Marketing - Chapter 1-3

Question 1

A business with a limited marketing role is

Accepted Answer

a physicians office

Question 2

The federal law protects small bus. from unfair pricing practices btwn manufacturers & lrg bus.

Accepted Answer

Robinson-Patman Act

Question 3

The basic economic problem is

Accepted Answer

scarcity

Question 4

A bus. function that develops, implements, & evaluates the plans & activities of a business

Accepted Answer

management

Question 5

Marketing involves which of the following?

Accepted Answer

All are correct

Question 6

Which is an approach to cust. service that gives employees authority to solve cust. problems.

Accepted Answer

Employee Empowerment

Question 7

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

Accepted Answer

Better Business Bureau

Question 8

Which marketing function involves designing and developing products and services?

Accepted Answer

product/service management

Question 9

Businesses used to expect customers to take the responsibility for completing mktg. activities

Accepted Answer

True

Question 10

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

Accepted Answer

False

Question 11

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

Accepted Answer

central market

Question 12

If businesses sell products to customers on credit what kind of utility is it offering?

Accepted Answer

possession

Question 13

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

Accepted Answer

False

Question 14

Which is the best description of an important goal of marketing?

Accepted Answer

satisfying exchanges

Question 15

The creation and maintenance of satisfying exchange relationships

Accepted Answer

marketing

Question 16

The prospective customers a business wants to serve and the location of those customers.

Accepted Answer

market

Question 17

What percentage of jobs in the US are marketing jobs?

Accepted Answer

25% - 33%

Question 18

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

Accepted Answer

True

Question 19

The first step of the marketing concept is to

Accepted Answer

identify what will satisfy customer needs

Question 20

Which of the following is not a common complaint about marketing?

Accepted Answer

helps match supply with demand

Question 21

Marketers are most concerned with

Accepted Answer

microeconomics

Question 22

How many companies in the US use marketing as their primary business activity?

Accepted Answer

over 4 million

Question 23

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

Accepted Answer

bartering

Question 24

The average cost of all marketing activities is about _______percent of the price of products.

Accepted Answer

50

Question 25

The locations & methods used to make the product available to customers

Accepted Answer

distribution

Question 26

Which of the following is NOT one of the marketing mix elements?

Accepted Answer

planning

Question 27

Which marketing function establishes the value of products and services?

Accepted Answer

pricing

Question 28

This marketing function provides security for products, personnel, and customers.

Accepted Answer

risk management

Question 29

Which bus. function involves developing, implementing, and evaluating plans and activities?

Accepted Answer

management

Question 30

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

Accepted Answer

True

Question 31

Marketing efforts of a business are devoted to distribution, businesses have

Accepted Answer

production emphasis

Question 32

Bus. function that represents the ongoing activities that support the primary function of bus.

Accepted Answer

operations

Question 33

An emphasis on producing and distributing new products was characteristic of the

Accepted Answer

production era

Question 34

In which business function are consumers most likely to be involved?

Accepted Answer

marketing

Question 35

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

Accepted Answer

bartering

Question 36

A type of economic utility results from changes in the tangible parts of a product or service.

Accepted Answer

form utility

Question 37

Which mktg function develops procedures on locating, obtaining, & using products & services?

Accepted Answer

distribution

Question 38

Relationship marketing is good for a business because it

Accepted Answer

all answers correct

Question 39

Which bus. function involves activities that make products & services available to consumers?

Accepted Answer

marketing

Question 40

The business function that creates or obtains products or services for sale

Accepted Answer

production

Question 41

Which of the following businesses is directly involved in marketing?

Accepted Answer

A freight Company

Question 42

Marketing can

Accepted Answer

all of the above

Question 43

The primary reason for a business to exist is to provide employment for people.

Accepted Answer

False

Question 44

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

Accepted Answer

boycott

Question 45

Exchanging products or services with others by agreeing on their values without using money.

Accepted Answer

bartering

Question 46

Marketing has not always been viewed as an important part of business.

Accepted Answer

True

Marketing - Chapter 1-3

Questions 46

Marketing - Chapter 1-3

Questions 46