MKTG 310 Final Exam

1. According to the text, marketing means "selling" or "advertising." True False 2. Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price, is an ex ...

1. According to the text, marketing means "selling" or "advertising." True False 2. Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price, is an example of a production activity. True False 3. Marketing can provide needed direction for production and help make sure that the right goods and services find their way to interested consumers. True False 4. Marketing plays an essential role in creating customer satisfaction. True False 5. Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations. True False 6. a firm produces the right goods or services, marketing has little role to play in creating customer satisfaction. True False 7. Marketing activities should be of no interest to a nonprofit organization. True False 8. The "universal functions of marketing" consist only of buying, selling, transporting, and storing. True False 9. In a market-directed economy, consumers enjoy complete freedom of choice. True False 10. The marketing concept means that an organization aims all its efforts at satisfying its customers—at a profit. True False 11. The term "marketing orientation" means making products that are easy to produce and then trying to sell them. True False 12. Customer value is just another term for customer satisfaction. True False 13. The marketing management process consists of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans. True False 14. A marketing strategy is composed of two interrelated parts--a target market and a marketing mix. True False 15. A target market consists of a group of consumers who are usually quite different. True False 16. A marketing mix consists of the uncontrollable variables which a company puts together to satisfy a target market. True False 17. Mass marketing means focusing on some specific customers, as opposed to assuming that everyone is the same and will want whatever the firm offers. True False 18. The four "Ps" are: Product, Promotion, Price, and Personnel. True False 19. The customer is a part of the marketing mix and should be the target of all marketing efforts. True False 20. According to the text, a firm that sells a service rather than a physical good does not have a product. True False 21. The Place decisions are concerned with getting the right product to the target market at the right time. True False 22. A channel of distribution must include an intermediary. True False 23. The marketing mix should be set before the best target market is selected. True False 24. A "marketing program" blends all of a firm's marketing plans into one "big" plan. True False 25. A "breakthrough opportunity" is an opportunity that helps innovators develop long-term, hard-to-copy marketing strategies that will be very profitable. True False 26. A straight rebuy is a routine repurchase that may have been made many times before. True False 27. The Internet is making even straight rebuys more competitive. True False 28. At a procurement site, competition among sellers is likely to increase. True False 29. A close buyer-seller relationship in a business market may reduce a firm's flexibility. True False 30. Just-in-time delivery reliably helps to get products and store them long before the customer needs them. True False 31. To protect themselves from unpredictable events, most purchasing managers seek several dependable sources of supply. True False 32. Marketing research focuses on changing information needs while an MIS focuses on recurring information needs. True False 33. A marketing information system (MIS) is an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions. True False 34. An intranet is a system for linking computers within a company. True False 35. Decision support systems that include marketing models help managers by showing the relationships among marketing variables. True False 36. It is the job of the marketing manager to ask for the right information in the right form. True False 37. Use of the scientific method in marketing research forces researchers to use an orderly process. True False 38. Hypotheses are educated guesses about the relationships between things or about what will happen in the future. True False 39. Since marketing managers have to be able to evaluate research results, they should be involved in the design of research projects—even though they may not be research specialists. True False 40. Defining the problem is the first step in marketing research—and is usually the easiest job for the researcher. True False 41. Unless the problem is precisely defined, research effort may be wasted on the wrong problem, and may lead to costly mistakes. True False 42. During the situation analysis, a marketing researcher will evaluate primary data rather than secondary data. True False 43. The Internet is an excellent source for primary data, but not secondary data. True False 44. The government, advertising agencies, newspapers, trade associations, and research subscription services are all major sources of primary data. True False 45. Qualitative research seeks in-depth, open-ended responses. True False 46. Focus group interviews are a form of quantitative research. True False 47. A common quantitative research approach is to use survey questionnaires with multiple-choice questions. True False 48. All marketing research projects are worthwhile because they gather new information—even if the research doesn't have action implications. True False 49. A "Product" should be thought of as potential customer satisfaction or benefits. True False 50. When comparing two similar products, the product with the most features is the higher quality product. True False