofit organizations

2 B says that marketing should take over all production, accounting, and financial activities

3 C should begin as soon as goods are produced.

4 D does away with the need for advertising

5 E All of the above are true

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

1 A Marketing is only necessary for profit-oriented firms

2 B Marketing consists mainly of advertising and personal selling

3 C Marketing anticipates customer needs

4 D Marketing begins as soon as products are produced

5 E Firms that don't rely on e-commerce should put more emphasis on marketing

The aim of marketing is to

1 A help create a pure subsistence economy

2 B eliminate the need for exchanges

3 C persuade customers to buy the firm's product

4 D identify customers' needs and meet those needs so well that the productalmost "sells itself."

5 E facilitate a single transaction

According to the text, marketing means:

1 A much more than selling and advertising

2 B selling

3 C producing and selling

4 D advertising

5 E selling and advertising

Marketing can be viewed as:

1 A a set of activities performed by individual organizations

2 B relevant to both business and nonprofit organizations

3 C a social process

4 D all of the above are correct

5 E only A and B above

According to the text, marketing means:

1 A making a good product that sells itself.

2 B much more than selling and advertising

3 C selling and advertising

4 D producing goods and/or services

5 E doing whatever it takes to be able to offer consumers a "better

mousetrap."

_ 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

1 A North Korea unveils a new five-year production plan

2 B China and the U.S agree on a new trade agreement

3 C The American Red Cross seeks more blood donors

4 D The Internet makes it possible for firms to reach customers in other countries

5 E None of the above is a good example

According to the text:

1 A marketing is much more than selling or advertising

2 B the cost of marketing is about 25 percent of the consumer's dollar.

3 C marketing affects every single aspect of your daily life

4 D marketing discourages research and innovation

5 E all of the above are true statements

In an advanced economy, marketing costs account for about _ cents of every consumer dollar

1 A applies to both profit and nonprofit organizations

2 B is another name for selling and advertising

3 C should pick up where the production process ends

4 D people should expect that the production department will determine whatgoods and services are to be developed

5 E all of the above are true

According to the text, marketing means:

1 A much more than just selling and advertising

1 A is concerned with whether the whole system is fair and effective

2 B applies only to profit organizations

3 C consists only of personal selling and advertising

4 D is a social process

5 E tries to anticipate and satisfy customer needs and accomplish an

organization's objectives

Marketing:

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

2 B begins with the production process

3 C involves persuading customers to buy your product

4 D is a social process involving all producers, intermediaries, and

consumers

5 E tries to make the whole economic system fair and effective

Which of the following statements by a U.S president best

reflects a MICRO view of marketing?

1 A "A tax cut will give consumers more spending money."

2 B "With interest rates low, many young people can now afford to buy a newhome."

3 C "In the United States we have a better choice of products than in any other country."

4 D "My administration will spend 75 percent more on purchases related to domestic security during the next year."

5 E "Tourism firms should advertise more to attract more international

visitors."

For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is:

1 A one of the universal functions of innovation

2 B a production activity

3 C an example of the micro-macro dilemma

4 D best left to intermediaries

4 D innovation.

5 E production

The text stresses that:

1 A advertising and selling are not really part of marketing

2 B marketing is nothing more than a set of business activities performed by individual firms

3 C marketing techniques have no application for nonprofit organizations

4 D marketing is a social process and a set of activities performed by

organizations

5 E a good product usually sells itself

Marketing encourages research and _, the

development and spread of new ideas, goods and services

2 B Making good products

3 C More than selling and advertising

4 D Promotion

5 E Performing services

Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of

Multiple Choice Questions - Page 4

_ NOT the government's job in a market-directed economy

1 A Protecting property and enforcing contracts are

2 B Regulating radio and television broadcasting is

3 C Setting import and export rules is

4 D Determining what and how much is to be produced is

5 E Controlling interest rates and the supply of money are

A MACRO-marketing system should:

1 A provide everyone with the same goods and services

2 B be part of market-directed economy, not a command economy

3 C accomplish a particular society's objectives, whatever they are

4 D all of the above are true

5 E none of the above is true

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

1 A Inventories

2 B Prices

3 C Cost of labor and materials

4 D The number of producers

5 E Discrepancies of quantity

Concerning the "universal functions of marketing," it is true that:

1 A these functions must be performed in all MACRO-marketing systems

2 B these functions can be performed by producers or intermediaries but not by consumers

3 C from a MICRO viewpoint, every firm must perform all of the functions

4 D responsibility for performing these functions can be shifted and and some functions can be completely eliminated to reduce costs

shared 5 E All of the above are true

Price is a rough measure of

Which of the following is the BEST example of management

thinking during the "production era"?

1 A "We need to make whatever products are easy to produce."

2 B "We need to find out what the customer wants."

3 C "The more salespeople we have, the more we can sell."

4 D "We need to work hard to sell the product to our customers."

5 E "If we produce a good product, customers will find us and buy it."

Which of the following statements about economic decision

3 C The United States may be considered a pure market-directed economy

4 D Command economies usually rely on market forces to determine prices

5 E All of the above are true statements

An economic system in which government officials determine production levels is known as:

In a command economy, government officials decide:

1 A who is to produce and distribute what to whom

2 B how much is to be produced

3 C how much is to be distributed to whom

4 D what is to be produced.

5 E all of the above

The role of price in a market-directed economy is to:

1 A allocate resources and distribute income according to consumer

preferences

2 B serve as a rough measure of the social importance of consumer goods and services

3 C coordinate the economic activity of many people and institutions

4 D serve as a rough measure of the value of resources used to produce goods and services

5 E All of the above are true

In a market-directed economy:

1 A marketing managers make all the important economic decisions

2 B government planners make all the important economic decisions

3 C all the important economic decisions are made by voters in political elections

4 D consumers make all the important economic decisions

5 E the individual decisions of the many producers and consumers make themacro-level decisions for the whole economy

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

Consumers in a market-directed economy

1 A enjoy limited freedom of choice

2 B are taxed to provide for goods and services that benefit society, such as public health, national defense, highways, police and fire protection

3 C do not decide what is to be produced and by whom

4 D have to buy what is being produced.

5 E do not have to buy any goods or services

Whether a macro-marketing system is fair or effective depends

on

1 A goods and services being evenly distributed across the population

2 B discrepancies of quantity

3 C the emphasis given to military spending

4 D the marketing orientation of individual firms

5 E the objectives of the society

Which of the following is LEAST LIKELY to be a government role

in a market-directed economy?

1 A To set rules to protect individual rights and freedom

2 B To supervise the economy

3 C To provide things such as mass transportation and highways, national defense, police and fire protection, and public health services

4 D To control interest rates and the supply of money

5 E To determine prices and thereby allocate resources and distribute income

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

1 A Diversification era

2 B Sales era

3 C Production era

4 D Marketing company era

5 E Simple trade era

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

1 A Marketing department, production, sales, simple trade, marketing

company

2 B Sales, production, marketing department, marketing company, simple trade

3 C Sales, simple trade, marketing company, production, marketing

1 A a command economic system

2 B a micro-marketing economic system

3 C a macro-marketing economic system

4 D a market-directed economic system

5 E a pure subsistence economic system

In a command economy:

1 A producers generally have a lot of choice about what and how much to produce

2 B prices usually fluctuate according to supply and demand

3 C marketing activities such as advertising, branding, and market research are not allowed

4 D consumers usually have some freedom of choice but it is quite limited

5 E All of the above are true

Which of the following statements is MOST characteristic of the

"production era"?

1 A "If we sell harder, we will sell more."

2 B "We need to cater to the diverse needs of consumers."

3 C "There is no limit on what we can sell if we produce efficiently."

4 D "The more options we offer consumers, the better."

5 E "Advertising is the key to our success."

Which of the following statements about a market-directed

economic system is True?

1 A Consumers enjoy substantial freedom of choice

2 B Profit, growth and survival are guaranteed

3 C Government has no role.

4 D There is very little interaction between producers and consumers

5 E All of the above

Which of the following statements about economic systems is NOT true?

1 A Government has less of a role in market-directed economies than in command economies

2 B A market-directed economy self-adjusts through producer and consumerchoices

3 C Producers always make a profit in a market-directed system

4 D A command economy is more likely to work if the variety of goods and services is small

5 E Both market-directed and command economies need a macro-marketingsystem

Which of the following BEST describes what is necessary for a country's MACRO-marketing system to be "fair and effective"?

1 A No low quality or dangerous products are sold

2 B Product shortages never exist

3 C There is a big choice of goods and services

4 D All consumers get the same opportunity to enjoy a high standard of living

5 E There is not enough information to select an answer

In a market-directed economy:

1 A profit, survival, and growth are all guaranteed for producers

2 B consumers have little freedom of choice

3 C consumers decide what is to be produced and by whom through their dollar votes

4 D prices usually do not change according to supply and demand

5 E only the needs of the majority are served

Identify the incorrect statement about market-directed

economies

1 A A market-directed economy adjusts itself

2 B The American economy is completely market-directed.

3 C Consumers in a market-directed economy decide what is to be producedand by whom—through their dollar "votes."

4 D Consumers in a market-directed economy enjoy great freedom of

choice

5 E All of the above are correct

Which of the following is NOT true about a market-directed

economy?

1 A Consumers enjoy maximum freedom of choice

2 B Producers enjoy maximum freedom of choice

3 C The interaction between consumers and producers is great

4 D Government is responsible for setting up all marketing activities

5 E The price of a consumer product serves as a measure of its value

_ refers to 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 society

3 C simple trade era

4 D marketing company era

5 E sales era

In the era, families traded or sold their "surplus" output to local distributors

1 A production

4 D The United States is a good example of a command economy.

5 E None of the above is true

3 C consumers make a society's production decisions

4 D consumers decide what is to be produced and by whom through their dollar "votes."

5 E the market adjusts itself

238 Free Test Bank for Basic Marketing A Marketing Strategy Planning Approach 18th Edition by Perreault Multiple Choice Questions - Page 5

A company where the marketing people do both short-run and long-range planning is operating in the

1 A marketing company era

2 B sales era

3 C simple trade era

4 D marketing department era

5 E production era

The president of a company that produces cardboard boxes is concerned about the large number of competitors with extra capacity As he put it, "our best shot is in the hands of our sales manager she makes all of our marketing decisions and is

creative enough to figure out how to sell more boxes." It seems that this company is run as if it were in the:

1 A production era

2 B marketing company era

3 C simple trade era

4 D sales era

5 E marketing department era

During the sales era

1 A families traded or sold their surplus output to local distributors

2 B characteristic management thinking said, "If we can make it, it will sell."

3 C all marketing activities were brought under the control of one

department

4 D increased competition made firms focus on winning customers

5 E marketing people did both short-run and long-run marketing planning

The "marketing concept" says that a business firm should aim all

of its efforts at:

1 A doing more advertising and selling than competitors.

2 B selling what the company produces

3 C satisfying customers regardless of profitability

4 D satisfying its customers at a profit

5 E producing those products which it can make at lowest cost

The era is a time when all marketing activities are brought under the control of one department to improve short- run planning

2 B begin to integrate all the firm's marketing activities

3 C place less emphasis on earning a profit and more emphasis on what customers will buy

4 D adopt a more narrow view of marketing

5 E be more concerned with its ability to produce enough to meet demand

The _ era is a time when a company

emphasizes selling because of the increased competition in the external environment

A firm with a marketing orientation:

1 A has little need for salespeople

2 B sells what it can make easily

3 C tries to determine customers' needs before developing its product

4 D focuses advertising on product features

5 E all of the above

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

A manager with a "production orientation" is likely to think that:

1 A customers exist to buy the firm's output

2 B customers' needs should guide decisions about what the firm produces

3 C the company should find out what product customers want to buy, and then produce that product

4 D production managers should handle all marketing activities

5 E people in the production department should work closely with people from all the firm's other departments

The difference between "production orientation" and "marketing orientation" is best explained as follows:

1 A there are no separate functional departments in a marketing-oriented firm

2 B in a marketing-oriented firm, the total system's effort is guided by what individual departments would like to do

3 C production-oriented firms usually do not have a marketing manager

4 D in a marketing-oriented firm, every department's activities are guided by what customers need and what the firm can deliver at a profit

5 E all major decisions are based on extensive marketing research studies inmarketing-oriented firms

Accepting the "marketing concept" means that a firm should have

Regarding the five stages in marketing evolution:

1 A Many firms have graduated to the marketing company era

2 B For most firms, the sales era continued until at least 1950

3 C In the marketing department era, firms began to do short-run planning

4 D The simple trade era was the first era to evolve

5 E All of the above are true

Regarding the five stages in marketing evolution,

1 A in the marketing department era, firms do both short-run and long-run planning

2 B the first era to evolve was the sales era

3 C in the marketing company era, firms do short-run planning only

4 D most firms operate in the production era

5 E None of the above is true

An organization practicing aims all its efforts at satisfying its customers—at a profit

1 A the sales concept

2 B a production orientation

3 C in the marketing department era

4 D profit maximization economics

5 E the marketing concept

Accepting the "marketing concept" means that a firm should have

a orientation

1 A production

2 B sales

3 C marketing

4 D All of the above

5 E None of the above

Which of the following is LEAST LIKELY to be found in a

production-oriented firm?

1 A Disagreements among departments about how to improve the

company's product

2 B Making products that are easy to produce

3 C Producing goods that exactly meet the customer's needs

4 D A mass marketing approach

5 E None of the above

Which of the following is MOST LIKELY to be found in a

production-oriented firm?

1 A Agreements among departments about how to improve customer

satisfaction

2 B Making products that are easy to produce

3 C Producing goods that exactly meet the customer's needs

4 D A focus on profit rather than sales

5 E None of the above

The president of a financial services company says that her new marketing manager has changed things a lot making long-range plans about where the firm should focus its effort, and

coordinating the decisions about what services to offer and how they should be promoted and priced It seems that this company

is just moving into the:

1 A marketing company era

2 B sales era

3 C production era

4 D marketing department era

5 E simple trade era

Based on the following company statements, which company is most likely to be in the marketing company era?

1 A "Our sales force was able to sell intermediaries more of our new product than they can resell in all of this year."

2 B "Our marketing manager is coordinating pricing, product decisions, promotion and distribution to help us show a profit at the end of this year."

3 C "The whole company is in good shape demand exceeds what we can produce."

4 D "Our long range plan developed by our marketing manager is to

expand so that we can profitably meet the long-term needs of our

customers."

5 E "Our new President previously led our marketing effort as Vice President

of Sales."

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

1 A customer satisfaction, resource efficiency, sales maximization

2 B customer satisfaction, total company effort, sales growth

3 C resource efficiency, sales growth, profit maximization

4 D customer satisfaction, marketing manager as chief executive, profit

5 E customer satisfaction, total company effort, profit

Myra Martinez was just named Treasure Island, Inc.'s "marketing manager" with responsibilities for short-run policy planning of the