M1

Question 1

Things a manager should do before and after deciding to produce and sell a bike:

Answer 1

○ Analyze Needs
○ Determine Wants
○ Identify Competition
○ Predict Designs
○ Determine Where
○ Decide Promotion
○ Estimate Price
○ Provide Service

Question 2

Marketing is important to:

Answer 2

• Consumers
• To your job
• Innovation and standard of living

Question 3

Performance of activities that accomplish objectives by anticipating customer or client needs and directing a flow of need- satisfying goods and services from producer to a customer or client.

Answer 3

Marketing

Question 4

Marketing Key Characteristics

Answer 4

○ Profit and Nonprofit
○ More Than Persuasion
○ Begins with Needs
○ Doesn’t Do It Alone
○ Involves Exchanges
○ Builds Relationships

Question 5

Nonprofit in marketing operates through

Answer 5

Sponsorships

Question 6

Macro-Marketing key characteristics

Answer 6

○ Emphasis Is on Whole System
○ Every Society Needs It
○ Matches Producers and Consumers

Question 7

Types of Marketing Discrepancies

Answer 7

○ Discrepancy of Quantity
○ Discrepancy of Assortment

Question 8

occurs when the quantity produced by
manufacturers doesn’t match the quantity
desired by consumers.

Answer 8

Discrepancy of Quantity

Question 9

arises when consumers want a variety of
products or services, but producers offer
only a limited range (example: brands)

Answer 9

Discrepancy of Assortment

Question 10

Types of Marketing Separations

Answer 10

● Spatial Separation
● Separation in Time
● Separation of Information
● Separation in Values
● Separation of ownership

Question 11

refers to the physical distance between the
producer and the consumer.

Answer 11

Spatial Separation

Question 12

occurs when there is a gap between the
time products are produced and the time
they are needed by consumers.

Answer 12

Separation in Time

Question 13

refers to the lack of communication or
information flow between producers and consumers. It involves difficulties in conveying information about product availability, features, or prices.

Answer 13

Separation of Information

Question 14

occurs when there’s a mismatch between
the value of the product to the consumer and the perceived value from the producer’s perspective.

Answer 14

Separation in Values

Question 15

when there is a gap between who legally owns a product and who has it in their possession

Answer 15

Separation of ownership

Question 16

Universal Functions of Marketing

Answer 16

• Buying
• Selling
• Transporting
• Storing
• Standardization & Grading
• Financing
• Risk taking
• Market information

Question 17

Raw products

Answer 17

Buying

Question 18

From producer to consumer

Answer 18

Selling

Question 19

Keeping products in a good condition (example: warehouses)

Answer 19

Storing

Question 20

Quality Control

Answer 20

Standardization & Grading

Question 21

Profit, investment, and etc/

Answer 21

Financing

Question 22

Letting Consumers know the benefits of the product/service

Answer 22

Market Information

Question 23

Who Performs Marketing Functions?

Answer 23

• Producers
• Consumers
• Intermediaries
• Collaborators

Question 24

Who are the Intermediaries?

Answer 24

• Wholesalers
• Retailers
• Other Specialists

Question 25

Who are the Collaborators?

Answer 25

• Internet Service Providers (ISPs)
• Transport firms
• Product Testing Firms
• Research Firms
• Ad Agencies

Question 26

Types of Economic Systems

Answer 26

• Command Economy
• Market-Directed Economy

Question 27

Government officials decide about production and distribution

Answer 27

Command Economy

Question 28

Command Economy may work well if

Answer 28

• Economy is simple
• Little Variety
• Adverse Conditions (calamities)

Question 29

• Adjusts itself
• Price is Value measure
• Freedom of choice
• Government’s role is limited
• Public Interest groups

Answer 29

Market-Directed Economy

Question 30

Simple Trade Era Focus

Answer 30

Sell surplus

Question 31

Sell Surplus

Answer 31

Simple Trade Era

Question 32

Production Era Focus

Answer 32

Increase Supply

Question 33

This era’s focus is to increase supply

Answer 33

Production Era

Question 34

Sales Era focus

Answer 34

Beat competition

Question 35

This era’s focus is to beat competition

Answer 35

Sales Era

Question 36

This era’s focus is to coordinate and control

Answer 36

Marketing Department Era

Question 37

Marketing Department Era Focus

Answer 37

coordinate and control

Question 38

Marketing Company Era Focus

Answer 38

Long-Run Customer Stisfaction

Question 39

This era’s focus is long-run customer satisfaction

Answer 39

Marketing Company Era

Question 40

Triple Bottom Line (TBL)

Answer 40

• People (Social Responsibility)
• Planet (Environmental Responsibility)
• Profit (Economic Responsibility)

Question 41

Customer Value Benefits

Answer 41

• Functional
• Emotional
• Life-changing

Question 42

Customer Value Costs

Answer 42

• Monetary
• Inconvenience