238 Free Test Bank for Basic Marketing A Marketing Strategy Planning Approach 18th Edition by Perreault – Part 2

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_____ in the marketplace are a rough measure of how society values particular goods and services.

•  A. Inventories
•  B. Prices
•  C. Cost of labor and materials
•  D. The number of producers
•  E. Discrepancies of quantity

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.

An economic system in which government planners determine production levels is known as

•  A. a command economic system.
•  B. a micro-marketing economic system.
•  C. a macro-marketing economic system.
•  D. a market-directed economic system.
•  E. a pure subsistence economic system.

The text discusses the evolution of business through five "eras." Which of the following is NOT one of these eras?

•  A. Simple trade era
•  B. Sales era
•  C. Facilitator era
•  D. Marketing department era
•  E. Production era

Which of the following is NOT true about a market-directed economy?

•  A. Consumers enjoy maximum freedom of choice.
•  B. Producers enjoy maximum freedom of choice.
•  C. The interaction between consumers and producers is great.
•  D. Government is responsible for setting up all marketing activities.
•  E. The price of a consumer product serves as a measure of its value.

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.

Identify the incorrect statement about market-directed economies.

•  A. A market-directed economy adjusts itself.
•  B. The American economy is completely market-directed.
•  C. Consumers in a market-directed economy decide what is to be produced and by whom—through their dollar "votes."
•  D. Consumers in a market-directed economy enjoy great freedom of choice.
•  E. All of the above are correct.

Which of the following statements about a market-directed economic system is True?

•  A. Consumers enjoy substantial freedom of choice.
•  B. Profit, growth and survival are guaranteed.
•  C. Government has no role.
•  D. There is very little interaction between producers and consumers.
•  E. All of the above.

_____ refers to 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 society.

•  A. Resource utilization
•  B. Socio-economic policy
•  C. The way a firm measures value
•  D. Separation of values
•  E. Economic system

In a market-directed economy:

•  A. marketing managers make all the important economic decisions.
•  B. government planners make all the important economic decisions.
•  C. all the important economic decisions are made by voters in political elections.
•  D. consumers make all the important economic decisions.
•  E. the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

Which of the following statements about economic systems is NOT true?

•  A. Government has less of a role in market-directed economies than in command economies.
•  B. A market-directed economy self-adjusts through producer and consumer choices.
•  C. Producers always make a profit in a market-directed system.
•  D. A command economy is more likely to work if the variety of goods and services is small.
•  E. Both market-directed and command economies need a macro-marketing system.

Which of the following statements about economic systems is true?

•  A. Consumers usually have more freedom of choice in a market-directed economy.
•  B. Command economies are most effective for countries with large and complicated varieties of goods and services.
•  C. Branding is less common in a market-directed economy than in a command economy.
•  D. The United States is a good example of a command economy.
•  E. None of the above is true.

From the Industrial Revolution until the 1920s, most companies were in the

•  A. marketing department era.
•  B. production era.
•  C. simple trade era.
•  D. marketing company era.
•  E. sales era.

The text considers five "eras" of marketing evolution. Which of the following shows the logical order in which these eras occur?

•  A. Marketing department, production, sales, simple trade, marketing company
•  B. Sales, production, marketing department, marketing company, simple trade
•  C. Sales, simple trade, marketing company, production, marketing department
•  D. Simple trade, production, sales, marketing company, marketing department
•  E. Simple trade, production, sales, marketing department, marketing company

The text discusses the evolution of business through five "eras." Which of the following is NOT one of these eras?

•  A. Diversification era
•  B. Sales era
•  C. Production era
•  D. Marketing company era
•  E. Simple trade era

In a command economy

•  A. producers generally have little choice about what goods and services to produce.
•  B. the individual decisions of the many producers and consumers come together to make the macro-level decisions.
•  C. consumers make a society's production decisions.
•  D. consumers decide what is to be produced and by whom through their dollar "votes."
•  E. the market adjusts itself.

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."

The role of price in a market-directed economy is to:

•  A. allocate resources and distribute income according to consumer preferences.
•  B. serve as a rough measure of the social importance of consumer goods and services.
•  C. coordinate the economic activity of many people and institutions.
•  D. serve as a rough measure of the value of resources used to produce goods and services.
•  E. All of the above are true.

Which of the following BEST describes what is necessary for a country's MACRO-marketing system to be "fair and effective"?

•  A. No low quality or dangerous products are sold.
•  B. Product shortages never exist.
•  C. There is a big choice of goods and services.
•  D. All consumers get the same opportunity to enjoy a high standard of living.
•  E. There is not enough information to select an answer.

Concerning the "universal functions of marketing," it is true that:

•  A. these functions must be performed in all MACRO-marketing systems.
•  B. these functions can be performed by producers or intermediaries--but not by consumers.
•  C. from a MICRO viewpoint, every firm must perform all of the functions.
•  D. responsibility for performing these functions can be shifted and shared--and some functions can be completely eliminated to reduce costs.
•  E. All of the above are true.

Consumers in a market-directed economy

•  A. enjoy limited freedom of choice.
•  B. are taxed to provide for goods and services that benefit society, such as public health, national defense, highways, police and fire protection.
•  C. do not decide what is to be produced and by whom.
•  D. have to buy what is being produced.
•  E. do not have to buy any goods or services.

In a command economy, government officials decide:

•  A. who is to produce and distribute what to whom.
•  B. how much is to be produced.
•  C. how much is to be distributed to whom.
•  D. what is to be produced.
•  E. all of the above.

In a market-directed economy:

•  A. profit, survival, and growth are all guaranteed for producers.
•  B. consumers have little freedom of choice.
•  C. consumers decide what is to be produced and by whom through their dollar votes.
•  D. prices usually do not change according to supply and demand.
•  E. only the needs of the majority are served.

Which of the following statements is MOST characteristic of the "production era"?

•  A. "If we sell harder, we will sell more."
•  B. "We need to cater to the diverse needs of consumers."
•  C. "There is no limit on what we can sell if we produce efficiently."
•  D. "The more options we offer consumers, the better."
•  E. "Advertising is the key to our success."

In the ____ era, families traded or sold their "surplus" output to local distributors.

•  A. production
•  B. pure subsistence
•  C. sales
•  D. simple trade
•  E. marketing company

Price is a rough measure of ____________________.

•  A. company profit
•  B. customer value
•  C. market supply
•  D. company costs
•  E. economic inflation

Which of the following is LEAST LIKELY to be a government role in a market-directed economy?

•  A. To set rules to protect individual rights and freedom.
•  B. To supervise the economy.
•  C. To provide things such as mass transportation and highways, national defense, police and fire protection, and public health services.
•  D. To control interest rates and the supply of money.
•  E. To determine prices--and thereby allocate resources and distribute income.

Which of the following statements about economic decision making is TRUE?

•  A. In a market-directed economy, the micro-level decisions of individual producers and consumers determine the macro-level decisions.
•  B. Government planning usually works best when economies become more complex and the variety of goods and services produced is fairly large.
•  C. The United States may be considered a pure market-directed economy.
•  D. Command economies usually rely on market forces to determine prices.
•  E. All of the above are true statements.

Whether a macro-marketing system is fair or effective depends on

•  A. goods and services being evenly distributed across the population.
•  B. discrepancies of quantity.
•  C. the emphasis given to military spending.
•  D. the marketing orientation of individual firms.
•  E. the objectives of the society.

_____ NOT the government's job in a market-directed economy.

•  A. Protecting property and enforcing contracts are
•  B. Regulating radio and television broadcasting is
•  C. Setting import and export rules is
•  D. Determining what and how much is to be produced is
•  E. Controlling interest rates and the supply of money are

In a ____ the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

•  A. mixed economy
•  B. command economy
•  C. market-directed economy
•  D. production-oriented economy
•  E. controlled economy

In a command economy:

•  A. producers generally have a lot of choice about what and how much to produce.
•  B. prices usually fluctuate according to supply and demand.
•  C. marketing activities such as advertising, branding, and market research are not allowed.
•  D. consumers usually have some freedom of choice--but it is quite limited.
•  E. All of the above are true.