128 test bank for essentials of marketing 14th edition part 1

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128 Test Bank for Essentials of Marketing 14th Edition Part 1

by Perreault Multiple Choice Questions - Page 1

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

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 Estimating how many competing companies will be making bikes

4 D Predicting what types of bikes different types of bike riders will want

_ 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

According to the text, marketing means:

1 A much more than just selling and advertising

2 B advertising

3 C producing a product that fills a need

4 D selling.

5 E making a good product that sells itself

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

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

Marketing can be viewed as:

1 A a set of activities performed by individual organizations

2 B relevant to for-profit organizations only

3 C just selling and advertising

4 D beginning with the production process

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

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

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 these is a true statement about marketing

Which of the following would not engage in the process of

marketing?

1 A The United Way

2 B United States Postal Service

3 C Outback Steakhouse

4 D JFK International Airport

5 E Sam's Club members

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

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 product almost "sells itself."

5 E facilitate a single transaction

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

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."

Looking at marketing as a set of managerial activities focuses on

4 D a high standard of living

Marketing encourages research and , the

development and spread of new ideas, goods and services

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 these is a good example

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 new home."

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."

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

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 what goods and services are to be developed

According to the text, marketing means:

1 A Distribution

2 B Making good products

3 C More than selling and advertising

4 D Promotion

5 E Performing services

Marketing:

1 A is concerned with whether the whole economic 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 only

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

organization's objectives

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

A marketing manager planning to launch a successful new product should begin by:

1 A obtaining financing for the venture

2 B designing products that interest him or her

3 C identifying a product or service that customers need

4 D choosing a business partner.

5 E establishing a legal corporation

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 of new ideas, goods, and services

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?

4 D needs and desires

5 E all of these are correct

According to the text, marketing means:

1 A much more than selling and advertising.

1 A affects almost every aspect of our daily lives

2 B offers few exciting or rewarding career opportunities

3 C limits our choices of goods and services every day

4 D focuses an organization on being the first to market a new product

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

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

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.

5 E a part of marketing

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

The development and spread of new ideas, goods, and services for the marketplace is called:

is the extent to which a firm fulfills a

customer's needs, desires, and expectations

1 A Customer forecast

2 B Customer satisfaction

3 C Customer service

4 D Customer support

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 following activities are rightly considered marketing except:

1 A advertising the grand opening of a new furniture store

2 B researching which furniture designs are popular with consumers.

3 C determining how many pieces of furniture can be sold at different price points

4 D building a facility to make furniture

5 E selling furniture to customers in a furniture showroom

All of the following should be determined by the marketing

department of a firm EXCEPT:

1 A storing the product

2 B making the product

3 C advertising the product

4 D designing the packaging for the product

5 E setting the price of the product

253 Test Bank for Essentials of Marketing 14th Edition

by Perreault Multiple Choice Questions - Page 2

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

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 these is correct

Macro-marketing:

1 A is concerned with the activities performed by individual business

organizations

2 B tries to match heterogeneous supply capabilities with heterogeneous demands for goods and services.

3 C is concerned with how effectively and fairly an individual business

organization performs

4 D assumes that the effectiveness and fairness of all macro-marketing

systems must be evaluated in terms of the same social objectives

_ refers to producers holding title to goods and services that they themselves do not want to consume and consumers wanting goods and services that they do not have

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

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."

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."

In advanced economies:

1 A both supply and demand tend to be homogeneous

2 B producers and consumers are often separated in several ways

3 C most firms specialize in producing and selling small amounts of a huge assortment of goods and services

4 D exchange is aided by discrepancies of quantity and assortment

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 these are correct

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:

1 A Producers prefer to manufacture goods in large quantities, but consumers buy in small quantities.

2 B Consumers require a wide assortment of food items, but individual

producers can offer only a narrow assortment of food products

3 C Producers set prices to cover costs and make a profit, but consumers choose goods based on their ability to pay

4 D Cedar Point Amusement Park would like to attract customers all year long, but its marketing strategy is currently limited to discount season pass offers during winter months while the park is closed

5 E Producers tend to locate where it is economical to produce, but consumers are located in many scattered places

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 these is correct

From the macro-marketing perspective, the spatial separation that exists between military equipment manufacturers and the people who use the equipment overseas is directly addressed through this marketing function:

1 A discrepancies of quantity

2 B exchange efficiency

3 C economies of scale

4 D macro-marketing

5 E discrepancies of assortment.

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 topay

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

5 E producers hold title to goods and services that they themselves do not want

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

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 is a set of activities performed by individual firms

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 is a social process

2 B tries to encourage "discrepancies of quantity" and "discrepancies of

assortment."

3 C tries to disrupt supply and demand

4 D tries to foster the many separations between producers and consumers

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:

1 A separation in time

2 B discrepancy of quantity

3 C separation in values

4 D discrepancy of assortment