BUSN 225 Exam 1 Review Questions And Answers A+ Score 100%Verified.

1) A marketing manager planning to launch a successful new product should begin by - correct answer identifying a product/service customers need. 2) For Tesla, a firm that makes electric cars, estimating how many competitors will make electric vehicles and what kinds they will make is - correct answer E) a part of marketing the product. 3.) Marketing - correct answer affects almost every aspect of our daily lives 4) Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations. - correct answer TRUE 5) Marketing: - correct answer E) tries to anticipate and satisfy customer needs and accomplish an organization's objectives. ANSWER 6) Marketing will NOT happen unless: - correct answer D) two or more parties each have something they want to exchange for something else. ANSWER 7) Marketing only applies to for-profit organizations. - correct answer FALSE ANSWER 8) The term "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. - correct answer TRUE ANSWER 9) Marketing is of no relevance in a ________ economy. - correct answer C) pure subsistence, Every family unit produces their own good and there is no need for marketing 10) Looking at marketing as a social process means focusing on: - correct answer A) macro-marketing. ANSWER 11) American supermarket chain FoodMart purchases cheese from five different manufacturers from around the world to assure its customers can choose among different types of cheeses at different prices. FoodMart facilitates the macro-marketing system by helping to address - correct answer A) spatial separation. B) discrepancies of assortment. C) separation of values. D) All these answers are correct. ANSWER 12) Since individual firms cannot perform all marketing functions, ________ often play a role in the exchange process. - correct answer A) intermediaries ANSWER B) consumers C) nonprofits D) marketing managers E) government regulators 13) From the perspective of macro-marketing, e-commerce specialists Carfax (which provides vehicle history reports) and C (a website offering auto comparison shopping) have emerged within the auto industry because - correct answer A) auto manufacturers need to sell direct to consumers. B) the market needs competitive rivals to auto dealerships. C) the information they provide helps connect producers to consumers. ANSWER D) the role of the automotive sales person is becoming obsolete. E) consumers live great distances from most automotive plants. 14) An intermediary - correct answer 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. ANSWER E) None of these answers is correct. 15) Which of the following types of firms are collaborators? - correct answer A) marketing research firms B) overnight delivery firms C) advertising agencies D) product-testing labs E) All of these are collaborators. ANSWER 16) The economic freedom provided within a market-directed economy produces the greatest number of - correct answer A) government planners. B) government regulations. C) entrepreneurs and innovators. ANSWER D) military-oriented purchases. E) trade restrictions. 17) The marketing department era is a time when all marketing activities are brought under the control of one department. - correct answer TRUE ANSWER 18) The three basic ideas included in the definition of the marketing concept are: customer satisfaction, a total company effort, and sales as an objective. - correct answer FALSE ANSWER 19) The text considers five "eras" of marketing evolution. These five eras in their logical order - correct answer simple trade, production, sales, marketing company, and marketing department. B) subsistence, production, sales, entrepreneurial, and marketing company. C) simple trade, production, sales, marketing department, and international trading. D) simple trade, production, sales, entrepreneurial, and marketing company. E) simple trade, production, sales, marketing department, and marketing company. ANSWER 20) Compared with other approaches to business, the marketing concept is distinct in that it - correct answer A) focuses on profits. B) produces new products and services. C) creates a broad assortment of products. D) produces quality products. E) focuses on satisfying customers' needs. ANSWER 21) MetroTech Corporation has been experiencing declining profits. The accounting department blames the MetroTech marketing staff for "out of control" sales costs. The salespeople blame the warehouse for being slow to fill orders. And the warehouse manager says that the production department can't meet its schedule. MetroTech seems to have - correct answer A) implemented the marketing concept. B) a customer orientation. C) a marketing orientation. D) a sales orientation. E) a production orientation. ANSWER 22) Which of the following reasons best describes why a firm would use marketing metrics? - correct answer A) to understand customer satisfaction B) to determine how well a marketing strategy is performing ANSWER C) to ascertain the effectiveness of different departments within the firm D) to set marketing targets and goals E) to decide what products are easiest to produce 23) Which of the following statements about price and customer value is accurate? - correct answer A) Customer value is only achieved from a low price. B) Customer value is uninfluenced by price. C) A low price trumps all other customer benefits. D) A high price is acceptable when it obtains desired benefits. ANSWER E) A customer will never accept a higher price market offering. 24) Which of the following describes the micro-macro dilemma? - correct answer A) What is good for some producers and consumers may not be good for society as a whole. ANSWER B) Marketing people are unsure about individual activities versus social processes. C) In a multiproduct company, which product is to be emphasized over another is unclear. D) Most people don't want much freedom of choice in buying products. E) Intermediaries facilitate exchange, but they add to the cost of goods.