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MKTG 350- Exam 1 || with 100% Correct Answers.
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Marketing correct answers 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. Marketing should begin with _________ correct answ...

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  • August 28, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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MKTG 350- Exam 1 || with 100% Correct Answers.
Marketing correct answers 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.

Marketing should begin with _________ correct answers potential customer needs

Marketing only occurs if correct answers two or more parties are willing to exchange something
for something else

According to the text, marketing means: correct answers More than selling and advertising.

Pure subsistence economy correct answers when each family unit produces everything it
consumes, there is no need to exchange goods and services and no marketing is involved.

In macro-marketing correct answers no universal marketing function can be completely
eliminated.

Macro-marketing is correct answers 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 on how the WHOLE marketing system works.

Viewing marketing as a social process focuses on correct answers macro-marketing

The aim of marketing is to correct answers identify customers' needs and meet those needs so
well that the product almost "sells itself."

Economies of scale correct answers as a company produces larger numbers of a particular
product, the cost of each unit of the product goes down.

Universal functions of marketing are: correct answers buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information. Needed in any
macro-marketing system.

The buying function means: correct answers looking for and evaluating goods and services

The selling function involves: correct answers promoting the product; including the use of
personal selling, advertising, customer service, and other direct and mass selling methods. Most
visual function of marketing.

The transporting function means: correct answers the movement of goods from one place to
another.

The storing function involves: correct answers holding goods until customers need them.

, Standardization and grading involve: correct answers sorting products according to size and
quality; making buying and selling easier because it reduces the need for inspection and
sampling.

Financing provides: correct answers the necessary cash and credit to produce, transport, store,
promote, sell, and buy products.

Risk taking involves: correct answers bearing the uncertainties that are part of the marketing
process.

The market information function involves: correct answers the collection, analysis, and
distribution of all the information needed to plan, carry out, and control marketing activities.

The "universal functions of marketing" can be performed by: correct answers All of these:
Producers, consumers, collaborators, intermediaries.

An intermediary: correct answers is someone who specializes in trade rather than production.

Since individual firms cannot perform all marketing functions, ______ often play a role in the
exchange process. correct answers intermediaries

Collaborators correct answers specialists that can help smooth exchanges between producers,
consumers, or intermediaries; firms that facilitate or provide one or more of the marketing
functions other than buying or selling.

E-commerce refers to: correct answers exchanges between individuals or organizations -- and
activities that facilitate these exchanges -- based on applications of information technology.

Command economy correct answers government officials decide what and how much is to be
produced and distributed by whom, when, to whom, and why. Also called "planned" economies.

Market-directed economy correct answers the individual decisions of the many producers and
consumers make the macro-level decisions for the whole economy.

Marketing company era correct answers a time when, in addition to short-run marketing
planning, marketing people develop long-range plans and the whole company effort is guided by
the marketing concept.

Marketing Concept correct answers means that an organization aims all its efforts at satisfying its
customers--at a profit.

Three basic ideas included in the definition of the marketing concept: correct answers customer
satisfaction, total company effort, and profit.

Production orientation correct answers making whatever products are easy to produce and then
trying to sell them.

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