Test Bank For Basic Marketing: A Marketing Strategy Planning Approach, 18th Edition

Name: Test Bank For Basic Marketing: A Marketing Strategy Planning Approach, 18th Edition
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Author: Leo Campbell

Ace your exam with Test Bank For Basic Marketing: A Marketing Strategy Planning Approach, 18th Edition, a comprehensive collection of MCQs, explanations, and tips for effective studying.

Leo Campbell

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-1
Chapter 01
Marketing's Value to Consumers, Firms, and Society
True / False Questions
1. Marketing is basically selling and advertising.
True False
2. According to the text, marketing means "selling" or "advertising."
True False
3. Marketing, in the literal sense, means "selling" or "advertising."
True False
4. Marketing means "promotion and selling."
True False
5. Actually making goods or performing services is called marketing.
True False
6. Estimating what price consumers are willing to pay for a product and if the firm can make a
profit selling at that price, is an example of a production activity.
True False

Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-2
7. Marketing can provide needed direction for production and help make sure that the right
goods and services find their way to interested consumers.
True False
8. Marketing plays an essential role in creating customer satisfaction.
True False
9. Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and
expectations.
True False
10. If a firm produces the right goods or services, marketing has little role to play in creating
customer satisfaction.
True False
11. It is estimated that marketing costs about 50 percent of each consumer's dollar.
True False
12. In advanced economies, marketing costs only about 10 percent of each consumer's dollar.
True False
13. Marketing encourages the development and spread of new ideas, goods, and services.
True False
14. Marketing discourages the development and spread of new ideas, goods, and services.
True False

Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-3
15. Marketing is both a set of activities performed by organizations and a social process.
True False
16. Marketing can be viewed as a set of activities performed by organizations, but not as a
social process.
True False
17. Marketing can be viewed as a social process, but not as a set of activities performed by
organizations.
True False
18. The micro view of marketing sees it as 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.
True False
19. Marketing is 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.
True False
20. The micro view of marketing is mainly concerned with the activities performed by
organizations.
True False
21. From a micro view, marketing activities are performed only by profit-oriented
organizations.
True False

Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-4
22. Marketing only applies to profit organizations.
True False
23. Marketing only applies to for-profit organizations.
True False
24. Marketing activities should be of no interest to a nonprofit organization.
True False
25. Marketing activities should begin with potential customer needs, not with the production
process.
True False
26. Production, not marketing, should determine what products are to be made.
True False
27. Marketing should begin with the production process.
True False
28. Marketing does not occur unless there are two or more parties who want to exchange
something for something else.
True False
29. Marketing does not occur unless two or more parties are willing to exchange something
for something else.
True False

Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-5
30. Marketing doesn't occur unless two or more parties are willing to exchange one item for
another.
True False
31. In a pure subsistence economy--when each family unit produces everything it consumes--
no marketing is involved.
True False
32. A marketing exchange is a single transaction between a firm and a customer, nothing
more.
True False
33. Marketing is concerned with individual transactions rather than with building ongoing
relationships with customers because that is the job of people in the public relations
department.
True False
34. Macro-marketing emphasizes how the whole marketing system works.
True False
35. Micro-marketing is a 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 society's objectives.
True False
36. Macro-marketing is a set of activities that direct an economy's flow of goods and services
from producers to consumers in a way which effectively matches supply and demand and
accomplishes the objectives of society.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-6
37. Macro-marketing emphasizes how the whole system works, rather than the activities of
individual organizations.
True False
38. Macro-marketing emphasizes the activities of individual organizations.
True False
39. Macro-marketing is concerned with examining the relationship of the entire production
and distribution system.
True False
40. An effective macro-marketing system matches heterogeneous supply with heterogeneous
demand.
True False
41. Effective marketing in an advanced economy is difficult because producers and
consumers are often separated in several levels.
True False
42. Achieving effective marketing in an advanced economy is simplified by the fact that
producers are separated from consumers in only two ways: time and space.
True False
43. "Economies of scale" means that as a company produces larger numbers of a particular
product, the cost for each unit of the product goes down.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-7
44. "Economies of scale" prevent a company from taking advantage of mass production.
True False
45. "Economies of scale" means that as a company produces more of a product the total cost
of production goes up.
True False
46. "Economies of scale" means that as a company produces more of a product the cost of
each unit produced goes down.
True False
47. In advanced societies, all goods and services can be produced with mass production and
its economies of scale.
True False
48. Both mass production and effective marketing are needed to satisfy the economic needs of
an advanced economy.
True False
49. An effective macro-marketing system overcomes discrepancies of quantity and
discrepancies of assortment by using the universal functions of marketing.
True False
50. The universal functions of marketing include buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-8
51. The "universal functions of marketing" consist only of buying, selling, transporting, and
storing.
True False
52. Buying, selling, transporting and storing are all universal marketing functions.
True False
53. The universal functions of marketing are performed in the same way in all nations and
economic systems.
True False
54. Marketing functions are performed by producers, consumers, and a variety of marketing
specialists.
True False
55. Intermediaries specialize in trade and production.
True False
56. The advantages of working with intermediaries increase as the number of producers and
customers, their distance apart, and the number and variety of competing products increase.
True False
57. While intermediaries facilitate exchange, their cost makes the whole macro-marketing
system less efficient.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-9
58. Marketing collaborators are any firms that provide the marketing functions of buying and
selling.
True False
59. Marketing specialists such as intermediaries and collaborators hinder the exchange
process between producers and consumers.
True False
60. E-commerce refers to exchanges between individuals and organizations--and the activities
that facilitate those exchanges--based on applications of information technology.
True False
61. E-commerce refers to exchanges between organizations (not individuals) and the activities
that facilitate those exchanges.
True False
62. E-commerce refers to exchanges between organizations, but not exchanges between
individuals.
True False
63. E-commerce refers to exchanges between individuals, but not exchanges between
organizations.
True False
64. Compared to other innovations, firms have been relatively slow to adopt e-commerce.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-10
65. Marketing costs go down and customer satisfaction goes up in all exchanges handled by e-
commerce.
True False
66. Responsibility for performing the marketing functions can be shifted and shared in a
variety of ways, but no function can be completely eliminated.
True False
67. Not all societies need an economic system.
True False
68. An economic system is the way an economy organizes to use scarce resources to produce
goods and services and distribute them for consumption among various people and groups in
the society.
True False
69. Only industrial nations need an economic system to decide what and how much is to be
produced and distributed by whom, when, to whom, and why.
True False
70. In a command economy, producers generally have little choice about what goods and
services to produce.
True False
71. In a command economy, the individual decisions of many producers and consumers make
the macro-level decisions for the whole economy.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-11
72. A market-directed economy is one in which government officials decide what and how
much is to be produced and distributed by whom, when, to whom, and why.
True False
73. In a market-directed economy, government officials decide what and how much is to be
produced and distributed by whom, when, to whom, and why.
True False
74. In a market-directed economy, price is a rough measure of how society values particular
goods and services.
True False
75. Market-directed economies tend to provide consumers with greater freedom of choice
than command economies.
True False
76. In a market-directed economy, consumers enjoy complete freedom of choice.
True False
77. In a market-directed economy, profit is guaranteed.
True False
78. Most Western economies are completely market-directed.
True False
79. The American economy is entirely market-directed.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-12
80. The American economy and most other Western economies are completely market-
directed.
True False
81. Whether a particular macro-marketing system is judged fair and effective depends on the
objectives of the society.
True False
82. The simple trade era was a time when families traded or sold their "surplus" output to
local distributors who resold these goods to other consumers or distant distributors.
True False
83. During the "production era" a company focuses on production--because few products are
available in the market.
True False
84. From the Industrial Revolution until the 1920s, most companies were in the production
era.
True False
85. During the "sales era," the firm tries to improve short-run marketing policy planning to tie
together its activities.
True False
86. Marketing departments are usually formed when firms go from the "production era" to the
"sales era."
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-13
87. The "marketing department era" is a time when all marketing activities are brought under
the control of one department.
True False
88. During the "marketing company era," the total company effort is guided by the idea that
customers exist to buy the firm's output.
True False
89. A company has moved into the "marketing company era" when, in addition to short-run
marketing planning, the total company effort is guided by the marketing concept.
True False
90. The marketing concept means that an organization aims all its efforts at satisfying its
customers—at a profit.
True False
91. The marketing concept says that a firm should aim all its efforts at satisfying customers,
even if this proves to be unprofitable.
True False
92. The "marketing concept" means that a firm emphasizes attracting new customers above all
other objectives.
True False
93. A firm that adopts the "marketing concept" will aim all its efforts at satisfying customers,
while trying to make a profit.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-14
94. A firm that makes products which are easy to produce and then tries to sell them has a
production orientation.
True False
95. The term "marketing orientation" means making products that are easy to produce and
then trying to sell them.
True False
96. A marketing-oriented firm would try to produce what customers want, while a production-
oriented firm would try to get customers to buy what the firm has produced.
True False
97. The three basic ideas in the marketing concept are 1) putting the marketing manager in
charge of the whole firm, 2) a competitive orientation, and 3) an emphasis on profit.
True False
98. When a firm makes a total company effort to satisfy its customers, and profit--not just
sales--is an objective of the firm, the company is practicing the "marketing concept."
True False
99. The three basic ideas included in the definition of the marketing concept are: customer
satisfaction, a total company effort, and sales as an objective.
True False
100. The three basic ideas in the marketing concept are: 1) customer satisfaction; 2) confining
marketing activities to marketing professionals; and 3) having profit as an objective.
True False

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Chapter 01 - Marketing's Value to Consumers, Firms, and Society
1-15
101. Adopting the marketing concept rarely requires any change in a firm's attitudes,
organization structure, or management methods and procedures.
True False
102. Adopting the marketing concept requires that a business firm eliminate all functional
departments.
True False
103. There are no functional departments in a firm that has adopted the marketing concept.
True False
104. In a firm which practices the marketing concept, the efforts of each functional
department are guided by what it does best.
True False
105. The marketing concept was very quickly accepted, especially among producers of
industrial commodities like steel and glass.
True False
106. Producers who operate in a competitive environment are more likely to adopt the
marketing concept.
True False
107. Adoption of the marketing concept is now universal.
True False

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