Midterm 1 Self Quiz - Ch. 1 According to the text: A)...

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Ch. 1 According to the text: A) marketing is much more than selling or advertising. B) the cost of marketing is about 25 percent of the consumer's dollar. C) marketing affects every single aspect of your daily life. D) marketing discourages research and innovation. E) all of the above are true statements.Feedback: LO: 1 Page: 4 2 INCORRECT Marketing: A) is concerned with need-satisfying goods, but not with services. B) involves an attempt to anticipate customer or client needs. C) is primarily concerned with efficient use of resources and fair allocation of output. D) includes activities such as accounting, production, and financial management. E) is the process of selling and distributing manufactured goods.Feedback: LO: 2 Page: 6 3 CORRECT Macro-marketing: A) is not concerned with the flow of goods and services from producers to consumers. B) seeks to match homogeneous supply capabilities with homogeneous demands for goods and services. C) refers to a set of activities performed by both profit and nonprofit organizations. D) focuses on the objectives of society. E) All of the above are true statements.Feedback: LO: 2 Page: 8
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4 INCORRECT Firms that specialize in providing marketing functions other than buying and selling are known as: A) suppliers. B) intermediaries. C) advisors. D) collaborators. E) agents.Feedback: LO: 3 Page: 10 5 INCORRECT Which of the following is a true statement? A) Since marketing is concerned with many thousands of different products, there is no one set of marketing functions that applies to all products. B) Responsibility for performing marketing functions can be shifted and shared, but no function can be completely eliminated. C) From a micro viewpoint, every firm must perform all of the marketing functions. D) Marketing functions should be performed only by marketing intermediaries or collaborators. E) Many marketing functions are not necessary in market-directed economies.Feedback: LO: 3 Page: 11 6 CORRECT A MACRO-marketing system should: A) provide everyone with the same goods and services. B) be part of market-directed economy, not a command economy. C) accomplish a particular society's objectives, whatever they are. D) all of the above are true. E) none of the above is true.Feedback: LO: 4 Page: 12 7 CORRECT An economic system in which government officials determine production levels is known as: A) pure subsistence. B) macro-marketing. C) market-directed. D) production-oriented. E) command.Feedback:
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LO: 4 Page: 12 8 CORRECT Which of the following is the BEST example of management thinking during the "production era"? A) "We need to make whatever products are easy to produce." B) "We need to find out what the customer wants." C) "The more salespeople we have, the more we can sell." D) "We need to work hard to sell the product to our customers." E) "If we produce a good product, customers will find us and buy it."Feedback: LO: 5 Page: 15 9 CORRECT The owner of a company that produces electronic circuit boards sees many competitors with
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Midterm 1 Self Quiz - Ch. 1 According to the text: A)...

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