BMGT-100 UNIT 5 TEST questions well
answered graded A+
Marketing - correct answer ✔✔a group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
True or false? Marketing has the important function of providing revenue to sustain a firm -
correct answer ✔✔True
True or false? Unfortunately, it is difficult to understand and predict what consumers want:
motives are often unclear; few principles can be applied consistently; and markets tend to
fragment, each desiring customized products, new value, or better service - correct answer
✔✔True
It is important to note what marketing is not: It is not... - correct answer ✔✔It is not
manipulating customers to get them to buy products they do not want. It is not just advertising
and selling; it is a systematic approach to satisfying consumers
True or false? Unfortunately, the mass media and movies sometimes portray marketing as
unethical or as not adding value to business - correct answer ✔✔True
Exchange - correct answer ✔✔the act of giving up one thing (money, credit, labor, goods) in
return for something else (goods, services, or ideas)
True or false? Businesses exchange their goods, services, or ideas for money or credit supplied
by customers in a voluntary exchange relationship - correct answer ✔✔True
,True or false? The buyer must feel good about the purchase, or the exchange will not continue -
correct answer ✔✔True
What are the functions of marketing? - correct answer ✔✔buying, selling, transporting, storing,
grading, financing, marketing research, risk taking
Buying (function of marketing) - correct answer ✔✔Everyone who shops for products
(consumers, stores, businesses, governments) decides whether and what to buy. A marketer
must understand buyers needs and desires to determine what products to make available
Selling (function of marketing) - correct answer ✔✔The exchange process is expedited through
selling. Marketers usually view selling as a persuasive activity that is accomplished through
promotion (advertising, personal selling, sales promotion, publicity, and packaging)
Transporting (function of marketing) - correct answer ✔✔the process of moving products from
the seller to the buyer. Marketers focus on transportation costs and services
Storing (function of marketing) - correct answer ✔✔Like transporting, _____ is part of the
physical distribution of products and includes warehousing goods. Warehouses hold some
products for length periods in order to create time utility. Time utility has to do with being able
to satisfy demand in a timely manner. This especially pertains to a seasonal good such as orange
juice.
Grading (function of marketing) - correct answer ✔✔Refers to standardizing products by
dividing them into subgroups and displaying and labeling them so that consumers clearly
understand their nature and quality. Many products such as meat, steel, and fruit, are graded
according to a set of standards that often are established by the state of federal government.
Financing (function of marketing) - correct answer ✔✔For many products, especially large items
such as automobiles, refrigerators, and new homes. ($3 marketer arranges credit to expedite
the purchase
, Marketing research (function of marketing) - correct answer ✔✔Through research, marketing
ascertain the need for new goods and services. By gathering information regularly, marketers
can detect new trends and changes in consumer tastes.
Risk taking - correct answer ✔✔Risk is the chance of loss associated with marketing decisions.
Developing a new product creates a chance of loss if consumers don't like it enough to buy it.
Spending money to hire a sales force or conduct marketing research also involves risk. The
implication of risk is that most marketing decisions result in either success or failure
_______ is an important element of managing long-term customer relationships and
implementing the marketing concept - correct answer ✔✔Value
Value - correct answer ✔✔A customer's subjective assessment of benefits relative to costs in
determining the worth of a product ( customer value= customer benefits - customer costs)
Customer ________ include anything a buyer receives in an exchange - correct answer
✔✔benefits
True or false? Companies find that communicating with customers through digital media sites
can enhance customer relationships and create value for their brands - correct answer ✔✔True
Customer _______ include anything a buyer must give up to obtain the benefits of the product
provides - correct answer ✔✔Costs
True or false? The most obvious cost is the monetary price of the product, but non-monetary
costs can be equally important in a customers determination of value - correct answer ✔✔True
Two nonmonetary costs are the _______ and ________ customers expend to find and purchase
desired products. - correct answer ✔✔Time , Effort
answered graded A+
Marketing - correct answer ✔✔a group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
True or false? Marketing has the important function of providing revenue to sustain a firm -
correct answer ✔✔True
True or false? Unfortunately, it is difficult to understand and predict what consumers want:
motives are often unclear; few principles can be applied consistently; and markets tend to
fragment, each desiring customized products, new value, or better service - correct answer
✔✔True
It is important to note what marketing is not: It is not... - correct answer ✔✔It is not
manipulating customers to get them to buy products they do not want. It is not just advertising
and selling; it is a systematic approach to satisfying consumers
True or false? Unfortunately, the mass media and movies sometimes portray marketing as
unethical or as not adding value to business - correct answer ✔✔True
Exchange - correct answer ✔✔the act of giving up one thing (money, credit, labor, goods) in
return for something else (goods, services, or ideas)
True or false? Businesses exchange their goods, services, or ideas for money or credit supplied
by customers in a voluntary exchange relationship - correct answer ✔✔True
,True or false? The buyer must feel good about the purchase, or the exchange will not continue -
correct answer ✔✔True
What are the functions of marketing? - correct answer ✔✔buying, selling, transporting, storing,
grading, financing, marketing research, risk taking
Buying (function of marketing) - correct answer ✔✔Everyone who shops for products
(consumers, stores, businesses, governments) decides whether and what to buy. A marketer
must understand buyers needs and desires to determine what products to make available
Selling (function of marketing) - correct answer ✔✔The exchange process is expedited through
selling. Marketers usually view selling as a persuasive activity that is accomplished through
promotion (advertising, personal selling, sales promotion, publicity, and packaging)
Transporting (function of marketing) - correct answer ✔✔the process of moving products from
the seller to the buyer. Marketers focus on transportation costs and services
Storing (function of marketing) - correct answer ✔✔Like transporting, _____ is part of the
physical distribution of products and includes warehousing goods. Warehouses hold some
products for length periods in order to create time utility. Time utility has to do with being able
to satisfy demand in a timely manner. This especially pertains to a seasonal good such as orange
juice.
Grading (function of marketing) - correct answer ✔✔Refers to standardizing products by
dividing them into subgroups and displaying and labeling them so that consumers clearly
understand their nature and quality. Many products such as meat, steel, and fruit, are graded
according to a set of standards that often are established by the state of federal government.
Financing (function of marketing) - correct answer ✔✔For many products, especially large items
such as automobiles, refrigerators, and new homes. ($3 marketer arranges credit to expedite
the purchase
, Marketing research (function of marketing) - correct answer ✔✔Through research, marketing
ascertain the need for new goods and services. By gathering information regularly, marketers
can detect new trends and changes in consumer tastes.
Risk taking - correct answer ✔✔Risk is the chance of loss associated with marketing decisions.
Developing a new product creates a chance of loss if consumers don't like it enough to buy it.
Spending money to hire a sales force or conduct marketing research also involves risk. The
implication of risk is that most marketing decisions result in either success or failure
_______ is an important element of managing long-term customer relationships and
implementing the marketing concept - correct answer ✔✔Value
Value - correct answer ✔✔A customer's subjective assessment of benefits relative to costs in
determining the worth of a product ( customer value= customer benefits - customer costs)
Customer ________ include anything a buyer receives in an exchange - correct answer
✔✔benefits
True or false? Companies find that communicating with customers through digital media sites
can enhance customer relationships and create value for their brands - correct answer ✔✔True
Customer _______ include anything a buyer must give up to obtain the benefits of the product
provides - correct answer ✔✔Costs
True or false? The most obvious cost is the monetary price of the product, but non-monetary
costs can be equally important in a customers determination of value - correct answer ✔✔True
Two nonmonetary costs are the _______ and ________ customers expend to find and purchase
desired products. - correct answer ✔✔Time , Effort
