Marketing Semester Exam 1

In this kind of economy, the government makes the decisions about what will be produced and consumed

An organized effort to influence a company by refusing to purchase its products is called a

When the marketing concept was adopted, marketing became the work of one department

Specialization of labor resulted in people making everything they need themselves.

When customers see few differences in competing products they often look for the lowest price

The Wall Street Journal would be a source of external information

Businesses deal with customers needs in a variety of way. Which of the following most effective?

The basic economic problem is

If you use the marketing concept you are more concerned about producing products

If a monopoly is unregulated by the government, can charge anything it wants.

A house is an example of a product that satisfies just one need: the physiological need for shelter

Making products available at more locations is always a good idea, because that will make it easier for customers

What type of situation exists in a market in which many firms compete with products that are somewhat different?

Observation is the easiest way to gather information from large numbers of participants

The first step in implementing a marketing research is to

Marketers are most concerned with

The Food and Drug Administration was formed in 1972 with the passage of the Consumer Product Safety Act

Accessories are considered part of the product element of the marketing mix

Merchandising businesses take raw materials and change their form so that they can be used in production of products

A bank that stays open in the evening is offering time utility to its customers

The development of high technology requires more physical effort to complete work

Not-for-profit organizations do not need to worry about developing a marketing mix for the services they offer

In the early 1900s, businesses were mostly concerned about marketing.

Which of the following is not one of the four rights identified in the Consumer Bill of RIghts?

Non numerical date is much easier for researchers to analyze than numerical data

The marketing concept keeps the main focus on customers' needs during all 4 P's

When customers' wants and needs are met, they are more likely to be loyal and continue to purchase from the business

For managers and other decision makers, the most important part of an MkIS is the output

Unlimited consumer needs and wants, combined with unlimited resources, produce scarcity

Basic technology is the tools and equipment that make physical labor easier or faster

Senior citizens often fall prey to unethical business practices

Marketing activities are important for international trade

Some products are sold to both consumer markets and business markets. Consumers in both markets decisions are the same

The law of supply states that when the price goes up more will be produced. When price goes down less will be produced.

A code of ethics encourages business people to behave honestly and responsibly

IF there is a very large supply of a product, consumer will usually

When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?

Dividing consumers into markets based on where they live is referred to as market segmentation

Which of the following is an example of a closed-ended question?

A restaurant in downtown Chicago is a good example of an oligopoly

The "4 Ps of Marketing" are product, price, promotion, and place

Businesses that do not use the marketing concept assume that most people are potential customers for their products

Patronage purchasing is usually limited to large, expensive purchases

With the marketing concept, planning begins by

Individuals who purchase products and services to satisfy needs are producers.

The point where supply and demand for a product or service are equal is called market price

A location where people bring products to be conveniently exchanged is a

What is the first step a business usually takes in the process of gathering marketing information

Exchanging products or services with others by agreeing on their values is known as

Bringing a new product to the marketplace is cheap

Marketers usually work by themselves and have little contact with others in the business.

Competition forces businesses to offer reasonable prices for the products and services that consumers use.

The most important type of marketing research for most businesses is the study of potential and current customers

Most service businesses will use many channels of distribution to work with their customers

Marketing activities may need to be used to sell low quality products, but high quality products do not require marketin

Monopolies are often more concerned about protecting their market and making a profit than meeting the needs of consumer

Service businesses usually have less control over pricing than businesses that sell products.

Which of the following is a consumer protection organization sponsored by businesses?

The channels of distribution for services are long and windy

Marketing activities and jobs have not changed much over the past 100 years.

A population is a specific city or geographic area in which marketing experiments are conducted

Many U.S. workers who have lost manufacturing jobs to foreign workers have found new employment in the service sector

Which of the following businesses has marketing as its primary activity.

Effective companies focus almost exclusively on the quality of the products or services they offer.

When you buy a hot dog or a White Sox T-shirt, you are involved in marketing

Economists have shown that marketing activities lower prices in the long run.

Which element of the marketing mix usually receives the most attention from producers and manufacturers?

When a company decides which delivery services to use to gets products to customers, which component are they using?

One of the first efforts of the new marketing department of the 1950s and 1960s was to reduce the use of advertising

An example of an open-ended question would be. "Rate your experience 1-10"

Businesses conducted for the internet are known as E-Commerce

Which of the following marketing techniques often results in consumers making unneeded purchases?

Most products and services are exchanged directly between the producer and the consumer

If a product is not meeting customer needs, businesspeople should use marketing strategies such as promotion

In the past, businesses expected customers to take most of the responsibility for completing marketing activities

Marketing helps to inform consumers of issues that affect them as individuals as well as society as a whole

Which of the following is not characteristic of a private enterprise economy?

Random sampling ensures that everyone in the population has an equal chance of being selected in the sample

Electronic communication among computers became a reality with the introduction of the World Wide Web in 1991

Individuals benefit from marketing because it improves the exchanges that occur between businesses and consumers

The first step int eh consumer decision making process is to

Marketing encourages business people to provide products and services that consumers want

A carefully designed and controlled situation in which all important factors are the same except the one being studied

Competition is becoming much more intense for most businesses

Marketing use research techniques to

An approach to customer service that gives employees the authority to solve many customer problems is called

Even if they worked together, businesses in an oligopoly have little control over price.

A marketing information system is collecting, storing, analyzing, and retrieving information

Consumerism first became an important influence on business practices in the 1960s under President JFK

Marketing skills are valuable only to people who are directly employed in the field of marketing

If very large amount of product is available, consumers will usually place a higher value on it

Probably the most difficult marketing decision to understand and plan is

Nonprofit groups such as the Red Cross have little need for marketing services

Marketing can have both positive and negative effects on people and society

Most final pricing decisions are made by

Marketing jobs are found at the lowest and highest levels of a company

The federal law protects small businesses from unfair pricing practices between manufacturers and large businesses

The cost of resources is the same no matter what economic system a society uses

The average cost of all marketing is about ____percent of the price of products

All nine functions of marketing occur every time a product is developed and sold