Question 1

Myra Martinez was just named Treasure Island, Inc.'s "marketing manager"-with responsibilities for short-run policy planning of the firm's advertising, sales, marketing research, purchasing, and distribution efforts. Apparently, Treasure Island is operating in the ______________ era.

Accepted Answer

A)   market-oriented
B)   production
C)   marketing department
D)   marketing company
E)   sales

Question 2

The three basic ideas included in the definition of the marketing concept are: customer satisfaction, a total company effort, and sales as an objective.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)   10
B)   20
C)   30
D)   40
E)   50

Question 4

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

Accepted Answer

A)   discrepancies of quantity.
B)   separation of ownership.
C)   discrepancies of assortment.
D)   spatial separation.
E)   temporal separation.

Question 5

"Production orientation" refers to the attitudes of:

Accepted Answer

A)   sales managers.
B)   accountants.
C)   financial managers.
D)   production managers.
E)   anyone who doesn't practice the marketing concept.

Question 6

Which of the following statements regarding the "sales era" is true?

Accepted Answer

A)   The emphasis was on producing.
B)   A business problem was to decide where to put the company's effort.
C)   More production capability was available than ever before.
D)   It followed the marketing department era.

Question 7

Which of the following is not a challenge related to social responsibility?

Accepted Answer

A)   There is little agreement on who gets to determine what is "good" for society.
B)   Actions that may seem good for society may be costly to a firm.
C)   Some consumers make purchases based on the perceived societal benefits of a product or service.
D)   It is impossible to know what impact a firm's actions will have on future generations.
E)   Acting to satisfy one group of stakeholders may anger another group of stakeholders.

Question 8

Macro-marketing:

Accepted Answer

A)   tries to produce discrepancies of quantity and discrepancies of assortment.
B)   focuses on the activities of individual organizations.
C)   tries to effectively match supply and demand.
D)   is a set of activities performed by individual firms.

Question 9

Price is a rough measure of ___________________.

Accepted Answer

A)   company profit
B)   customer value
C)   market supply
D)   company costs
E)   economic inflation

Question 10

Unlike a business firm, a nonprofit organization

Accepted Answer

A)   needs resources and support to survive and achieve its objectives.
B)   must take in as much money as it spends or it won't survive.
C)   does not measure "profit" in the same way.
D)   faces competition for customers.
E)   gets support directly from those who receive the benefits.

Question 11

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

Accepted Answer

A)   pure subsistence.
B)   macro-marketing.
C)   market-directed.
D)   production-oriented.
E)   command.

Question 12

Moral standards often vary from one person to another, from one society to another, and among different groups within a society, so there is likely to be disagreement about what opinion is correct when it comes to marketing ethics.

Accepted Answer

A) True 
 B)False

Question 13

A firm with a marketing orientation is MOST likely to:

Accepted Answer

A)   view advertising as an unnecessary expense.
B)   recognize that effective advertising is the key to sales.
C)   advertise how a product meets customers' needs.
D)   focus advertising on product features.
E)   not use any advertising.

Question 14

Which of the following must occur for marketing to happen?

Accepted Answer

A)   Product
B)   Place
C)   Advertising
D)   Price
E)   Two or more parties exchange something of value for something else of value.

Question 15

Marketing intermediaries and collaborators can often perform marketing functions:

Accepted Answer

A)   worse than producers or consumers can perform them.
B)   which leaves producers with more time for production.
C)   which leaves consumers with less time for consumption.
D)   at a high cost-because of specialization, economies of scale, or e-commerce.

Question 16

Marketing does not occur unless two or more parties are willing to exchange something for something else.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)   marketing company era.
B)   sales era.
C)   simple trade era.
D)   marketing department era.
E)   production era.

Question 18

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

Accepted Answer

A)   Diversification era
B)   Sales era
C)   Production era
D)   Marketing company era
E)   Simple trade era

Question 19

When marketing people do long-range planning and the whole company is guided by the "marketing concept," the company has entered the ______________ era.

Accepted Answer

A)   production
B)   customer satisfaction
C)   marketing company
D)   consumerism
E)   marketing department

Question 20

Often the best way for a firm to beat the competition is to be first to satisfy a need that others have not even considered.

Accepted Answer

A) True 
 B)False

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

Marketing does not occur unless two or more parties are willing to exchange something for something else.

Correct AnswerverifiedShow Answer

Moral standards often vary from one person to another, from one society to another, and among different groups within a society, so there is likely to be disagreement about what opinion is correct when it comes to marketing ethics.

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Macro-marketing:

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Often the best way for a firm to beat the competition is to be first to satisfy a need that others have not even considered.

Correct AnswerverifiedShow Answer

Which of the following statements regarding the "sales era" is true?

Correct AnswerverifiedShow Answer

Price is a rough measure of ___________________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A firm with a marketing orientation is MOST likely to:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Marketing intermediaries and collaborators can often perform marketing functions:

Correct AnswerverifiedShow Answer

The three basic ideas included in the definition of the marketing concept are: customer satisfaction, a total company effort, and sales as an objective.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

"Production orientation" refers to the attitudes of:

Correct AnswerverifiedShow Answer

Unlike a business firm, a nonprofit organization

Correct AnswerverifiedShow Answer

Which of the following must occur for marketing to happen?

Correct AnswerverifiedShow Answer

When marketing people do long-range planning and the whole company is guided by the "marketing concept," the company has entered the ______________ era.

Correct AnswerverifiedShow Answer

Which of the following is not a challenge related to social responsibility?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Myra Martinez was just named Treasure Island, Inc.'s "marketing manager"-with responsibilities for short-run policy planning of the firm's advertising, sales, marketing research, purchasing, and distribution efforts. Apparently, Treasure Island is operating in the ______________ era.

Correct AnswerverifiedShow Answer

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