Question_CHAP1_15Dec_4th

Question # 00005688 Posted By: smartwriter Updated on: 12/22/2013 03:08 PM Due on: 12/31/2013
Subject Business Topic General Business Tutorials:
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121. A large advertising agency is planning a national promotion to introduce a new type of of MP3 player. Which of the universal functions of marketing is it performing?

A) risk-taking.

B) financing.

C) buying.

D) selling.

E) none of the above.

122. ______________ involve(s) sorting products according to size and quality.

A) Transporting and storing

B) Financing

C) Standardization and grading

D) Marketing

E) Buying

123. The standardization and grading function of marketing involves:

A) promoting goods and services.

B) collection, analysis, and distribution of marketing information.

C) sorting products according to size and quality.

D) looking for and evaluating goods and services.

E) movement of goods from one place to another.

124. The "universal functions of marketing":

A) are usually performed in the same way and by the same types of institutions in all MACRO-marketing systems.

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

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

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

E) All of the above are true.

125. The universal functions of marketing

A) are not all needed in market-directed economies.

B) are not all needed in command economies.

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

D) All of the above are true.

E) None of the above is true.

126. Which of the following is a true statement?

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

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

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

D) Marketing functions should be performed only by marketing intermediaries or collaborators.

E) Many marketing functions are not necessary in market-directed economies.

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127. Firms that specialize in providing marketing functions other than buying and selling are known as:

A) suppliers.

B) intermediaries.

C) advisors.

D) collaborators.

E) agents.

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

A) producers.

B) intermediaries and marketing collaborators.

C) consumers.

D) All of the above.

E) Only A and C above.

129. An intermediary:

A) is a wholesaler--not a retailer.

B) usually increases the number of transactions required.

C) tends to make the exchange process more difficult and costly.

D) is someone who specializes in trade rather than production.

E) none of the above.

130. Which of the following is NOT true about intermediaries?

A) They save time for other participants in a transaction.

B) They always increase total expenses for a product.

C) They specialize in trade rather than production.

D) All of the above.

E) None of the above.

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

A) difficulty communicating with customers

B) a greater number of customers.

C) greater distance between customers

D) a larger number of competing products

E) all of the above

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

A) suppliers.

B) intermediaries.

C) consultants.

D) agents.

E) collaboraators.

133. Which of the following types of firms are collaborators?

A) Marketing research firms

B) Overnight delivery firms

C) Advertising agencies

D) Product-testing labs

E) All of the above

134. Which of the following is LEAST likely to be classified as a marketing collaborator?

A) Mayflower Transport Company.

B) Internet Advertising, Inc.

C) Wachovia Bank.

D) Market Survey Research, Inc.

E) Quality Coatings Company.

135. Which of the following is LEAST likely to be classified as a marketing collaborator?

A) United Parcel Service (UPS).

B) Public Warehouse Corporation.

C) Broadband Communications Company.

D) MeadowView Aluminum Company.

E) Product Safety Testing Laboratories, Inc.

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136. Marketing intermediaries and collaborators can often perform marketing functions:

A) better than producers or consumers can perform them.

B) which leaves producers and consumers more time for production and consumption.

C) at a low cost--because of specialization, economies of scale, or e-commerce.

D) all of the above are true.

E) none of the above are true.

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

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

B) these functions can be performed by producers or intermediaries--but not by consumers.

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

D) responsibility for performing these functions can be shifted and shared--and some functions can be completely eliminated to reduce costs.

E) All of the above are true.

138. Concerning the "universal functions of marketing," which of the following statements is FALSE?

A) These functions can be performed by producers, intermediaries, facilitators, or consumers.

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

C) From a micro viewpoint, not every company must perform every function.

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

E) None of the above.

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139. A MACRO-marketing system should:

A) provide everyone with the same goods and services.

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

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

D) all of the above are true.

E) none of the above is true.

140. An economic system in which government planners determine production levels is known as

A) a command economic system.

B) a micro-marketing economic system.

C) a macro-marketing economic system.

D) a market-directed economic system.

E) a pure subsistence economic system.

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

A) pure subsistence.

B) macro-marketing.

C) market-directed.

D) production-oriented.

E) command.

142. In a command economy:

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

B) prices usually fluctuate according to supply and demand.

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

D) consumers usually have some freedom of choice--but it is quite limited.

E) All of the above are true.

143. In a command economy, government officials decide:

A) who is to produce and distribute what to whom.

B) how much is to be produced.

C) how much is to be distributed to whom.

D) what is to be produced.

E) all of the above.

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144. In a market-directed economy:

A) marketing managers make all the important economic decisions.

B) government planners make all the important economic decisions.

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

D) consumers make all the important economic decisions.

E) the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

145. In a market-directed economy:

A) profit, survival, and growth are all guaranteed for producers.

B) consumers have little freedom of choice.

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

D) prices usually do not change according to supply and demand.

E) only the needs of the majority are served.

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

A) allocate resources and distribute income according to consumer preferences.

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

C) coordinate the economic activity of many people and institutions.

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

E) All of the above are true.

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147. Which of the following statements about economic systems is true?

A) Consumers usually have more freedom of choice in a market-directed economy.

B) Command economies are most effective for countries with large and complicated varieties of goods and services.

C) Branding is less common in a market-directed economy than in a command economy.

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

E) None of the above is true.

148. Which of the following is NOT true about a market-directed economy?

A) Consumers enjoy maximum freedom of choice.

B) Producers enjoy maximum freedom of choice.

C) The interaction between consumers and producers is great.

D) Government is responsible for setting up all marketing activites.

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

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

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

B) A market-directed economy self-adjusts through producer and consumer choices.

C) Producers always make a profit in a market-directed system.

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

E) Both market-directed and command economies need a macro-marketing system.

150. Which of the following is LEAST LIKELY to be a government role in a market-directed economy?

A) To set rules to protect individual rights and freedom.

B) To supervise the economy.

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

D) To control interest rates and the supply of money.

E) To determine prices--and thereby allocate resources and distribute income.

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151. MACRO-marketing:

A) is concerned with the activities performed by individual business organizations.

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

C) is concerned with how effectively and fairly an individual business organization performs.

D) assumes that the effectiveness and fairness of all macro-marketing systems must be evaluated in terms of the same social objectives.

E) All of the above are true.

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

A) No low quality or dangerous products are sold.

B) Product shortages never exist.

C) There is a big choice of goods and services.

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

E) There is not enough information to select an answer.

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

A) Marketing department, production, sales, simple trade, marketing company

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

C) Sales, simple trade, marketing company, production, marketing department

D) Simple trade, production, sales, marketing company, marketing department

E) Simple trade, production, sales, marketing department, marketing company

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

A) Simple trade era

B) Sales era

C) Facilitator era

D) Marketing department era

E) Production era

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

A) Diversification era

B) Sales era

C) Production era

D) Marketing company era

E) Simple trade era

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156. Regarding the five stages in marketing evolution,

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

B) the first era to evolve was the sales era.

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

D) most firms operate in the production era.

E) None of the above is true.

157. Which of the following is the BEST example of management thinking during the "production era"?

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

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

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

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

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

158. Which of the following is the BEST example of management thinking during the "production era"?

A) "The more we advertise a product, the more we can sell."

B) "We need to increase our sales effort--to sell what we can produce."

C) "If we can produce it, customers will buy it."

D) "We need to be selective and produce what customers want."

E) "The lower we price a product, the more we can sell."

159. Until recently, good PC software for producing digital videos was not available, but was much in demand by businesses. The first companies to produce a specific type of program had good sales even though they did little promotion and their programs were not "user-friendly." It seems that many of these "innovators" operated as if they were in the:

A) simple trade era.

B) marketing department era.

C) sales era.

D) marketing company era.

E) production era.

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160. Regarding the five stages in marketing evolution:

A) Many firms have graduated to the marketing company era.

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

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

D) The simple trade era was the first era to evolve.

E) All of the above are true.

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