Why is studying marketing important? Correct Answer-1) Affects every aspect of daily life
2) Can offer exciting/rewarding career opportunities
3) Plays a big part in economic growth/development
4) Affects standard of living
What's the difference between micro and macro marketing? Corre...
MGT 3300 - Exam 1 Questions with Correct Answers
Why is studying marketing important? Correct Answer-1) Affects every
aspect of daily life
2) Can offer exciting/rewarding career opportunities
3) Plays a big part in economic growth/development
4) Affects standard of living
What's the difference between micro and macro marketing? Correct
Answer-Micro: Set of activities performed by the organization
Macro: A social process matching supply with demand
True or False: Marketing can only be applied to for-profit organizations
and not non-profit Correct Answer-False
What is the aim of marketing? Correct Answer-To identify and meet
customer's needs
What are some characteristics of marketing? Correct Answer-1) Doesn't
do it alone
,2) Builds relationships
3) Involves exchanges (willing to exchange for something else)
4) More than persuasion (product must be able to sell itself)
5) Begins with needs
6) Applies to both profit and non-profit orgs.
What are seven things that hamper the exchange between producers and
consumers? Correct Answer-1) Separation in time
2) Spacial separation
3) Separation of information
4) Separation in values
5) Separation in ownership
6) Discrepancies in Quantity
, 7) Discrepancies of Assortment
What are the 8 universal functions of marketing? Correct Answer-1)
buying
2) selling
3) transporting
4) storing
5) standardization and grading
6) financing
7) risk taking
8) market information
What does product-orientation mean? Correct Answer-Making whatever
products are easy to produce and then trying to sell them
Which one is better to have, a command economy or a market-directed
economy? Why? Correct Answer-Market-directed economy b/c it can
adjust itself based on the consumer's needs
When would command economies work? Correct Answer-If country has
1) Simple economy
2) Little variety
3) Adverse conditions
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