Marketing quiz 1

Question 1

Production

Answer 1

actually making goods or performing services

Question 2

Customer satisfaction

Answer 2

The extent to which a firm fulfills a consumer’s needs, desires, and expectations.

Question 3

Innovation

Answer 3

the development and spread of new ideas ,goods, and services.

Question 4

Marketing

Answer 4

The performance of activates that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need satisficing goods and services from providers to customer or client.

Question 5

Pure substance economy

Answer 5

each family unit produces everything it consumes.

Question 6

Macro-Marketing

Answer 6

a social process that directs an economies flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplish the objectives of society.- WHOLE SYSTEM

Question 7

Economies of scale

Answer 7

As a company produces larger numbers of a particular product the cost of each unit of the product goes down.

Question 8

Universal functions of marketing

Answer 8

buying selling transporting storing standardization and grading financing risk taking and market information.

Question 9

buying function

Answer 9

looking for and evaluating goods and services

Question 10

selling function

Answer 10

promoting the product

Question 11

transporting function

Answer 11

holding goods until consumers need them

Question 12

storing function

Answer 12

holding goods until customers need them

Question 13

Standardization and Grading

Answer 13

sorting products according to size and quality

Question 14

financing

Answer 14

provides the necessary cash and credit to produce transports store promote sell and buy products

Question 15

risk taking

Answer 15

bearing the uncertainties that are part of the marketing process

Question 16

market information function

Answer 16

the collection analysis and distribution of all the information needed to plan carry out and control marketing activities

Question 16

Collaborators

Answer 16

firms that facilitate or provide one or more of the marketing functions other than buying or selling

Question 16

Intermediary

Answer 16

someone who specializes in trade rather than production

Question 16

Economic System

Answer 16

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.

Question 17

Command economy

Answer 17

government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why.

Question 18

Market-directed economy

Answer 18

–individual decisions of the many producers and consumers make the macro level decisions for the whole economy.

Question 19

Simple Trade Era

Answer 19

a time when families traded or sold their “surplus” output to local distributors, who resold the goods to other consumers or other distributors.
* From the production to the sales era

Question 20

Production era

Answer 20

a time when a company focuses on production of a few specific products–perhaps because few of these products are available in the market.

Question 21

sales era

Answer 21

-a time when a company emphasizes selling because of increased

Question 22

Marketing department era

Answer 22

a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.

Question 23

Marketing company era

Answer 23

a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.

Question 24

Marketing concept

Answer 24

an organization aims all its efforts at satisfying its customers—at a profit.

Question 25

Production orientation

Answer 25

–making whatever products are easy to produce and then trying to sell them.

Question 26

Marketing orientation

Answer 26

trying to carry out the marketing concept

Question 27

Marketing metrics

Answer 27

which refer to numeric data that allow marketing managers to evaluate performance, often against a target or goal.

Question 28

Triple bottom line

Answer 28

measures an organization’s economic, social, and environmental outcomes—as a measure of long-term success.

Question 29

Customer value

Answer 29

the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits

Question 30

Micro-macro dilemma

Answer 30

what is “good” for some producers and consumers may not be good for society as a whole.

Question 31

social responsibility

Answer 31

a firm’s obligation to improve its positive effects on society and reduce its negative effects.