MKT 337 (Miller) - First Midterm
(Chapters 1 - 5) Questions and
Answers 2026 Updated.
Production - Answer Actually making goods or performing services
Customer Satisfaction - Answer The extent to which a firm fulfills a consumer's needs,
desires, and expectations
Innovation - Answer The development and spread of new ideas, goods, and services
Marketing - Answer 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 to client
Pure Subsistence Economy - Answer Each family unit produces everything it consumes
Macro-Marketing - Answer 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
Economies of Scale - Answer As a company produces larger numbers of a particular product,
the cost of each unit of the product goes down
Universal Functions of Marketing - Answer Buying, selling, transporting, storing,
standardizing and grading, financing, risk taking, and market information
Buying Function - Answer Looking for and evaluating goods and services
Selling Function - Answer Promoting the product
Transporting Function - Answer The movement of goods from one place to another
Storing Function - Answer Holding goods until consumers need them
Standardization and Grading - Answer Sorting products according to size and quality
, Financing - Answer Provides the necessary cash and credit to produce, transport, store,
promote, sell and buy products
Risk Taking - Answer Bearing the uncertainties that are part of the marketing process
Market Information Function - Answer The collection, analysis, and distribution of all
information needed to plan, carry out and control marketing activities
Intermediary - Answer Someone who specializes in trade rather than production (ie. retail
store)
Collaborators - Answer Firms that provide one or more of the marketing functions other than
buying
E-Commerce - Answer Exchanges between individuals or organizations - and activities that
facilitate those exchanges - based on applications of information technology
Economic System - Answer The way an economy organizes to use scarce resources to
produce goods and services and distribute them for consumption by various people and groups
in the society
Command Economy - Answer Government officials decide what and how much is to be
produced and distributed by whom, when, to whom, and why
Market-Directed Economy - Answer The individual decisions of the many producers and
consumers make the macro-level decisions for the whole economy
Simple Trade Era - Answer A time when families traded or sold their surplus output to local
distributors
Production Era - Answer A time when a company focuses on production of a few specific
goods without thinking much of the customer - perhaps because few of these products are
available in the market
Sales Era - Answer A time when a company emphasizes selling because of increased
competition
Marketing Department Era - Answer A time when all marketing activities are brought under
the control of one department to improve short-run policy planning and try to integrate the
firm's activities
(Chapters 1 - 5) Questions and
Answers 2026 Updated.
Production - Answer Actually making goods or performing services
Customer Satisfaction - Answer The extent to which a firm fulfills a consumer's needs,
desires, and expectations
Innovation - Answer The development and spread of new ideas, goods, and services
Marketing - Answer 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 to client
Pure Subsistence Economy - Answer Each family unit produces everything it consumes
Macro-Marketing - Answer 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
Economies of Scale - Answer As a company produces larger numbers of a particular product,
the cost of each unit of the product goes down
Universal Functions of Marketing - Answer Buying, selling, transporting, storing,
standardizing and grading, financing, risk taking, and market information
Buying Function - Answer Looking for and evaluating goods and services
Selling Function - Answer Promoting the product
Transporting Function - Answer The movement of goods from one place to another
Storing Function - Answer Holding goods until consumers need them
Standardization and Grading - Answer Sorting products according to size and quality
, Financing - Answer Provides the necessary cash and credit to produce, transport, store,
promote, sell and buy products
Risk Taking - Answer Bearing the uncertainties that are part of the marketing process
Market Information Function - Answer The collection, analysis, and distribution of all
information needed to plan, carry out and control marketing activities
Intermediary - Answer Someone who specializes in trade rather than production (ie. retail
store)
Collaborators - Answer Firms that provide one or more of the marketing functions other than
buying
E-Commerce - Answer Exchanges between individuals or organizations - and activities that
facilitate those exchanges - based on applications of information technology
Economic System - Answer The way an economy organizes to use scarce resources to
produce goods and services and distribute them for consumption by various people and groups
in the society
Command Economy - Answer Government officials decide what and how much is to be
produced and distributed by whom, when, to whom, and why
Market-Directed Economy - Answer The individual decisions of the many producers and
consumers make the macro-level decisions for the whole economy
Simple Trade Era - Answer A time when families traded or sold their surplus output to local
distributors
Production Era - Answer A time when a company focuses on production of a few specific
goods without thinking much of the customer - perhaps because few of these products are
available in the market
Sales Era - Answer A time when a company emphasizes selling because of increased
competition
Marketing Department Era - Answer A time when all marketing activities are brought under
the control of one department to improve short-run policy planning and try to integrate the
firm's activities
