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Chapter 1

Video Concept Case

Multiple Choice Quiz

Essentials Of Marketing, 9/e

William D. Perreault, University of North Carolina at Chapel Hill

Marketing's role in the global economy

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Results Reporter
Out of 17 questions, you answered 8 correctly, for a final grade of 47%.
8 correct (47%)
9 incorrect (53%)
0 unanswered (0%)

Your Results:
The correct answer for each question is indicated by a

CORRECT

__________________ is the extent to which a firm fulfills a

customer's needs, desires, and expectations.
A)Form utility
B)Production
C)Customer satisfaction
D)Micro marketing

The five kinds of economic utilities supplied by production and

INCORRECT marketing are the: form, task, time, place and possession
utilities.
A)True
B)False

INCORRECT Possession utility is provided when:

A)A good or service is obtained and there is a right to use
or consume it
B)A product is available where someone wants it
C)Someone performs a task for someone else
D)Someone produces something tangible

INCORRECT

Marketing is either a set of activities performed by organizations,

or a social process, but NOT both.
A)True
B)False

CORRECT

The performance of activities that seek to accomplish an

organization's objectives by anticipating customer or client needs
and directing a flow of need-satisfying goods and services to a
customer or client is:
A)A planned economic system
B)Macro-marketing
C)Micro -marketing
D)An intermediary

INCORRECT There are two (2) basic kinds of economic systems. They are:
A)Planned and spontaneous
B)Market directed and pure subsistence
C)Planned and market-directed
D)None of the above

CORRECT

"Counter-trade" is a special type of bartering which many firms

use to overcome the problems of trade restrictions.
A)True
B)False

INCORRECT

Which of the following is NOT an objective of the World Trade

Organization (WTO) agreements?
A)To help the free-flow of trade
B)To facilitate additional negotiation
C)To provide an impartial means of settling disputes
D)To encourage the development of a common international
currency

CORRECT

The universal functions of marketing include:

A)Buying, selling and risk taking
B)Transporting, standardization and grading
C)Storing, financing, and market information
D)All of the above

10

CORRECT

From a macro-level viewpoint, responsibility for performing the

marketing functions can be shifted and shared in a variety of
ways, but no function can be completely eliminated.
A)True
B)False

11

CORRECT

Production is an important economic activity, and most often, if a

firm has a good product, their business will be a success.
A)True
B)False

12

INCORRECT Marketing should begin with

A)Potential customer needs
B)The production process
C)Both a & b
D)None of the above

13

CORRECT

A social process that directs an economy's flow of goods and

services from producers to consumers in a way that effectively
matches supply and demand and accomplishes the objectives of
society is called _______________________.
A)Micro-marketing
B)Macro-marketing
C)Global-marketing
D)Planned economic system

14

CORRECT

______________ is the way an economy organizes to use scarce

resources and produce goods and services and distribute them
for consumption by various people and groups in the society.
A)An economic system

B)A resource allocation system

C)A micro-macro dilemma
D)Macro-marketing

15

INCORRECT

Tariffs are taxes on products that are imported and exported to

and from a country.
A)True
B)False

16

Firms that provide marketing functions other than buying or

selling include advertising agencies, marketing research firms,
INCORRECT
independent product-testing laboratories, and Internet service
providers. These firms are known as _________________.
A)Enhancers
B)Facilitators
C)Adjuncts
D)Coordinators

17

Exchanges between individuals or organizations - and activities

INCORRECT that facilitate those exchanges - based on applications of
information technology are called ___________.
A)Internet commerce
B)E-commerce
C)Web commerce
D)High-tech commerce

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