Name: 

Marketing is the business function that interprets customer needs to the rest of the organization and brings the offerings of the firm to the customer.

Marketing is responsible for the performance of eight universal functions: buying, selling, transporting, storing, standardization and grading, financing, risk taking, and securing marketing information.

The essence of marketing is the exchange process.  For example, transactions between for-profit organizations and their customers typically involve exchanging tangible goods or intangible services for money.

Exchange is just as complex in subsistence-level economies as it is in highly developed societies.

Effective marketing is achieved with careful planning, which begins with a thorough analysis of the laws governing market transactions.

At the micro level, marketing involves the development of systems that direct an economy's flow of goods and services from producers to consumers.

Utility is the want-satisfying power of a product or service.

A firm's finance department is responsible for creating form utility.

Ownership utility occurs when consumers find goods and services available when and where they want to purchase them.

A sales orientation is what we call it when the prevailing philosophy of a firm is that a product of high physical quality will sell itself.

A primary task under a market orientation is to develop ways to research and understand various aspects of the market.

A market orientation is focused exclusively on understanding the customer.

A market-oriented approach has all of the benefits of a production orientation and a sales orientation, plus it can identify new opportunities and help a company avoid being surprised when changes occur in the market.

The fully developed marketing concept is a company-wide consumer orientation with the objectives of satisfying customers and achieving long-run success.

The marketing concept is about how a firm behaves; market orientation is about the attitude or philosophy underlying a firm's behaviour.

The marketing concept requires careful analysis and monitoring of competitors' actions.

The difference between the marketing concept and the societal marketing concept is that the societal marketing concept only applies to major products and services of broad, long-term consequence to society.

Marketing-related occupations account for 25 to 33 percent of the jobs in Canada.

Marketing costs amount to between 40 and 60 percent of the price of all the products and services we buy.

Public organizations like art galleries, churches and charities have found that marketing principles generally cannot be applied to their situations since their objectives do not include making profit.

Marketing is concerned with meeting customer needs, but meeting customer needs can be difficult because there can be a gap between what producers can provide and what customers are looking for. Which of the following factors can contribute to this gap?

Performing the eight exchange functions of marketing reduces the size of the gap between the organization and the customer.  A reduction in this gap results in

Which of the following is NOT one of the eight exchange functions of marketing?

The essence of marketing is the process by which two or more people give something of value to each other to satisfy felt needs.  This is called

Marketing is

Marketing is directly responsible for creating all types of utility except

When the Ford Motor Company converts glass, steel, fabrics, rubber and other components into a Mustang or a Taurus, the company is said to have created

You stop by McDonald's for a burger and shake for a quick lunch.  The restaurant has provided you with what kind of utility?

Ownership utility is created for high-value products such as houses when

Time utility is created when

Businesses act in different ways that have been categorized as "product-oriented", "sales-oriented", or "market-oriented."  If a business is "market-oriented", it acts as if organizational success is achieved through

If the Pillsbury Company said, "Our basic function is to mill flour, and, of course, we must hire salespeople to sell it, just as we hire accountants to keep our books," they would be expressing

The statement attributed to Ralph Waldo Emerson that "if a man makes a better mousetrap than his neighbour…the world will make a beaten path to his door," reflects the philosophy of which type of business orientation?

Which of the following is NOT one of the activities that characterizes a market-oriented or "market-driven" company?

Students at XYZ University often complain that various offices on campus are  not very sensitive to their individual needs.  For example, the financial aid office, the university housing office, food services, and the registrar's office received low satisfaction scores on a recent student survey.  Apparently, XYZ University has failed to

A company that practices the marketing concept holds basic assumptions in relations to its competitors.  Which of the following is NOT one of those assumptions?

The societal marketing concept is

Ethical considerations are a component of marketing planning because

Marketing is important to

We need marketing planning because