MKT 305 Exam questions and
answers rated 100%
Importance of marketing - ANS✅✅Marketing is important to every consumer
• Marketing will be important to your job
• Use a marketing approach to get your next job
• Marketing affects innovation and standard of living
Innovation - ANS✅✅the development and spread of new ideas, goods, and services
Marketing definition - ANS✅✅-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.
• Applies to profit and nonprofit organizations
• More than just persuading customers
• Begins with customer needs
• Does not do it alone
• Marketing involves exchanges
Pure subsistence economy - ANS✅✅each family unit produces everything it consumes
Macro-Marketing definition - ANS✅✅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
the objectives of society.
• Emphasis is on whole system
• Separation between producers and consumers
"Economies of Scale"
(Exhibit 1-1) "Marketing Facilitates Production and Consumption"
, Economies of scale - ANS✅✅as a companies production increases, the cost of each unit of the
product goes down
spatial separation - ANS✅✅producers tend to locate where it is economical to produce, while
consumers are located in many scattered places
Separation in Time - ANS✅✅consumers may not want to consume goods and services at the time
producers would prefer to produce them, and time may be required to transport goods from
producer to consumer
separation of information - ANS✅✅Producers do not know who needs what, where, when, and at
what price. Consumers do not know what is available from whom, where, when, and at what price.
separation in values - ANS✅✅Producers value goods and services in terms of costs and
competitive prices. Consumers value them in terms of satisfying needs and their ability to pay.
Separation of ownership - ANS✅✅Producers hold title to goods and services that they themselves
do not want to consume. Consumers want goods and services that they do not own.
discrepancies of assortment - ANS✅✅Producers specialize in producing a narrow assortment of
goods and services. Consumers need a broad assortment.
discrepancies of quantity - ANS✅✅Producers prefer to produce and sell in large quantities.
Consumers prefer to buy and consume in small quantities.
Universal functions of marketing - ANS✅✅buying, selling, transporting, storing, standardization
Buying function - ANS✅✅looking for and evaluating goods and services
Selling function - ANS✅✅promoting the product
transporting function - ANS✅✅the movement of goods from one place to another
Storing function - ANS✅✅holing goods until customers need them
answers rated 100%
Importance of marketing - ANS✅✅Marketing is important to every consumer
• Marketing will be important to your job
• Use a marketing approach to get your next job
• Marketing affects innovation and standard of living
Innovation - ANS✅✅the development and spread of new ideas, goods, and services
Marketing definition - ANS✅✅-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.
• Applies to profit and nonprofit organizations
• More than just persuading customers
• Begins with customer needs
• Does not do it alone
• Marketing involves exchanges
Pure subsistence economy - ANS✅✅each family unit produces everything it consumes
Macro-Marketing definition - ANS✅✅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
the objectives of society.
• Emphasis is on whole system
• Separation between producers and consumers
"Economies of Scale"
(Exhibit 1-1) "Marketing Facilitates Production and Consumption"
, Economies of scale - ANS✅✅as a companies production increases, the cost of each unit of the
product goes down
spatial separation - ANS✅✅producers tend to locate where it is economical to produce, while
consumers are located in many scattered places
Separation in Time - ANS✅✅consumers may not want to consume goods and services at the time
producers would prefer to produce them, and time may be required to transport goods from
producer to consumer
separation of information - ANS✅✅Producers do not know who needs what, where, when, and at
what price. Consumers do not know what is available from whom, where, when, and at what price.
separation in values - ANS✅✅Producers value goods and services in terms of costs and
competitive prices. Consumers value them in terms of satisfying needs and their ability to pay.
Separation of ownership - ANS✅✅Producers hold title to goods and services that they themselves
do not want to consume. Consumers want goods and services that they do not own.
discrepancies of assortment - ANS✅✅Producers specialize in producing a narrow assortment of
goods and services. Consumers need a broad assortment.
discrepancies of quantity - ANS✅✅Producers prefer to produce and sell in large quantities.
Consumers prefer to buy and consume in small quantities.
Universal functions of marketing - ANS✅✅buying, selling, transporting, storing, standardization
Buying function - ANS✅✅looking for and evaluating goods and services
Selling function - ANS✅✅promoting the product
transporting function - ANS✅✅the movement of goods from one place to another
Storing function - ANS✅✅holing goods until customers need them
