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

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Which of the universal functions of marketing deals most directly with advertising a product in magazines?

•  A. Transporting
•  B. Selling
•  C. Financing
•  D. Risk-taking
•  E. Market information

The universal functions of marketing include buying, selling, transporting, storing, __________________________________________.

•  A. standardization and weighing, financing, risk taking, and marketing information
•  B. standardization and grading, facilitating, risk taking, and marketing information
•  C. standardization and grading, financing, risk taking, and marketing information
•  D. standardization and grading, financing, risk taking, and merchandising information

Concerning the "universal functions of marketing," which of the following statements is FALSE?

•  A. These functions can be performed by producers, intermediaries, collaborators, or consumers.
•  B. Responsibility for performing these functions can be shared and shifted.
•  C. From a micro viewpoint, not every company must perform every function.
•  D. From a macro viewpoint, all these functions must be performed by someone.
•  E. None of the above is false.

Considering the universal functions of marketing,

•  A. they may not be required in all macro-marketing systems.
•  B. not every firm must perform all of the marketing functions.
•  C. all goods and services require all the functions at every level of their production.
•  D. all of the above are true.
•  E. none of the above is true.

Which of the following types of firms are collaborators?

•  A. Marketing research firms
•  B. Overnight delivery firms
•  C. Advertising agencies
•  D. Product-testing labs
•  E. All of the above

Which of the following is NOT one of the "universal functions of marketing"?

•  A. Production
•  B. Standardization
•  C. Financing
•  D. Buying
•  E. Transporting

An intermediary:

•  A. is a wholesaler--not a retailer.
•  B. usually increases the number of transactions required.
•  C. tends to make the exchange process more difficult and costly.
•  D. is someone who specializes in trade rather than production.
•  E. none of the above.

The universal functions of marketing

•  A. are not all needed in market-directed economies.
•  B. are not all needed in command economies.
•  C. can be performed by producers, consumers, and a variety of marketing specialists.
•  D. All of the above are true.
•  E. None of the above is true.

Which of the following is LEAST likely to be classified as a marketing collaborator?

•  A. Mayflower Transport Company.
•  B. Internet Advertising, Inc.
•  C. Wachovia Bank.
•  D. Market Survey Research, Inc.
•  E. Quality Coatings Company.

The buying function of marketing involves

•  A. risk-taking.
•  B. promoting the product.
•  C. looking for and evaluating goods and services.
•  D. the use of personal selling.
•  E. sorting products according to size and quality.

In macro-marketing

•  A. no universal marketing function can be completely eliminated.
•  B. the objectives of the individual firm, rather than society, are most important.
•  C. functions should not be shifted or shared.
•  D. intermediaries are unnecessary.
•  E. the emphasis is on the activities of individual organizations.

The "universal functions of marketing" can be performed by:

•  A. producers.
•  B. intermediaries and collaborators.
•  C. consumers.
•  D. All of the above.
•  E. Only A and C above.

After seeing a "sale" ad in a local newspaper, Ben Griffith went to a local pet supply store and bought a year's supply of high protein dog food. Which marketing functions--if any--did he perform?

•  A. Financing and risk taking
•  B. Buying, transporting, and storing
•  C. Market information
•  D. All of the above
•  E. None of the above--only producers and intermediaries perform marketing functions.

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.

Discrepancies of assortment happen when

•  A. producers prefer to produce and sell in large numbers, but consumers prefer to buy and consume in smaller numbers.
•  B. consumers may not want to consume goods and services at the time producers would prefer to produce them.
•  C. consumers value goods and services in terms of costs and competitive prices whereas producers value them in terms of satisfying needs and ability to pay.
•  D. producers specialize in producing a narrow range of goods and services but consumers need a wide variety.
•  E. producers hold title to goods and services that they themselves do not want to consume.

The "universal functions of marketing":

•  A. must be performed in all MACRO-marketing systems.
•  B. are performed differently in different economies.
•  C. are performed by different parties in different economies.
•  D. are needed to help overcome various separations and discrepancies.
•  E. All of the above are true.

Which of the following is NOT true about intermediaries?

•  A. They save time for other participants in a transaction.
•  B. They always increase total expenses for a product.
•  C. They specialize in trade rather than production.
•  D. All of the above.
•  E. None of the above.

"Economies of scale" means that:

•  A. as a company produces larger numbers of a particular product, the cost of each unit of the product goes down.
•  B. the more producers there are in an economy the greater the need for intermediaries.
•  C. larger countries enjoy more economic growth than smaller countries.
•  D. as a company produces larger numbers of a particular product, the total cost of producing these products goes down.
•  E. All of the above are true.

______________ involve(s) sorting products according to size and quality.

•  A. Transporting and storing
•  B. Financing
•  C. Standardization and grading
•  D. Marketing
•  E. Buying

_______ refers to producers holding title to goods and services that they themselves do not want to consume and consumers wanting goods and services that they do not have.

•  A. Discrepancies of assortment
•  B. Separation of ownership
•  C. Discrepancies of quantity
•  D. Spatial separation
•  E. Separation in time

Marketing intermediaries and collaborators can often perform marketing functions:

•  A. better than producers or consumers can perform them.
•  B. which leaves producers and consumers more time for production and consumption.
•  C. at a low cost--because of specialization, economies of scale, or e-commerce.
•  D. all of the above are true.
•  E. none of the above are true.

The standardization and grading function of marketing involves:

•  A. Looking for and evaluating goods and services.
•  B. Providing necessary cash and credit.
•  C. Promoting the product.
•  D. Sorting products according to size and quality.
•  E. None of the above.

The "universal functions of marketing":

•  A. can be eliminated in advanced MACRO-marketing systems.
•  B. are performed differently and by different parties in different economies.
•  C. are never performed by consumers.
•  D. create various separations and discrepancies between producers and consumers.
•  E. All of the above are true.

The "universal functions of marketing" do NOT include:

•  A. financing and risk taking.
•  B. standardization and grading.
•  C. producing.
•  D. transporting and storing.
•  E. buying and selling.

The term "economies of scale" means that:

•  A. The largest producers are always the most efficient.
•  B. The cost of a product goes down as a company produces larger numbers of it.
•  C. The more one produces, the greater the profit.
•  D. It is more efficient for an economy to have a large number of transactions.
•  E. None of the above.

When a firm produces a large quantity of a product, the cost of producing each individual unit usually goes down. This is known as:

•  A. discrepancies of quantity.
•  B. exchange efficiency.
•  C. economies of scale.
•  D. macro-marketing.
•  E. discrepancies of assortment.

The advantages of working with an intermediary usually increase when there is

•  A. difficulty communicating with customers.
•  B. a greater number of customers.
•  C. greater distance between customers.
•  D. a larger number of competing products.
•  E. all of the above.

Which of the following statements about the "universal functions of marketing" is False?

•  A. These functions do not have to be performed in all macro-marketing systems.
•  B. How the functions are performed may differ among nations and economic systems.
•  C. Who performs the functions may differ among nations and economic systems.
•  D. These functions help to overcome discrepancies of quantity and assortment.
•  E. None of the above.

Which of the following is LEAST likely to be classified as a marketing collaborator?

•  A. United Parcel Service (UPS).
•  B. Public Warehouse Corporation.
•  C. Broadband Communications Company.
•  D. MeadowView Aluminum Company.
•  E. Product Safety Testing Laboratories, Inc.

Market research firm BestOne sells reports about competitors, products, and other areas to various clients in the software industry. BestOne performs which universal marketing function:

•  A. risk taking.
•  B. market information.
•  C. standardization and grading.
•  D. social responsibility.
•  E. financing.

Amazon.com and eBay.com are both considered

•  A. Internet-based collaborators.
•  B. Internet-based producers.
•  C. Internet-based service providers.
•  D. Internet-based intermediaries.
•  E. Internet-based manufacturers.

Which of the following is MOST likely to be classified as a marketing intermediary?

•  A. Apex Manufacturing, Inc.
•  B. Lillian's Mini-Market.
•  C. McGraw Hill/Irwin.
•  D. Kellogg.

A large advertising agency is planning a national promotion to introduce a new type of MP3 player. Which of the universal functions of marketing is it performing?

•  A. Risk-taking.
•  B. Financing.
•  C. Buying.
•  D. Selling.
•  E. None of the above.

The "universal functions of marketing":

•  A. are usually performed in the same way and by the same types of institutions in all MACRO-marketing systems.
•  B. can sometimes be eliminated--in very efficient macro-marketing systems.
•  C. must be performed in both market-directed and command economies.
•  D. must all be performed by every firm from a MICRO view.
•  E. All of the above are true.

Collaborators

•  A. specialize in trade rather than production.
•  B. usually have a production orientation.
•  C. emerged in the marketing company era.
•  D. are only used in a command economy.
•  E. facilitate or provide one or more of the marketing functions other than buying or selling.

Firms that specialize in providing marketing functions other than buying or selling are known as:

•  A. suppliers.
•  B. intermediaries.
•  C. consultants.
•  D. agents.
•  E. collaborators.